TIAA REAL ESTATE ACCOUNT - FORM 8-K - EX-99.1

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8-K - TIAA REAL ESTATE ACCOUNT	c69722_8k.htm

Exhibit 99.1





	TIAA-CREF Asset Management


	TIAA REAL ESTATE ACCOUNT Quarterly Performance Analysis




	QUARTER ENDING MARCH 31, 2012


	INTRODUCTION

	The TIAA Real Estate Account (the “Account”) was established in February 1995 as a separate account of Teachers Insurance and Annuity Association of America (“TIAA”) and interests in the Account were first offered to eligible participants 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.

	We believe the Account is unique in that it offers TIAA-CREF’s retirement plan participants exposure to a portfolio of income producing real estate, diversified across property types and geographic locations. While the Account offers investors the opportunity to invest in income-producing real estate previously only available to large institutional investors, there are relatively few sources of returns that can be used as a direct comparison for assessing the performance of the Account. In addition, such comparisons are highly complex.

	The Quarterly Performance Analysis that follows is designed to provide comparisons of the Account’s performance to that of two widely used indices in direct real estate investing. The primary objective of these comparisons is to aid investors in understanding the standard performance of the Account relative to such indices. The analyses are best explained to institutions, plan sponsors and their representatives by registered representatives of TIAA-CREF Individual & Institutional Services, LLC.

(TIAA-CREF LOGO)


	TIAA Real Estate Account Quarterly Performance Analysis


	TIAA REAL ESTATE ACCOUNT BENCHMARKS

	Management believes the two widely used indices (which, in this analysis, we sometimes call “benchmarks”) that are most appropriate to compare to the performance of the Account are:

	NCREIF Fund Index – Open End Diversified Core Equity (“NFI-ODCE”). This is an equal-weighted index of the investment returns from a collection of 30 open ended commingled funds which focus on core real estate investment strategy. The index displayed in this analysis use the “Net of Fees” returns that are calculated by the National Council of Real Estate Investment Fiduciaries (“NCREIF”). Over the prior five years, NCREIF has reported the year end cash reserves on the equal weighted ODCE Index as approximately within a 2.9% - 6.5% range in recent years.

	NCREIF Property Index (“NPI”) – This index measures the property specific total rate of return for commercial real estate properties held by institutional investors. A majority of the properties in this benchmark are held by institutional investors.

	COMPARISON BETWEEN THE ACCOUNT’S ADJUSTED TOTAL RETURN AND THE NFI-ODCE RETURN

	In order to more appropriately compare the performance of the Account with its peers in the NFI-ODCE, certain aspects of the Account’s historical performance have been adjusted to arrive at the Account’s “Adjusted Total Return.”

	Adjusting the total return of the Account allows for a more equitable assessment and comparison with the other open-ended direct real estate products contained in the NFI-ODCE that may not have a guaranteed liquidity feature and accompanying costs and cash drag embedded in the product. The Account has historically held in excess of 15% of its net assets in Liquid Assets in normal circumstances and currently targets to hold between 15% and 25% of its net assets in Liquid Assets (as defined below). The adjustments to arrive at Adjusted Total Return effectively remove the low point of this range (the lesser of 15% or the percentage of cash in the Account), as this has generally been the Liquid Asset level deemed appropriate by management in light of the liquidity guarantee provided by TIAA.

	To calculate the Adjusted Total Return, the Account’s total return is adjusted by removing the effect of (i) cash and all non-real estate-related marketable securities (collectively, “Liquid Assets”) held by the Account at the end of each period (only to the extent such Liquid Assets comprised 15% of the Account’s net assets as of such dates) and (ii) the actual expense charge associated with the liquidity guarantee provided to the Account by TIAA. A reconciliation of total return to Adjusted Total Return is included in the financial tables contained in Appendix A.

	Management believes that a comparison of only the Account’s total return performance to that of a broad-based index or benchmark is not meaningful for


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	TIAA Real Estate Account Quarterly Performance Analysis


	investors, given the unique liquidity guarantee feature. As a result, the Adjusted Total Return is considered a more appropriate approximation when juxtaposed with a widely recognized benchmark such as the NFI-ODCE. This adjustment removes the impact of holding significantly more Liquid Assets historically than the peer group and management believes allows for a more appropriate comparison with other direct real estate peers.

	Please see the Account’s prospectus in the section entitled “Establishing and Managing the Account — The Role of TIAA – Liquidity Guarantee.”

	USE AND LIMITATIONS OF NON-GAAP INFORMATION

	The Adjusted Total Return is not a measure of performance or returns under U.S. generally accepted accounting principles (“GAAP”). For the reasons discussed above, management believes that the presentation of Adjusted Total Return is useful in allowing interested parties to conduct a fair evaluation of the Account’s performance with its peers. Adjusted Total Return should be considered along with, but not as an alternative to, total return as a measure of the Account’s performance.

	Adjusted Total Return will serve as part of the quantitative measurement of the performance of the Account by management and may be used as a factor in assessing performance-based compensation for TIAA managers that service the Account. It should be noted that compensation can be increased or decreased based on the performance of the TIAA global real estate group as a unit and the relative success of the TIAA-CREF organization in achieving its financial and operational objectives.

	The Account’s reconciliations to the most comparable GAAP measure (total return) and the excluded aspects (Liquid Assets and the expenses associated with TIAA’s provision of the liquidity guarantee) should be considered when evaluating the Account’s total performance, as well as the usefulness of its non-GAAP financial measures. The effects of these differences in methodology may be significant and should not be construed by investors as an accurate indication of the Account’s actual relative performance. Investors that are evaluating the performance of the Account should consider the financial statements in their entirety.


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	TIAA Real Estate Account Quarterly Performance Analysis



	Total Return and Adjusted Total Return for Period Ending March 31, 2012


TIAA Real Estate Account
	Quarterly		1 Year		3 Year		5 Year		10 Year		Since Inception

Total Return¹	3.26	%	12.82	%	1.44	%	-2.12	%	4.20	%	5.78%

Adjusted Total Return²	4.02	%	15.33	%	3.16	%	-1.05	%	5.46	%	7.12%

NCREIF Fund Index - ODCE³	2.56	%	13.61	%	2.24	%	-1.69	%	5.05	%	7.06%


	¹Total return performance for the Account is based on actual changes in unit values as reported to Account participants in the Account’s historical financial statements.

	Estimated annual expenses for the period May 1, 2012 through April 30, 2013 are 0.920% of net assets. Historical expenses for the Account have varied significantly since inception, both from a basis points standpoint and actual expense standpoint. Note: We estimate expenses for the year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results.

	Since inception, the Account has typically maintained, and on a long-term basis intends to maintain, an allocation to cash, cash equivalents and marketable securities of between 15% and 25% of total net assets. In 2009 and early 2010, these liquid assets comprised less than 10% of total net assets and total assets of the Account.

	² Adjusted Total Return is based on the Account’s total return published in the Account’s historical financial statements dating back to inception. The components of the Account’s financial statements upon which the Adjusted Total Return as derived excludes the cash and associated expenses with the liquidity guarantee because the constituents of the ODCE do not have this unique product feature. See Appendix A for a full reconciliation of the historical calculation.

	³ The returns are calculated by the National Council of Real Estate Investment Fiduciaries, net of fees.


	NCREIF PROPERTY INDEX/REAL ESTATE ACCOUNT PERFORMANCE CALCULATIONS

	This performance calculation is calculated for the Account by NCREIF under contract with TIAA-CREF. The Account’s direct real estate property returns and NPI


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	TIAA Real Estate Account Quarterly Performance Analysis


	index are both calculated by NCREIF. The NPI provides investors with an index that can used to compare returns that are attributable to the performance of directly-held commercial real estate. The NCREIF Property Index is a market value weighted composite of commercial properties in the United States held by tax-exempt institutions. NCREIF independently calculates the income, capital and total returns on an unlevered basis on behalf of the Account and those results are compared with the NPI index in the performance table below:

	Unlevered Property Returns for the Period Ending March 31, 2012


TIAA Real Estate Account
	Quarterly		1 Year		3 Year		5 Year		10 Year		Since Inception
Unlevered Property Level Returns⁴	3.81	%	16.83	%	6.57	%	2.43	%	7.87	%	8.98%

NCREIF Property Index - Open End Funds⁴	2.67	%	13.88	%	6.69	%	2.42	%	7.64	%	9.28%


	⁴ The unlevered property level returns for the Account and the NPI Benchmark are both calculated by the National Council of Real Estate Investment Fiduciaries.


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	TIAA Real Estate Account Quarterly Performance Analysis

APPENDIX A

RECONCILIATION OF TOTAL RETURN TO ADJUSTED TOTAL RETURN FOR EACH OF THE

PERIODS USED IN THE CALCULATION OF HISTORICAL PERFORMANCE


	For Period Ended March 31, 2012

	{1}	{2}	{3}	{4}	{5}
					Adjusted
	Total		Weighted	Re-Weight of	Total
	Return	Weighting	Return	Total Return	Return
Real estate properties, net	3.3%	57.9%	1.93%	68.8%	2.30%
Real estate joint ventures and limited partnerships	5.7%	14.0%	0.80%	16.7%	0.96%
Real estate related marketable securities	11.8%	6.9%	0.81%	8.2%	0.96%
Cash and short term securities	0.0%	20.7%	0.00%	5.7%	0.00%
Other	0.0%	0.5%	0.00%	0.6%	0.00%

Total Account expenses	-0.25%				-0.20%

Account Return	3.26%				4.02%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.

{3} – Each invested assets and mortgage loans payable total return is weighted to arrive at each contributing assets or liabilities associated contribution to the Account’s Total Return by multiplying each associated invested asset’s or mortgage loans payable weighting by each associated individual return.

{4} – Amounts represent the re-weighting of each invested asset’s and mortgage loans payable individual return after the “cash adjustment”. The “cash adjustment”(which is discussed more fully within the Comparison Between the Account’s Adjusted Total Return and NFI-ODCE Return section of the Quarterly Performance Analysis) reduces the cash held by the Account at the end of the period by 15% of total net assets at the end of the period. If during any period the Account does not hold 15% of it’s net assets in cash, the full amount of cash held would be deducted from the calculation of the Adjusted Total Return.

{5} – The Adjusted Total Return is calculated by multiplying each of the invested asset’s and mortgage loans payable re-weighted percentages by each invested asset’s or mortgage loans payable associated Total Return, less total expenses excluding the expense associated with the Account’s liquidity guarantee charge (which is discussed more fully within the Comparison Between the Account’s Adjusted Total Return and NFI-ODCE Return section of the Quarterly Performance Analysis).


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	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2012 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2011			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		March 31, 2012			Total Return			Total Return %
Real estate properties	$	9,857.6		$	(5.2	)	$	192.4		$	100.8	$	10,140.8		$	288.0
Mortgage loans payable		(2,028.2	)		-			(26.8	)		-		(2,137.3	)		(26.8	)
Real estate properties, net		7,829.4			(5.2	)		165.6			100.8		8,003.5			261.2			3.3	%
Real estate joint ventures and limited partnerships		1,898.9			(3.2	)		95.0			17.0		2,023.7			108.8			5.7	%
Real estate related securities		927.9			8.0			93.8			7.4		1,138.7			109.2			11.8	%
Cash and short term securities		2,802.8									0.5		2,976.5			0.5			0.0	%
Other		68.2											76.8			-			0.0	%
Net assets	$	13,527.2		$	(0.4	)	$	354.4		$	125.7	$	14,219.2		$	479.7			3.55	%

Expenses
Investment advisory charges												$	(15.1	)					-0.11	%
Administrative charges													(7.5	)					-0.06	%
Distribution charges													(3.3	)					-0.02	%
Mortality and expense risk charges													(1.7	)					-0.01	%
Liquidity guarantee charges													(7.2	)					-0.05	%

Total Expenses												$	(34.8	)					-0.25	%

Net asset value per accumulation unit	$	247.654										$	255.728						3.26	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

{B} – Represents data directly from the Account’s consolidated statement of operations. These columns represent the component pieces of the Account’s changes in net asset value over the periods presented.

{C} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities. Expenses are obtained directly from the Accounts consolidated statements of operations.

{D} – Total Return represents the sum of operating and capital income earned on the Account’s invested assets and changes in fair value on the mortgage loans payable. The capital income is the Account’s realized and unrealized gains and losses, whereas operating income represents the associated components of total investment income. All amounts are obtained directly from the Account’s consolidated statements of operations, see {2}.

{E} – The Total Return percentage is calculated by dividing the Total Return by the corresponding beginning of the period amounts from the Accounts consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


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	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2011



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.5%	60.6%	1.51%	71.8%	1.79%
Real estate joint ventures and limited partnerships	2.6%	14.4%	0.37%	17.1%	0.44%
Real estate related marketable securities	14.9%	6.3%	0.94%	7.4%	1.11%
Cash and short term securities	0.0%	18.4%	0.00%	3.4%	0.00%
Other	0.0%	0.3%	0.00%	0.3%	0.00%

Total Account expenses	-0.94%				-0.76%

Account Return	2.56%				2.58%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


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	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2011 (continued)



	{A}			{B}			{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2011			Realized Gain (Loss)			Unrealized Gain (Loss)		Income		December 31, 2011			Total Return		Total Return %
Real estate properties	$	9,827.9		$	29.7		$	54.5	$	106.1	$	9,857.6		$	190.3
Mortgage loans payable		(1,956.7	)		-			6.2		-		(2,028.2	)		6.2
Real estate properties, net		7,871.2			29.7			60.7		106.1		7,829.4			196.5		2.5	%
Real estate joint ventures and limited partnerships		1,866.6			(59.9	)		94.5		13.5		1,898.9			48.1		2.6	%
Real estate related securities		813.0			1.5			113.5		6.5		927.9			121.5		14.9	%
Cash and short term securities		2,385.8								0.5		2,802.8			0.5		0.0	%
Other		36.9										68.2			-		0.0	%
Net assets	$	12,973.5		$	(28.7	)	$	268.7	$	126.6	$	13,527.2		$	366.6		2.83	%

Expenses
Investment advisory charges											$	(53.9	)				-0.42	%
Administrative charges												(28.7	)				-0.22	%
Distribution charges												(8.8	)				-0.07	%
Mortality and expense risk charges												(6.2	)				-0.05	%
Liquidity guarantee charges												(23.7	)				-0.18	%

Total Expenses											$	(121.3	)				-0.94	%

Net asset value per accumulation unit	$	241.482									$	247.654					2.56	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


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	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2011



	{1}		{2}		{3}		{4}		{5}
	Total Return		Weighting		Weighted Return		Re-Weight of Total Return		Adjusted Total Return
Real estate properties, net		4.7%		59.4%		2.82%		70.5%		3.35%
Real estate joint ventures and limited partnerships		5.7%		14.1%		0.80%		16.8%		0.95%
Real estate related marketable securities		-18.0%		6.0%		-1.07%		7.1%		-1.27%
Cash and short term securities		0.0%		20.1%		0.01%		5.1%		0.00%
Other		0.0%		0.4%		0.00%		0.5%		0.00%

Total Account expenses		-0.24%								-0.19%

Account Return		2.32%								2.84%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


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	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2011 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2011			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		September 30, 2011			Total Return			Total Return %
Real estate properties	$	9,452.6		$	(62.1	)	$	309.0		$	115.6	$	9,827.9		$	362.5
Mortgage loans payable		(1,952.6	)		-			(6.4	)		-		(1,956.7	)		(6.4	)
Real estate properties, net		7,500.0			(62.1	)		302.6			115.6		7,871.2			356.1			4.7	%
Real estate joint ventures and limited partnerships		1,782.2			(2.1	)		83.6			19.8		1,866.6			101.3			5.7	%
Real estate related securities		753.3			1.3			(142.4	)		5.8		813.0			(135.3	)		-18.0	%
Cash and short term securities		2,537.3									0.7		2,385.8			0.7			0.0	%
Other		50.5											36.9			-			0.0	%
Net assets	$	12,623.3		$	(62.9	)	$	243.8		$	141.9	$	12,973.5		$	322.8			2.56	%

Expenses
Investment advisory charges															$	(13.2	)		-0.10	%
Administrative charges																(7.5	)		-0.06	%
Distribution charges																(2.3	)		-0.02	%
Mortality and expense risk charges																(1.6	)		-0.01	%
Liquidity guarantee charges																(6.8	)		-0.05	%

Total Expenses															$	(31.4	)		-0.24	%

Net asset value per accumulation unit	$	236.011													$	241.482			2.32	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


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	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2011



	{1}		{2}		{3}		{4}		{5}
	Total Return		Weighting		Weighted Return		Re-Weight of Total Return		Adjusted Total Return
Real estate properties, net		5.9%		55.2%		3.27%		66.1%		3.91%
Real estate joint ventures and limited partnerships		6.7%		14.4%		0.97%		17.3%		1.16%
Real estate related marketable securities		3.5%		5.4%		0.19%		6.5%		0.22%
Cash and short term securities		0.0%		24.7%		0.01%		9.7%		0.00%
Other		0.0%		0.3%		0.00%		0.4%		0.00%

Total Account expenses		-0.24%								-0.19%

Account Return		4.12%								5.10%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


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	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2011 (continued)


	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2011			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		June 30, 2011			Total Return			Total Return %
Real estate properties	$	8,345.8		$	-		$	270.9		$	115.2	$	9,452.6		$	386.1
Mortgage loans payable		(1,856.2	)		-			(1.9	)		-		(1,952.6	)		(1.9	)
Real estate properties, net		6,489.6			-			269.0			115.2		7,500.0			384.2			5.9	%
Real estate joint ventures and limited partnerships		1,702.1			(7.0	)		88.9			32.0		1,782.2			113.9			6.7	%
Real estate related securities		635.2			1.8			15.9			4.4		753.3			22.1			3.5	%
Cash and short term securities		2,914.0									1.0		2,537.3			1.0			0.0	%
Other		40.1											50.5			-			0.0	%
Net assets	$	11,781.0		$	(5.2	)	$	373.8		$	152.6	$	12,623.3		$	521.2			4.42	%

Expenses
Investment advisory charges												$	(12.0	)					-0.10	%
Administrative charges													(7.4	)					-0.06	%
Distribution charges													(2.1	)					-0.02	%
Mortality and expense risk charges													(1.5	)					-0.01	%
Liquidity guarantee charges													(5.8	)					-0.05	%

Total Expenses												$	(28.8	)					-0.24	%

Net asset value per accumulation unit	$	226.672										$	236.011						4.12	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


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	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2011



	{1}		{2}		{3}		{4}		{5}
	Total Return		Weighting		Weighted Return		Re-Weight of Total Return		Adjusted Total Return
Real estate properties, net		4.6%		57.9%		2.65%		69.0%		3.16%
Real estate joint ventures and limited partnerships		5.1%		15.1%		0.77%		18.0%		0.92%
Real estate related marketable securities		7.8%		4.6%		0.36%		5.5%		0.43%
Cash and short term securities		0.0%		22.2%		0.01%		7.2%		0.00%
Other		0.0%		0.2%		0.00%		0.3%		0.00%

Total Account expenses		-0.26%								-0.22%

Account Return		3.42%								4.29%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


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	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2011 (continued)



	{A}			{B}			{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2010			Realized Gain (Loss)			Unrealized Gain (Loss)		Income		March 31, 2011			Total Return		Total Return %
Real estate properties	$	8,115.5		$	(9.3	)	$	195.5	$	98.7	$	8,345.8		$	284.9
Mortgage loans payable		(1,860.2	)		-			1.4		-		(1,856.2	)		1.4
Real estate properties, net		6,255.3			(9.3	)		196.9		98.7		6,489.6			286.3		4.6	%
Real estate joint ventures and limited partnerships		1,629.1			(1.5	)		64.0		21.1		1,702.1			83.6		5.1	%
Real estate related securities		495.3			1.9			34.5		2.4		635.2			38.8		7.8	%
Cash and short term securities		2,396.7								1.1		2,914.0			1.1		0.0	%
Other		26.7										40.1			-		0.0	%
Net assets	$	10,803.1		$	(8.9	)	$	295.4	$	123.3	$	11,781.0		$	409.8		3.79	%

Expenses
Investment advisory charges											$	(14.2	)				-0.13	%
Administrative charges												(6.9	)				-0.06	%
Distribution charges												(1.9	)				-0.02	%
Mortality and expense risk charges												(1.4	)				-0.01	%
Liquidity guarantee charges												(4.2	)				-0.04	%

Total Expenses											$	(28.6	)				-0.26	%

Net asset value per accumulation unit	$	219.173									$	226.672					3.42	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	15


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2010



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	7.3%	62.4%	4.56%	73.9%	5.40%
Real estate joint ventures and limited partnerships	8.4%	16.1%	1.36%	19.1%	1.61%
Real estate related marketable securities	8.0%	2.9%	0.23%	3.4%	0.27%
Cash and short term securities	0.1%	18.5%	0.01%	3.5%	0.00%
Other	0.0%	0.1%	0.00%	0.1%	0.00%

Total Account expenses	-0.28%				-0.24%

Account Return	5.68%				7.04%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	16


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2010 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2010			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		December 31, 2010			Total Return			Total Return %
Real estate properties	$	7,815.2		$	(11.4	)	$	365.2		$	100.6	$	8,115.5		$	454.4
Mortgage loans payable		(1,843.9	)		-			(17.5	)		-		(1,860.2	)		(17.5	)
Real estate properties, net		5,971.3			(11.4	)		347.7			100.6		6,255.3			436.9			7.3	%
Real estate joint ventures and limited partnerships		1,543.6			(29.0	)		139.3			19.7		1,629.1			130.0			8.4	%
Real estate related securities		274.7			0.2			17.2			4.5		495.3			21.9			8.0	%
Cash and short term securities		1,773.9									0.9		2,396.7			0.9			0.1	%
Other		9.6											26.7			-			0.0	%
Net assets	$	9,573.1		$	(40.2	)	$	504.2		$	125.7	$	10,803.1		$	589.7			6.16	%

Expenses
Investment advisory charges												$	(13.7	)					-0.14	%
Administrative charges													(8.8	)					-0.09	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(1.3	)					-0.01	%
Liquidity guarantee charges													(3.8	)					-0.04	%

Total Expenses												$	(27.6	)					-0.28	%

Net asset value per accumulation unit	$	207.384										$	219.173						5.68	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	17


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2010



	{1}	{2}	{3}	{4}	{5}
					Adjusted
	Total		Weighted	Re-Weight of	Total
	Return	Weighting	Return	Total Return	Return
Real estate properties, net	6.2%	66.6%	4.11%	78.1%	4.82%
Real estate joint ventures and limited partnerships	5.5%	18.4%	1.01%	21.6%	1.19%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.1%	14.7%	0.01%	0.0%	0.00%
Other	0.0%	0.3%	0.00%	0.3%	0.00%

Total Account expenses	-0.29%				-0.25%

Account Return	4.68%				5.76%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	18


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2010 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2010			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		September 30, 2010			Total Return			Total Return %
Real estate properties	$	7,517.3		$	0.1		$	249.7		$	107.5	$	7,815.2		$	357.3
Mortgage loans payable		(1,817.3	)		-			(5.5	)		-		(1,843.9	)		(5.5	)
Real estate properties, net		5,700.0			0.1			244.2			107.5		5,971.3			351.8			6.2	%
Real estate joint ventures and limited partnerships		1,574.9			(3.5	)		62.2			28.1		1,543.6			86.8			5.5	%
Real estate related securities		-			-			(2.3	)		1.1		274.7			(1.2	)		0.0	%
Cash and short term securities		1,262.4									1.0		1,773.9			1.0			0.1	%
Other		24.1											9.6			-			0.0	%
Net assets	$	8,561.4		$	(3.4	)	$	304.1		$	137.7	$	9,573.1		$	438.4			5.12	%

Expenses
Investment advisory charges												$	(13.6	)					-0.16	%
Administrative charges													(6.9	)					-0.08	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(1.1	)					-0.01	%
Liquidity guarantee charges													(3.4	)					-0.04	%

Total Expenses												$	(25.0	)					-0.29	%

Net asset value per accumulation unit	$	198.120										$	207.384						4.68	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	19


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2010



	{1}	{2}	{3}	{4}	{5}
					Adjusted
	Total		Weighted	Re-Weight of	Total
	Return	Weighting	Return	Total Return	Return
Real estate properties, net	5.8%	70.6%	4.13%	79.0%	4.62%
Real estate joint ventures and limited partnerships	4.0%	18.7%	0.75%	21.0%	0.84%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.1%	10.7%	0.01%	0.0%	0.00%
Other	0.0%	0.0%	0.00%	0.0%	0.00%

Total Account expenses	-0.27%				-0.23%

Account Return	4.44%				5.23%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	20


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2010 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2010			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		June 30, 2010			Total Return			Total Return %
Real estate properties	$	7,280.3		$	-	$	212.7		$	114.2	$	7,517.3		$	326.9
Mortgage loans payable		(1,811.0	)		-		(7.3	)		-		(1,817.3	)		(7.3	)
Real estate properties, net		5,469.3			-		205.4			114.2		5,700.0			319.6			5.8	%
Real estate joint ventures and limited partnerships		1,453.5			-		35.5			22.5		1,574.9			58.0			4.0	%
Real estate related securities		-								-		-			-			0.0	%
Cash and short term securities		830.2			-		0.1			0.6		1,262.4			0.7			0.1	%
Other		2.0										24.1			-			0.0	%
Net assets	$	7,755.0		$	-	$	241.0		$	137.3	$	8,561.4		$	378.3			4.88	%

Expenses
Investment advisory charges											$	(12.0	)					-0.15	%
Administrative charges												(5.2	)					-0.07	%
Distribution charges												-						0.00	%
Mortality and expense risk charges												(1.0	)					-0.01	%
Liquidity guarantee charges												(3.0	)					-0.04	%

Total Expenses											$	(21.2	)					-0.27	%

Net asset value per accumulation unit	$	189.700									$	198.120						4.44	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	21


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2010



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	-2.1%	71.8%	-1.49%	78.4%	-1.63%
Real estate joint ventures and limited partnerships	-0.9%	19.2%	-0.17%	21.0%	-0.19%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.1%	8.5%	0.01%	0.0%	0.00%
Other	0.0%	0.5%	0.00%	0.6%	0.00%

Total Account expenses	-0.28%				-0.24%

Account Return	-1.94%				-2.06%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	22


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2010 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2009			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		March 31, 2010			Total Return			Total Return %
Real estate properties	$	7,437.3		$	(1.2	)	$	(189.4	)	$	99.0	$	7,280.3		$	(91.6	)
Mortgage loans payable		(1,786.8	)		-			(25.6	)		-		(1,811.0	)		(25.6	)
Real estate properties, net		5,650.5			(1.2	)		(215.0	)		99.0		5,469.3			(117.2	)		-2.1	%
Real estate joint ventures and limited partnerships		1,514.9			(153.2	)		120.5			19.0		1,453.5			(13.7	)		-0.9	%
Real estate related securities		-			-			-			-		-			-			0.0	%
Cash and short term securities		671.3									0.4		830.2			0.4			0.1	%
Other		43.3											2.0			-			0.0	%
Net assets	$	7,880.0		$	(154.4	)	$	(94.5	)	$	118.4	$	7,755.0		$	(130.5	)		-1.66	%

Expenses
Investment advisory charges												$	(10.9	)					-0.14	%
Administrative charges													(7.1	)					-0.09	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(1.0	)					-0.01	%
Liquidity guarantee charges													(2.9	)					-0.04	%

Total Expenses												$	(21.9	)					-0.28	%

Net asset value per accumulation unit	$	193.450										$	189.700						-1.94	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	23


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2009



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	-4.1%	75.6%	-3.11%	79.4%	-3.26%
Real estate joint ventures and limited partnerships	-8.5%	19.4%	-1.65%	20.3%	-1.73%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.0%	4.7%	0.00%	0.0%	0.00%
Other	0.0%	0.3%	0.00%	0.3%	0.00%

Total Account expenses	-0.25%				-0.21%

Account Return	-5.06%				-5.20%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	24


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2009 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unti)	September 30, 2009			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		December 31, 2009			Total Return			Total Return %
Real estate properties	$	8,128.1		$	(252.2	)	$	(95.8	)	$	116.3	$	7,437.3		$	(231.7	)
Mortgage loans payable		(1,781.4	)		0.4			(29.6	)		-		(1,786.8	)		(29.2	)
Real estate properties, net		6,346.7			(251.8	)		(125.4	)		116.3		5,650.5			(260.9	)		-4.1	%
Real estate joint ventures and limited partnerships		1,624.0			-			(157.4	)		19.2		1,514.9			(138.2	)		-8.5	%
Real estate related securities		-			-			-			-		-			-			0.0	%
Cash and short term securities		393.3			(0.1	)		(0.2	)		0.3		671.3			-			0.0	%
Other		23.7											43.3			-			0.0	%
Net assets	$	8,387.7		$	(251.9	)	$	(283.0	)	$	135.8	$	7,880.0		$	(399.1	)		-4.76	%

Expenses
Investment advisory charges												$	(10.2	)					-0.12	%
Administrative charges													(6.5	)					-0.08	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(1.0	)					-0.01	%
Liquidity guarantee charges													(3.0	)					-0.04	%

Total Expenses												$	(20.7	)					-0.25	%

Net asset value per accumulation unit	$	203.750										$	193.450						-5.06	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	25


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2009



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	-7.7%	75.3%	-5.83%	79.5%	-6.16%
Real estate joint ventures and limited partnerships	-7.6%	18.9%	-1.45%	20.0%	-1.53%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.1%	5.3%	0.00%	0.0%	0.00%
Other	0.0%	0.5%	0.00%	0.5%	0.00%

Total Account expenses	-0.26%				-0.22%

Account Return	-7.64%				-7.91%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	26


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2009 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2009			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		September 30, 2009			Total Return			Total Return %
Real estate properties	$	8,779.3		$	(12.7	)	$	(647.2	)	$	123.9	$	8,128.1		$	(536.0	)
Mortgage loans payable		(1,775.4	)		-			(6.8	)		-		(1,781.4	)		(6.8	)
Real estate properties, net		7,003.9			(12.7	)		(654.0	)		123.9		6,346.7			(542.8	)		-7.7	%
Real estate joint ventures and limited partnerships		1,762.7			-			(169.7	)		35.2		1,624.0			(134.5	)		-7.6	%
Real estate related securities		-			-			-			-		-			-			0.0	%
Cash and short term securities		490.1									0.4		393.3			0.4			0.1	%
Other		45.8											23.7			-			0.0	%
Net assets	$	9,302.5		$	(12.7	)	$	(823.7	)	$	159.5	$	8,387.7		$	(676.9	)		-7.28	%

Expenses
Investment advisory charges												$	(11.3	)					-0.12	%
Administrative charges													(8.2	)					-0.09	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(1.1	)					-0.01	%
Liquidity guarantee charges													(3.3	)					-0.04	%

Total Expenses												$	(23.9	)					-0.26	%

Net asset value per accumulation unit	$	220.600										$	203.750						-7.64	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	27


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2009



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	-7.5%	73.7%	-5.50%	77.2%	-5.76%
Real estate joint ventures and limited partnerships	-19.8%	21.3%	-4.21%	22.3%	-4.41%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.1%	4.6%	0.00%	0.0%	0.00%
Other	0.0%	0.4%	0.00%	0.5%	0.00%

Total Account expenses	-0.24%				-0.21%

Account Return	-9.96%				-10.38%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	28


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2009 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2009			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		June 30, 2009			Total Return			Total Return %
Real estate properties	$	9,365.8		$	-	$	(609.1	)	$	124.0	$	8,779.3		$	(485.1	)
Mortgage loans payable		(1,688.8	)		-		(87.4	)		-		(1,775.4	)		(87.4	)
Real estate properties, net		7,677.0			-		(696.5	)		124.0		7,003.9			(572.5	)		-7.5	%
Real estate joint ventures and limited partnerships		2,221.7			-		(469.6	)		30.4		1,762.7			(439.2	)		-19.8	%
Real estate related securities		-			-		-			-		-			-			0.0	%
Cash and short term securities		483.5								0.5		490.1			0.5			0.1	%
Other		45.0										45.8			-			0.0	%
Net assets	$	10,427.2		$	-	$	(1,166.1	)	$	154.9	$	9,302.5		$	(1,011.2	)		-9.70	%

Expenses
Investment advisory charges											$	(11.2	)					-0.11	%
Administrative charges												(8.9	)					-0.09	%
Distribution charges												-						0.00	%
Mortality and expense risk charges												(1.2	)					-0.01	%
Liquidity guarantee charges												(3.3	)					-0.03	%

Total Expenses											$	(24.6	)					-0.24	%

Net asset value per accumulation unit	$	245.010									$	220.600						-9.96	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	29


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2009



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	-8.5%	74.3%	-6.30%	77.7%	-6.60%
Real estate joint ventures and limited partnerships	-8.3%	21.4%	-1.77%	22.4%	-1.85%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.1%	4.4%	0.00%	0.0%	0.00%
Other	0.0%	-0.1%	0.00%	-0.1%	0.00%

Total Account expenses	-0.23%				-0.21%

Account Return	-8.36%				-8.66%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	30


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2009 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2008			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		March 31, 2009			Total Return			Total Return %
Real estate properties	$	10,305.0		$	(16.9	)	$	(892.7	)	$	115.5	$	9,365.8		$	(794.1	)
Mortgage loans payable		(1,758.3	)		-			68.6			-		(1,688.8	)		68.6
Real estate properties, net		8,546.7			(16.9	)		(824.1	)		115.5		7,677.0			(725.5	)		-8.5	%
Real estate joint ventures and limited partnerships		2,463.1			-			(233.5	)		29.8		2,221.7			(203.7	)		-8.3	%
Real estate related securities		-			-			-			-		-			-			0.0	%
Cash and short term securities		511.7									0.5		483.5			0.5			0.1	%
Other		(12.6	)										45.0			-			0.0	%
Net assets	$	11,508.9		$	(16.9	)	$	(1,057.6	)	$	145.8	$	10,427.2		$	(928.7	)		-8.07	%

Expenses
Investment advisory charges												$	(9.9	)					-0.09	%
Administrative charges													(12.4	)					-0.11	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(1.4	)					-0.01	%
Liquidity guarantee charges													(2.7	)					-0.02	%

Total Expenses												$	(26.4	)					-0.23	%

Net asset value per accumulation unit	$	267.350										$	245.010						-8.36	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	31


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2008



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	-12.7%	66.2%	-8.43%	74.0%	-9.43%
Real estate joint ventures and limited partnerships	-16.4%	19.3%	-3.17%	21.6%	-3.54%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.4%	10.6%	0.04%	0.0%	0.00%
Other	0.0%	3.9%	0.00%	4.4%	0.00%

Total Account expenses	-0.19%				-0.17%

Account Return	-13.18%				-13.14%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	32


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2008 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2008			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		December 31, 2008			Total Return			Total Return %
Real estate properties	$	11,783.9		$	(8.6	)	$	(1,475.0	)	$	119.0	$	10,305.0		$	(1,364.6	)
Mortgage loans payable		(1,626.1	)		-			71.5			-		(1,758.3	)		71.5
Real estate properties, net		10,157.8			(8.6	)		(1,403.5	)		119.0		8,546.7			(1,293.1	)		-12.7	%
Real estate joint ventures and limited partnerships		2,960.6			-			(509.4	)		23.2		2,463.1			(486.2	)		-16.4	%
Real estate related securities		-									-		-			-			0.0	%
Cash and short term securities		1,619.8			0.2			1.2			4.4		511.7			5.8			0.3	%
Other		600.6											(12.6	)		-			0.0	%
Net assets	$	15,338.8		$	(8.4	)	$	(1,911.7	)	$	146.6	$	11,508.9		$	(1,773.5	)		-11.56	%

Expenses
Investment advisory charges												$	(8.6	)					-0.06	%
Administrative charges													(14.9	)					-0.10	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(1.7	)					-0.01	%
Liquidity guarantee charges													(3.4	)					-0.02	%

Total Expenses												$	(28.6	)					-0.19	%

Net asset value per accumulation unit	$	307.920										$	267.350						-13.18	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	33


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2008



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	-2.2%	63.5%	-1.39%	75.2%	-1.65%
Real estate joint ventures and limited partnerships	-2.4%	18.0%	-0.44%	21.3%	-0.52%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.5%	18.5%	0.10%	3.5%	0.02%
Other	0.0%	0.0%	0.00%	0.0%	0.00%

Total Account expenses	-0.21%				-0.19%

Account Return	-2.07%				-2.34%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	34


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2008 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions,except net asset value per accumulation unit)	June 30, 2008			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		September 30, 2008			Total Return			Total Return %
Real estate properties	$	12,159.3		$	(14.1	)	$	(382.0	)	$	123.8	$	11,783.9		$	(272.3	)
Mortgage loans payable		(1,315.7	)		-			34.0			-		(1,626.1	)		34.0
Real estate properties, net		10,843.6			(14.1	)		(348.0	)		123.8		10,157.8			(238.3	)		-2.2	%
Real estate joint ventures and limited partnerships		3,064.7			-			(100.1	)		25.1		2,960.6			(75.0	)		-2.4	%
Real estate related securities		-									-		-			-			0.0	%
Cash and short term securities		3,154.0			-			(0.6	)		17.8		1,619.8			17.2			0.5	%
Other		(0.6	)										600.6			-			0.0	%
Net assets	$	17,061.7		$	(14.1	)	$	(448.7	)	$	166.7	$	15,338.8		$	(296.1	)		-1.74	%

Expenses
Investment advisory charges												$	(12.4	)					-0.07	%
Administrative charges													(18.7	)					-0.11	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(2.1	)					-0.01	%
Liquidity guarantee charges													(4.1	)					-0.02	%

Total Expenses												$	(37.3	)					-0.21	%

Net asset value per accumulation unit	$	314.420										$	307.920						-2.07	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	35


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2008



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	0.8%	61.6%	0.47%	72.9%	0.56%
Real estate joint ventures and limited partnerships	-0.4%	17.9%	-0.07%	21.2%	-0.08%
Real estate related marketable securities	-0.2%	2.5%	0.00%	2.9%	-0.01%
Cash and short term securities	0.6%	18.0%	0.11%	3.0%	0.02%
Other	0.0%	0.0%	0.00%	0.0%	0.00%

Total Account expenses	-0.25%				-0.22%

Account Return	0.27%				0.27%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	36


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2008 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2008			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		June 30, 2008			Total Return			Total Return %
Real estate properties	$	12,110.6		$	4.5		$	(91.7	)	$	132.2	$	12,159.3		$	45.0
Mortgage loans payable		(1,353.5	)		-			37.7			-		(1,315.7	)		37.7
Real estate properties, net		10,757.1			4.5			(54.0	)		132.2		10,843.6			82.7			0.8	%
Real estate joint ventures and limited partnerships		3,115.9			-			(49.6	)		37.7		3,064.7			(11.9	)		-0.4	%
Real estate related securities		431.1			(12.4	)		10.4			1.2		-			(0.8	)		-0.2	%
Cash and short term securities		3,148.7									19.7		3,154.0			19.7			0.6	%
Other		(1.5	)										(0.6	)		-			0.0	%
Net assets	$	17,451.3		$	(7.9	)	$	(93.2	)	$	190.8	$	17,061.7		$	89.7			0.51	%

Expenses
Investment advisory charges												$	(14.2	)					-0.08	%
Administrative charges													(21.9	)					-0.13	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(2.2	)					-0.01	%
Liquidity guarantee charges													(5.2	)					-0.03	%

Total Expenses												$	(43.5	)					-0.25	%

Net asset value per accumulation unit	$	313.580										$	314.420						0.27	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	37


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2008



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	1.3%	60.4%	0.76%	71.5%	0.90%
Real estate joint ventures and limited partnerships	-0.4%	17.9%	-0.07%	21.2%	-0.09%
Real estate related marketable securities	2.3%	2.4%	0.06%	2.9%	0.07%
Cash and short term securities	1.0%	19.1%	0.20%	4.1%	0.04%
Other	0.0%	0.2%	0.00%	0.3%	0.00%

Total Account expenses	-0.25%				-0.21%

Account Return	0.70%				0.71%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	38


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2008 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2007			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		March 31, 2008			Total Return			Total Return %
Real estate properties	$	11,983.7		$	0.1	$	42.8		$	125.1	$	12,110.6		$	168.0
Mortgage loans payable		(1,319.6	)		-		(34.1	)		-		(1,353.5	)		(34.1	)
Real estate properties, net		10,664.1			0.1		8.7			125.1		10,757.1			133.9			1.3	%
Real estate joint ventures and limited partnerships		3,158.9			-		(43.7	)		30.9		3,115.9			(12.8	)		-0.4	%
Real estate related securities		426.6			1.2		4.8			3.8		431.1			9.8			2.3	%
Cash and short term securities		3,371.9								34.5		3,148.7			34.5			1.0	%
Other		39.0										(1.5	)		-			0.0	%
Net assets	$	17,660.5		$	1.3	$	(30.2	)	$	194.3	$	17,451.3		$	165.4			0.94	%

Expenses
Investment advisory charges											$	(12.4	)					-0.07	%
Administrative charges												(22.1	)					-0.13	%
Distribution charges												-						0.00	%
Mortality and expense risk charges												(2.2	)					-0.01	%
Liquidity guarantee charges												(7.0	)					-0.04	%

Total Expenses											$	(43.7	)					-0.25	%

Net asset value per accumulation unit	$	311.410									$	313.580						0.70	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	39


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2007



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.5%	60.5%	1.50%	71.6%	1.78%
Real estate joint ventures and limited partnerships	5.6%	17.9%	1.00%	21.2%	1.18%
Real estate related marketable securities	-12.7%	3.1%	-0.39%	3.6%	-0.46%
Cash and short term securities	1.4%	18.2%	0.25%	3.2%	0.04%
Other	0.0%	0.3%	0.00%	0.4%	0.00%

Total Account expenses	-0.20%				-0.16%

Account Return	2.15%				2.38%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	40


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2007 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2007			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		December 31, 2007			Total Return			Total Return %
Real estate properties	$	11,724.0		$	29.9	$	73.8		$	130.4	$	11,983.7		$	234.1
Mortgage loans payable		(1,334.1	)		-		23.5			-		(1,319.6	)		23.5
Real estate properties, net		10,389.9			29.9		97.3			130.4		10,664.1			257.6			2.5	%
Real estate joint ventures and limited partnerships		3,079.8			1.4		144.8			24.9		3,158.9			171.1			5.6	%
Real estate related securities		525.0			9.6		(79.8	)		3.6		426.6			(66.6	)		-12.7	%
Cash and short term securities		3,117.5								42.7		3,371.9			42.7			1.4	%
Other		50.8										39.0			-			0.0	%
Net assets	$	17,163.0		$	40.9	$	162.3		$	201.6	$	17,660.5		$	404.8			2.36	%

Expenses
Investment advisory charges											$	(10.0	)					-0.06	%
Administrative charges												(15.3	)					-0.09	%
Distribution charges												-						0.00	%
Mortality and expense risk charges												(2.2	)					-0.01	%
Liquidity guarantee charges												(7.0	)					-0.04	%

Total Expenses											$	(34.5	)					-0.20	%

Net asset value per accumulation unit	$	304.860									$	311.410						2.15	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	41


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2007



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	4.6%	62.7%	2.86%	72.8%	3.32%
Real estate joint ventures and limited partnerships	4.1%	19.7%	0.81%	22.9%	0.94%
Real estate related marketable securities	1.2%	3.3%	0.04%	3.8%	0.05%
Cash and short term securities	1.6%	13.9%	0.22%	0.0%	0.00%
Other	0.0%	0.4%	0.00%	0.5%	0.00%

Total Account expenses	-0.25%				-0.21%

Account Return	3.66%				4.10%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	42


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2007 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2007			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		September 30, 2007			Total Return		Total Return %
Real estate properties	$	11,518.9		$	31.9	$	291.7		$	134.2	$	11,724.0		$	457.8
Mortgage loans payable		(1,340.9	)		-		6.9			-		(1,334.1	)		6.9
Real estate properties, net		10,178.0			31.9		298.6			134.2		10,389.9			464.7		4.6	%
Real estate joint ventures and limited partnerships		3,205.9			70.0		39.9			21.8		3,079.8			131.7		4.1	%
Real estate related securities		530.5			14.3		(11.7	)		3.8		525.0			6.4		1.2	%
Cash and short term securities		2,263.3								36.1		3,117.5			36.1		1.6	%
Other		72.3										50.8			-		0.0	%
Net assets	$	16,250.0		$	116.2	$	326.8		$	195.9	$	17,163.0		$	638.9		3.93	%

Expenses
Investment advisory charges											$	(14.0	)				-0.09	%
Administrative charges												(17.3	)				-0.11	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(2.1	)				-0.01	%
Liquidity guarantee charges												(6.7	)				-0.04	%

Total Expenses											$	(40.1	)				-0.25	%

Net asset value per accumulation unit	$	294.100									$	304.860					3.66	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	43


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2007



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	4.6%	66.1%	3.01%	72.7%	3.31%
Real estate joint ventures and limited partnerships	3.9%	20.4%	0.80%	22.5%	0.88%
Real estate related marketable securities	-9.2%	3.9%	-0.36%	4.3%	-0.40%
Cash and short term securities	1.8%	9.1%	0.16%	0.0%	0.00%
Other	0.0%	0.5%	0.00%	0.5%	0.00%

Total Account expenses	-0.22%				-0.19%

Account Return	3.31%				3.60%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	44


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2007 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2007			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		June 30, 2007			Total Return			Total Return %
Real estate properties	$	11,378.4		$	58.9	$	258.9		$	138.6	$	11,518.9		$	456.4
Mortgage loans payable		(1,341.3	)		-		0.9			-		(1,340.9	)		0.9
Real estate properties, net		10,037.1			58.9		259.8			138.6		10,178.0			457.3			4.6	%
Real estate joint ventures and limited partnerships		3,103.8			-		101.7			19.8		3,205.9			121.5			3.9	%
Real estate related securities		597.7			2.9		(60.0	)		2.4		530.5			(54.7	)		-9.2	%
Cash and short term securities		1,376.2								24.8		2,263.3			24.8			1.8	%
Other		72.3										72.3			-			0.0	%
Net assets	$	15,187.1		$	61.8	$	301.5		$	185.6	$	16,250.0		$	548.9			3.61	%

Expenses
Investment advisory charges											$	(12.1	)					-0.08	%
Administrative charges												(15.5	)					-0.10	%
Distribution charges												-						0.00	%
Mortality and expense risk charges												(2.0	)					-0.01	%
Liquidity guarantee charges												(4.6	)					-0.03	%

Total Expenses											$	(34.2	)					-0.22	%

Net asset value per accumulation unit	$	284.670									$	294.100						3.31	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	45


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2007



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	4.6%	66.4%	3.03%	77.6%	3.54%
Real estate joint ventures and limited partnerships	6.7%	13.8%	0.93%	16.1%	1.08%
Real estate related marketable securities	3.7%	5.0%	0.18%	5.8%	0.21%
Cash and short term securities	1.3%	14.4%	0.18%	0.0%	0.00%
Other	0.0%	0.4%	0.00%	0.5%	0.00%

Total Account expenses	-0.22%				-0.21%

Account Return	4.03%				4.62%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	46


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2007 (continued)



	{A}			{B}			{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2006			Realized Gain (Loss)			Unrealized Gain (Loss)		Income		March 31, 2007			Total Return		Total Return %
Real estate properties	$	10,743.5		$	7.2		$	273.8	$	126.2	$	11,378.4		$	407.2
Mortgage loans payable		(1,362.5	)		-			21.2		-		(1,341.3	)		21.2
Real estate properties, net		9,381.0			7.2			295.0		126.2		10,037.1			428.4		4.6	%
Real estate joint ventures and limited partnerships		1,948.0			(0.6	)		111.9		19.6		3,103.8			130.9		6.7	%
Real estate related securities		704.9			20.4			2.8		2.6		597.7			25.8		3.7	%
Cash and short term securities		2,038.9								25.9		1,376.2			25.9		1.3	%
Other		59.9										72.3			-		0.0	%
Net assets	$	14,132.7		$	27.0		$	409.7	$	174.3	$	15,187.1		$	611.0		4.32	%

Expenses
Investment advisory charges											$	(13.1	)				-0.09	%
Administrative charges												(15.5	)				-0.11	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(1.8	)				-0.01	%
Liquidity guarantee charges												(1.1	)				-0.01	%

Total Expenses											$	(31.5	)				-0.22	%

Net asset value per accumulation unit	$	273.650									$	284.670					4.03	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	47


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2006



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.1%	63.8%	1.36%	75.5%	1.60%
Real estate joint ventures and limited partnerships	2.0%	12.2%	0.24%	14.5%	0.28%
Real estate related marketable securities	7.6%	5.0%	0.38%	5.9%	0.45%
Cash and short term securities	1.3%	18.7%	0.25%	3.7%	0.05%
Other	0.0%	0.3%	0.00%	0.4%	0.00%

Total Account expenses	-0.16%				-0.15%

Account Return	2.04%				2.23%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	48


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2006 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2006			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		December 31, 2006			Total Return			Total Return %
Real estate properties	$	9,973.2		$	14.7	$	87.5		$	118.2	$	10,743.5		$	220.4
Mortgage loans payable		(1,294.0	)		-		(36.0	)		-		(1,362.5	)		(36.0	)
Real estate properties, net		8,679.2			14.7		51.5			118.2		9,381.0			184.4			2.1	%
Real estate joint ventures and limited partnerships		1,658.8			-		12.4			20.2		1,948.0			32.6			2.0	%
Real estate related securities		675.6			7.4		37.9			6.3		704.9			51.6			7.6	%
Cash and short term securities		2,539.3								34.0		2,038.9			34.0			1.3	%
Other		41.9										59.9			-			0.0	%
Net assets	$	13,594.8		$	22.1	$	101.8		$	178.7	$	14,132.7		$	302.6			2.23	%

Expenses
Investment advisory charges											$	(6.7	)					-0.05	%
Administrative charges												(12.6	)					-0.09	%
Distribution charges												-						0.00	%
Mortality and expense risk charges												(1.7	)					-0.01	%
Liquidity guarantee charges												(1.1	)					-0.01	%

Total Expenses											$	(22.1	)					-0.16	%

Net asset value per accumulation unit	$	268.170									$	273.650						2.04	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	49


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2006



	{1}		{2}		{3}		{4}		{5}
	Total Return		Weighting		Weighted Return		Re-Weight of Total Return		Adjusted Total Return
Real estate properties, net		3.9%		67.0%		2.64%		78.9%		3.11%
Real estate joint ventures and limited partnerships		3.2%		12.9%		0.41%		15.2%		0.48%
Real estate related marketable securities		8.6%		4.7%		0.41%		5.5%		0.48%
Cash and short term securities		1.7%		15.1%		0.26%		0.1%		0.00%
Other		0.0%		0.3%		0.00%		0.3%		0.00%

Total Account expenses		-0.19%								-0.18%

Account Return	3.42%								3.89%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	50


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2006 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2006			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		September 30, 2006			Total Return			Total Return %
Real estate properties	$	9,491.6		$	62.0	$	162.4		$	120.5	$	9,973.2		$	344.9
Mortgage loans payable		(1,140.0	)		-		(15.2	)		-		(1,294.0	)		(15.2	)
Real estate properties, net		8,351.6			62.0		147.2			120.5		8,679.2			329.7			3.9	%
Real estate joint ventures and limited partnerships		1,607.6			-		11.0			40.2		1,658.8			51.2			3.2	%
Real estate related securities		584.1			5.3		41.9			3.3		675.6			50.5			8.6	%
Cash and short term securities		1,875.0								32.0		2,539.3			32.0			1.7	%
Other		36.0										41.9			-			0.0	%
Net assets	$	12,454.3		$	67.3	$	200.1		$	196.0	$	13,594.8		$	463.4			3.72	%

Expenses
Investment advisory charges
Administrative charges											$	(7.7	)					-0.06	%
Distribution charges												(13.1	)					-0.11	%
Mortality and expense risk charges												-						0.00	%
Liquidity guarantee charges												(1.6	)					-0.01	%
												(1.0	)					-0.01	%

Total Expenses											$	(23.4	)					-0.19	%

Net asset value per accumulation unit	$	259.290									$	268.170						3.42	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	51


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2006



	{1}		{2}		{3}		{4}		{5}
	Total Return		Weighting		Weighted Return		Re-Weight of Total Return		Adjusted Total Return
Real estate properties, net		6.0%		61.8%		3.73%		73.4%		4.43%
Real estate joint ventures and limited partnerships		7.9%		13.0%		1.03%		15.5%		1.23%
Real estate related marketable securities		-1.1%		4.9%		-0.06%		5.8%		-0.07%
Cash and short term securities		1.3%		20.0%		0.26%		5.0%		0.07%
Other		0.0%		0.3%		0.00%		0.3%		0.00%

Total Account expenses		-0.17%								-0.16%

Account Return		4.70%								5.50%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	52


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2006 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2006			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		June 30, 2006			Total Return			Total Return %
Real estate properties	$	8,152.4		$	(0.6	)	$	294.9		$	106.3	$	9,491.6		$	400.6
Mortgage loans payable		(1,128.5	)		-			23.9			-		(1,140.0	)		23.9
Real estate properties, net		7,023.9			(0.6	)		318.8			106.3		8,351.6			424.5			6.0	%
Real estate joint ventures and limited partnerships		1,483.1			-			103.9			13.6		1,607.6			117.5			7.9	%
Real estate related securities		557.3			2.2			(13.3	)		4.8		584.1			(6.3	)		-1.1	%
Cash and short term securities		2,272.3									30.0		1,875.0			30.0			1.3	%
Other		32.1											36.0			-			0.0	%
Net assets	$	11,368.7		$	1.6		$	409.4		$	154.7	$	12,454.3		$	565.7			4.98	%

Expenses
Investment advisory charges												$	(6.0	)					-0.05	%
Administrative charges													(11.0	)					-0.10	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(1.7	)					-0.01	%
Liquidity guarantee charges													(0.9	)					-0.01	%

Total Expenses												$	(19.6	)					-0.17	%

Net asset value per accumulation unit	$	247.660										$	259.290						4.70	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	53


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2006



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	3.1%	66.4%	2.03%	78.2%	2.39%
Real estate joint ventures and limited partnerships	5.4%	13.4%	0.72%	15.8%	0.85%
Real estate related marketable securities	11.7%	4.3%	0.50%	5.0%	0.58%
Cash and short term securities	1.4%	15.6%	0.21%	0.6%	0.01%
Other	0.0%	0.3%	0.00%	0.4%	0.00%

Total Account expenses	-0.18%				-0.17%

Account Return	3.21%				3.66%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	54


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2006 (continued)



	{A}			{B}			{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2005			Realized Gain (Loss)			Unrealized Gain (Loss)		Income		March 31, 2006			Total Return		Total Return %
Real estate properties	$	7,977.6		$	(0.6	)	$	115.0	$	99.8	$	8,152.4		$	214.2
Mortgage loans payable		(973.5	)		-			-		-		(1,128.5	)		-
Real estate properties, net		7,004.1			(0.6	)		115.0		99.8		7,023.9			214.2		3.1	%
Real estate joint ventures and limited partnerships		1,418.6			-			66.2		10.2		1,483.1			76.4		5.4	%
Real estate related securities		448.7			(4.8	)		54.0		3.1		557.3			52.3		11.7	%
Cash and short term securities		1,640.9								22.6		2,272.3			22.6		1.4	%
Other		36.4										32.1			-		0.0	%
Net assets	$	10,548.7		$	(5.4	)	$	235.2	$	135.7	$	11,368.7		$	365.5		3.46	%

Expenses
Investment advisory charges											$	(6.6	)				-0.06	%
Administrative charges												(9.0	)				-0.09	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(1.9	)				-0.02	%
Liquidity guarantee charges												(0.9	)				-0.01	%

Total Expenses											$	(18.4	)				-0.18	%

Net asset value per accumulation unit	$	239.950									$	247.660					3.21	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	55


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2005



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	4.4%	61.6%	2.72%	73.3%	3.24%
Real estate joint ventures and limited partnerships	4.9%	12.4%	0.61%	14.7%	0.72%
Real estate related marketable securities	6.5%	5.1%	0.33%	6.1%	0.40%
Cash and short term securities	-0.4%	20.9%	-0.09%	5.9%	-0.03%
Other	0.0%	0.0%	0.00%	0.0%	0.00%

Total Account expenses	-0.17%				-0.16%

Account Return	3.33%				4.17%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	56


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2005 (continued)



	{A}			{B}		{B}			{B}			{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2005			Realized Gain (Loss)		Unrealized Gain (Loss)			Income			December 31, 2005			Total Return			Total Return %
Real estate properties	$	6,767.9		$	50.8	$	120.3		$	96.3		$	7,977.6		$	267.4
Mortgage loans payable		(710.8	)		-		-			-			(973.5	)		-
Real estate properties, net		6,057.1			50.8		120.3			96.3			7,004.1			267.4			4.4	%
Real estate joint ventures and limited partnerships		1,214.7			-		45.6			14.2			1,418.6			59.8			4.9	%
Real estate related securities		503.5			4.4		(7.3	)		35.6			448.7			32.7			6.5	%
Cash and short term securities		2,050.6								(9.1	)		1,640.9			(9.1	)		-0.4	%
Other		(2.2	)										36.4			-			0.0	%
Net assets	$	9,823.7		$	55.2	$	158.6		$	137.0		$	10,548.7		$	350.8			3.57	%

Expenses
Investment advisory charges												$	(6.1	)					-0.06	%
Administrative charges													(7.6	)					-0.08	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(1.8	)					-0.02	%
Liquidity guarantee charges													(0.9	)					-0.01	%

Total Expenses												$	(16.4	)					-0.17	%

Net asset value per accumulation unit	$	232.220										$	239.950						3.33	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	57


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2005



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	5.5%	60.6%	3.32%	72.1%	3.95%
Real estate joint ventures and limited partnerships	6.4%	14.2%	0.90%	16.8%	1.07%
Real estate related marketable securities	0.7%	4.5%	0.03%	5.4%	0.04%
Cash and short term securities	0.9%	20.5%	0.19%	5.5%	0.05%
Other	0.0%	0.2%	0.00%	0.2%	0.00%

Total Account expenses	-0.18%				-0.17%

Account Return	4.13%				4.94%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	58


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2005 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2005			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		September 30, 2005			Total Return		Total Return %
Real estate properties	$	6,097.8		$	14.0	$	194.5		$	88.2	$	6,767.9		$	296.7
Mortgage loans payable		(684.4	)		-		-			-		(710.8	)		-
Real estate properties, net		5,413.4			14.0		194.5			88.2		6,057.1			296.7		5.5	%
Real estate joint ventures and limited partnerships		1,262.4			-		62.6			17.9		1,214.7			80.5		6.4	%
Real estate related securities		405.3			10.7		(13.9	)		6.2		503.5			3.0		0.7	%
Cash and short term securities		1,825.1								17.1		2,050.6			17.1		0.9	%
Other		14.3										(2.2	)		-		0.0	%
Net assets	$	8,920.5		$	24.7	$	243.2		$	129.4	$	9,823.7		$	397.3		4.45	%

Expenses
Investment advisory charges											$	(5.2	)				-0.06	%
Administrative charges												(7.6	)				-0.09	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(1.6	)				-0.02	%
Liquidity guarantee charges												(0.9	)				-0.01	%

Total Expenses											$	(15.3	)				-0.18	%

Net asset value per accumulation unit	$	223.010									$	232.220					4.13	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	59


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2005



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	5.2%	64.0%	3.32%	75.4%	3.91%
Real estate joint ventures and limited partnerships	4.5%	16.0%	0.72%	18.8%	0.85%
Real estate related marketable securities	12.1%	5.0%	0.60%	5.9%	0.71%
Cash and short term securities	0.9%	15.5%	0.14%	0.5%	0.00%
Other	0.0%	-0.5%	0.00%	-0.6%	0.00%

Total Account expenses	-0.16%				-0.15%

Account Return	4.39%				5.32%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	60


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2005 (continued)



	{A}			{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2005			Realized Gain (Loss)		Unrealized Gain (Loss)		Income		June 30, 2005			Total Return		Total Return %
Real estate properties	$	5,508.5		$	20.0	$	162.4	$	77.2	$	6,097.8		$	259.6
Mortgage loans payable		(499.4	)		-		-		-		(684.4	)		-
Real estate properties, net		5,009.1			20.0		162.4		77.2		5,413.4			259.6		5.2	%
Real estate joint ventures and limited partnerships		1,251.5			-		41.0		15.3		1,262.4			56.3		4.5	%
Real estate related securities		389.4			15.1		24.5		7.5		405.3			47.1		12.1	%
Cash and short term securities		1,212.6							11.3		1,825.1			11.3		0.9	%
Other		(39.2	)								14.3			-		0.0	%
Net assets	$	7,823.4		$	35.1	$	227.9	$	111.3	$	8,920.5		$	374.3		4.78	%

Expenses
Investment advisory charges										$	(4.3	)				-0.05	%
Administrative charges											(6.0	)				-0.08	%
Distribution charges											-					0.00	%
Mortality and expense risk charges											(1.5	)				-0.02	%
Liquidity guarantee charges											(0.8	)				-0.01	%

Total Expenses										$	(12.6	)				-0.16	%

Net asset value per accumulation unit	$	213.640								$	223.010					4.39	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	61


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2005


	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.2%	67.5%	1.47%	74.5%	1.62%
Real estate joint ventures and limited partnerships	2.8%	17.8%	0.49%	19.6%	0.54%
Real estate related marketable securities	-5.9%	5.1%	-0.30%	5.6%	-0.33%
Cash and short term securities	0.9%	9.3%	0.08%	0.0%	0.00%
Other	0.0%	0.3%	0.00%	0.3%	0.00%

Total Account expenses	-0.17%				-0.16%

Account Return	1.52%				1.67%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	62


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2005 (continued)


	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2004			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		March 31, 2005			Total Return			Total Return %
Real estate properties	$	5,391.5		$	(0.2	)	$	28.2		$	78.3	$	5,508.5		$	106.3
Mortgage loans payable		(499.5	)		-			-			-		(499.4	)		-
Real estate properties, net		4,892.0			(0.2	)		28.2			78.3		5,009.1			106.3			2.2	%
Real estate joint ventures and limited partnerships		1,288.7			-			19.5			16.2		1,251.5			35.7			2.8	%
Real estate related securities		369.7			5.0			(31.4	)		4.7		389.4			(21.7	)		-5.9	%
Cash and short term securities		676.0									5.9		1,212.6			5.9			0.9	%
Other		19.1											(39.2	)		-			0.0	%
Net assets	$	7,245.5		$	4.8		$	16.3		$	105.1	$	7,823.4		$	126.2			1.74	%

Expenses
Investment advisory charges												$	(4.0	)					-0.06	%
Administrative charges													(6.0	)					-0.08	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(1.3	)					-0.02	%
Liquidity guarantee charges													(0.6	)					-0.01	%

Total Expenses												$	(11.9	)					-0.17	%

Net asset value per accumulation unit	$	210.440										$	213.640						1.52	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	63


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2004


	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	1.4%	72.5%	1.05%	83.6%	1.21%
Real estate joint ventures and limited partnerships	15.1%	9.2%	1.38%	10.6%	1.59%
Real estate related marketable securities	15.4%	4.9%	0.76%	5.6%	0.87%
Cash and short term securities	0.7%	13.2%	0.09%	0.0%	0.00%
Other	0.0%	0.2%	0.00%	0.2%	0.00%

Total Account expenses	-0.17%				-0.16%

Account Return	3.37%				3.51%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	64


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2004 (continued)


	{A}			{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2004			Realized Gain (Loss)		Unrealized Gain (Loss)		Income		December 31, 2004			Total Return		Total Return %
Real estate properties	$	5,013.5		$	13.8	$	38.8	$	18.1	$	5,391.5		$	70.7
Mortgage loans payable		(124.5	)		-		-		-		(499.5	)		-
Real estate properties, net		4,889.0			13.8		38.8		18.1		4,892.0			70.7		1.4	%
Real estate joint ventures and limited partnerships		618.7			-		48.4		44.9		1,288.7			93.3		15.1	%
Real estate related securities		330.2			14.5		25.1		11.4		369.7			51.0		15.4	%
Cash and short term securities		892.3							5.8		676.0			5.8		0.7	%
Other		13.7									19.1			-		0.0	%
Minority Int. in Subs		(265.8	)								-
Net assets	$	6,478.1		$	28.3	$	112.3	$	80.2	$	7,245.5		$	220.8		3.41	%

Expenses
Investment advisory charges										$	(4.2	)				-0.06	%
Administrative charges											(5.2	)				-0.08	%
Distribution charges											-					0.00	%
Mortality and expense risk charges											(1.2	)				-0.02	%
Liquidity guarantee charges											(0.6	)				-0.01	%

Total Expenses										$	(11.2	)				-0.17	%

Net asset value per accumulation unit	$	203.570								$	210.440					3.37	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	65


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2004



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	4.5%	69.6%	3.16%	82.5%	3.75%
Real estate joint ventures and limited partnerships	19.9%	5.6%	1.12%	6.7%	1.33%
Real estate related marketable securities	8.1%	5.2%	0.42%	6.2%	0.50%
Cash and short term securities	0.4%	19.4%	0.08%	4.4%	0.02%
Other	0.0%	0.2%	0.00%	0.2%	0.00%

Total Account expenses	-0.18%				-0.17%

Account Return	4.49%				5.43%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	66


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2004 (continued)



	{A}			{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2004			Realized Gain (Loss)		Unrealized Gain (Loss)		Income		September 30, 2004			Total Return		Total Return %
Real estate properties	$	4,258.9		$	-	$	112.6	$	75.5	$	5,013.5		$	188.1
Mortgage loans payable		(115.0	)		-		-		-		(124.5	)		-
Real estate properties, net		4,143.9			-		112.6		75.5		4,889.0			188.1		4.5	%
Real estate joint ventures and limited partnerships		335.5			-		61.9		4.9		618.7			66.8		19.9	%
Real estate related securities		308.8			12.0		7.5		5.6		330.2			25.1		8.1	%
Cash and short term securities		1,155.2							4.5		892.3			4.5		0.4	%
Other		11.2									13.7			-		0.0	%
Minority Int. in Subs		(257.5	)								(265.8	)
Net assets	$	5,697.1		$	12.0	$	182.0	$	90.5	$	6,478.1		$	284.5		4.99	%

Expenses
Investment advisory charges										$	(4.3	)				-0.08	%
Administrative charges											(4.0	)				-0.07	%
Distribution charges											-					0.00	%
Mortality and expense risk charges											(1.1	)				-0.02	%
Liquidity guarantee charges											(0.5	)				-0.01	%

Total Expenses										$	(9.9	)				-0.18	%

Net asset value per accumulation unit	$	194.830								$	203.570					4.49	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	67


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2004



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.8%	71.8%	1.98%	84.6%	2.34%
Real estate joint ventures and limited partnerships	12.7%	5.5%	0.70%	6.5%	0.82%
Real estate related marketable securities	-3.1%	6.1%	-0.19%	7.2%	-0.22%
Cash and short term securities	0.4%	16.1%	0.06%	1.1%	0.00%
Other	0.0%	0.5%	0.00%	0.6%	0.00%

Total Account expenses	-0.14%				-0.13%

Account Return	2.17%				2.81%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	68


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2004 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2004			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		June 30, 2004			Total Return			Total Return %
Real estate properties	$	4,033.7		$	-	$	32.8		$	75.4	$	4,258.9		$	108.2
Mortgage loans payable		(115.0	)		-		-			-		(115.0	)		-
Real estate properties, net		3,918.7			-		32.8			75.4		4,143.9			108.2			2.8	%
Real estate joint ventures and limited partnerships		300.5			-		35.1			3.0		335.5			38.1			12.7	%
Real estate related securities		331.9			7.0		(23.0	)		5.6		308.8			(10.4	)		-3.1	%
Cash and short term securities		879.7								3.1		1,155.2			3.1			0.4	%
Other		29.1										11.2			-			0.0	%
Minority Int. in Subs		(252.5	)									(257.5	)
Net assets	$	5,207.4		$	7.0	$	44.9		$	87.1	$	5,697.1		$	139.0			2.67	%

Expenses
Investment advisory charges											$	(2.7	)					-0.05	%
Administrative charges												(3.2	)					-0.06	%
Distribution charges												-						0.00	%
Mortality and expense risk charges												(0.9	)					-0.02	%
Liquidity guarantee charges												(0.4	)					-0.01	%

Total Expenses											$	(7.2	)					-0.14	%

Net asset value per accumulation unit	$	190.700									$	194.830						2.17	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	69


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2004


	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	1.5%	79.1%	1.22%	86.5%	1.33%
Real estate joint ventures and limited partnerships	7.3%	5.6%	0.41%	6.1%	0.45%
Real estate related marketable securities	9.3%	6.3%	0.58%	6.8%	0.63%
Cash and short term securities	0.4%	8.6%	0.04%	0.0%	0.00%
Other	0.0%	0.5%	0.00%	0.6%	0.00%

Total Account expenses	-0.18%				-0.17%

Account Return	2.01%				2.24%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	70


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2004 (continued)


	{A}			{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2003			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		March 31, 2004			Total Return		Total Return %
Real estate properties	$	4,020.7		$	-	$	(10.2	)	$	72.2	$	4,033.7		$	62.0
Mortgage loans payable		-			-		-			-		(115.0	)		-
Real estate properties, net		4,020.7			-		(10.2	)		72.2		3,918.7			62.0		1.5	%
Real estate joint ventures and limited partnerships		283.2			-		16.2			4.5		300.5			20.7		7.3	%
Real estate related securities		318.3			14.0		11.5			4.0		331.9			29.5		9.3	%
Cash and short term securities		435.7								1.8		879.7			1.8		0.4	%
Other		25.8										29.1			-		0.0	%
Minority Int. in Subs		(290.3	)									(252.5	)
Net assets	$	4,793.4		$	14.0	$	17.5		$	82.5	$	5,207.4		$	114.0		2.38	%

Expenses
Investment advisory charges											$	(3.2	)				-0.07	%
Administrative charges												(4.0	)				-0.08	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(0.9	)				-0.02	%
Liquidity guarantee charges												(0.4	)				-0.01	%

Total Expenses											$	(8.5	)				-0.18	%

Net asset value per accumulation unit	$	186.940									$	190.700					2.01	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	71


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2003


	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	1.4%	68.6%	0.98%	81.4%	1.16%
Real estate joint ventures and limited partnerships	2.8%	5.9%	0.16%	7.0%	0.20%
Real estate related marketable securities	8.7%	6.0%	0.52%	7.1%	0.62%
Cash and short term securities	0.3%	19.4%	0.06%	4.4%	0.01%
Other	0.0%	0.1%	0.00%	0.1%	0.00%

Total Account expenses	-0.19%				-0.18%

Account Return	1.58%				1.81%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.

{5} – The Adjusted Total Return is calculated by multiplying each of the invested asset’s and mortgage loans payable re-weighted percentages by each invested asset’s or mortgage loans payable associated Total Return, less total expenses excluding the expense associated with the Account’s liquidity guarantee charge (which is discussed more fully within the Comparison Between the Accoun’ts Adjusted Total Return and NFI-ODCE Return section of the Quarterly Performance Analysis).


	TIAA-CREF Asset Management	72


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2003 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2003			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		December 31, 2003			Total Return		Total Return %
Real estate properties	$	3,164.9		$	-	$	(14.8	)	$	59.8	$	4,020.7		$	45.0
Mortgage loans payable		-			-		-			-		-			-
Real estate properties, net		3,164.9			-		(14.8	)		59.8		4,020.7			45.0		1.4	%
Real estate joint ventures and limited partnerships		273.9			-		2.7			4.9		283.2			7.6		2.8	%
Real estate related securities		278.4			8.5		11.0			4.7		318.3			24.2		8.7	%
Cash and short term securities		894.3								2.8		435.7			2.8		0.3	%
Other		5.7										25.8			-		0.0	%
Minority Int. in Subs.		(142.2	)									(290.3	)
Net assets	$	4,475.0		$	8.5	$	(1.1	)	$	72.2	$	4,793.4		$	79.6		1.78	%

Expenses
Investment advisory charges											$	(3.4	)				-0.08	%
Administrative charges												(3.7	)				-0.08	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(0.8	)				-0.02	%
Liquidity guarantee charges												(0.4	)				-0.01	%

Total Expenses											$	(8.3	)				-0.19	%

Net asset value per accumulation unit	$	184.030									$	186.940					1.58	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	73


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2003



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	1.4%	77.5%	1.08%	89.3%	1.25%
Real estate joint ventures and limited partnerships	9.4%	6.4%	0.60%	7.4%	0.69%
Real estate related marketable securities	11.5%	2.9%	0.34%	3.4%	0.39%
Cash and short term securities	0.4%	13.3%	0.05%	0.0%	0.00%
Other	0.0%	-0.1%	0.00%	-0.1%	0.00%

Total Account expenses	-0.21%				-0.20%

Account Return	2.62%				2.13%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	74


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2003 (continued)


	{A}			{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2003			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		September 30, 2003			Total Return		Total Return %
Real estate properties	$	3,280.1		$	-	$	(14.6	)	$	60.5	$	3,164.9		$	45.9
Mortgage loans payable		-			-		-			-		-			-
Real estate properties, net		3,280.1			-		(14.6	)		60.5		3,164.9			45.9		1.4	%
Real estate joint ventures and limited partnerships		269.8			-		20.9			4.5		273.9			25.4		9.4	%
Real estate related securities		124.3			-		10.9			3.4		278.4			14.3		11.5	%
Cash and short term securities		561.6								2.1		894.3			2.1		0.4	%
Other		(4.5	)									5.7			-		0.0	%
Minority Int. in Subs.		(140.7	)									(142.2	)
Net assets	$	4,090.6		$	-	$	17.2		$	70.5	$	4,475.0		$	87.7		2.14	%

Expenses
Investment advisory charges											$	(3.6	)				-0.09	%
Administrative charges												(3.7	)				-0.09	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(0.8	)				-0.02	%
Liquidity guarantee charges												(0.3	)				-0.01	%

Total Expenses											$	(8.4	)				-0.21	%

Net asset value per accumulation unit	$	179.330									$	184.030					2.62	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	75


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2003


	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	1.3%	81.4%	1.04%	89.1%	1.14%
Real estate joint ventures and limited partnerships	0.1%	6.5%	0.01%	7.1%	0.01%
Real estate related marketable securities	9.5%	3.4%	0.32%	3.7%	0.35%
Cash and short term securities	0.4%	8.6%	0.04%	0.0%	0.00%
Other	0.0%	0.1%	0.00%	0.1%	0.00%

Total Account expenses	-0.20%				-0.19%

Account Return	1.72%				1.31%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	76


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2003 (continued)


	{A}			{B}			{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2003			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		June 30, 2003			Total Return		Total Return %
Real estate properties	$	3,264.0		$	-		$	(18.9	)	$	60.7	$	3,280.1		$	41.8
Mortgage loans payable		-			-			-			-		-			-
Real estate properties, net		3,264.0			-			(18.9	)		60.7		3,280.1			41.8		1.3	%
Real estate joint ventures and limited partnerships		261.6			-			(4.6	)		4.9		269.8			0.3		0.1	%
Real estate related securities		136.9			(0.4	)		11.4			2.0		124.3			13.0		9.5	%
Cash and short term securities		343.2									1.5		561.6			1.5		0.4	%
Other		3.5											(4.5	)		-		0.0	%
Minority Int. in Subs.		(141.5	)										(140.7	)
Net assets	$	3,867.7		$	(0.4	)	$	(12.1	)	$	69.1	$	4,090.6		$	56.6		1.46	%

Expenses
Investment advisory charges												$	(2.9	)				-0.07	%
Administrative charges													(3.7	)				-0.10	%
Distribution charges													-					0.00	%
Mortality and expense risk charges													(0.7	)				-0.02	%
Liquidity guarantee charges													(0.3	)				-0.01	%

Total Expenses												$	(7.6	)				-0.20	%

Net asset value per accumulation unit	$	176.300										$	179.330					1.72	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	77


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2003


	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	1.4%	89.3%	1.23%	88.8%	1.22%
Real estate joint ventures and limited partnerships	6.3%	6.7%	0.42%	6.7%	0.42%
Real estate related marketable securities	0.6%	4.2%	0.02%	4.1%	0.02%
Cash and short term securities	0.8%	3.2%	0.02%	0.0%	0.00%
Other	0.0%	0.4%	0.00%	0.4%	0.00%

Total Account expenses	-0.21%				-0.20%

Account Return	1.38%				1.46%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.

{5} – The Adjusted Total Return is calculated by multiplying each of the invested asset’s and mortgage loans payable re-weighted percentages by each invested asset’s or mortgage loans payable associated Total Return, less total expenses excluding the expense associated with the Account’s liquidity guarantee charge (which is discussed more fully within the Comparison Between the Accoun’ts Adjusted Total Return and NFI-ODCE Return section of the Quarterly Performance Analysis).


	TIAA-CREF Asset Management	78


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2003 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2002			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		March 31, 2003			Total Return		Total Return %
Real estate properties	$	3,281.3		$	-		$	(18.0	)	$	63.1	$	3,264.0		$	45.1
Mortgage loans payable		-			-			-			-		-			-
Real estate properties, net		3,281.3			-			(18.0	)		63.1		3,264.0			45.1		1.4	%
Real estate joint ventures and limited partnerships		246.9			-			10.4			5.2		261.6			15.6		6.3	%
Real estate related securities		153.1			(0.4	)		(0.9	)		2.2		136.9			0.9		0.6	%
Cash and short term securities		117.9									0.9		343.2			0.9		0.8	%
Other		15.7											3.5			-		0.0	%
Minority Int. in Subs.		(139.0	)										(141.5	)
Net assets	$	3,675.9		$	(0.4	)	$	(8.5	)	$	71.4	$	3,867.7		$	62.5		1.70	%

Expenses
Investment advisory charges												$	(2.8	)				-0.08	%
Administrative charges													(3.7	)				-0.10	%
Distribution charges													-					0.00	%
Mortality and expense risk charges													(0.6	)				-0.02	%
Liquidity guarantee charges													(0.2	)				-0.01	%

Total Expenses												$	(7.3	)				-0.21	%

Net asset value per accumulation unit	$	173.900										$	176.300					1.38	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	79


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2002



	{1}		{2}		{3}		{4}		{5}
	Total Return		Weighting		Weighted Return		Re-Weight of Total Return		Adjusted Total Return
Real estate properties, net		1.0%		69.8%		0.68%		81.6%		0.79%
Real estate joint ventures and limited partnerships		2.4%		6.7%		0.16%		7.8%		0.18%
Real estate related marketable securities		0.3%		9.1%		0.03%		10.6%		0.03%
Cash and short term securities		0.4%		14.4%		0.05%		0.0%		0.00%
Other		0.0%		0.0%		0.00%		0.0%		0.00%

Total Account expenses		-0.18%								-0.17%

Account Return		0.72%								0.83%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	80


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2002 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2002			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		December 31, 2002			Total Return		Total Return %
Real estate properties	$	2,507.7		$	-		$	(33.2	)	$	57.6	$	3,281.3		$	24.4
Mortgage loans payable		11.1			-			-			-		-			-
Real estate properties, net		2,518.8			-			(33.2	)		57.6		3,281.3			24.4		1.0	%
Real estate joint ventures and limited partnerships		241.3			-			0.8			4.9		246.9			5.7		2.4	%
Real estate related securities		327.8			(1.9	)		(1.1	)		4.0		153.1			1.0		0.3	%
Cash and short term securities		518.5									1.9		117.9			1.9		0.4	%
Other		0.5											15.7			-		0.0	%
Minority Int. in Subs.		(9.4	)										(139.0	)
Net assets	$	3,597.5		$	(1.9	)	$	(33.5	)	$	68.4	$	3,675.9		$	33.0		0.92	%

Expenses
Investment advisory charges												$	(2.6	)				-0.07	%
Administrative charges													(2.8	)				-0.08	%
Distribution charges													-					0.00	%
Mortality and expense risk charges													(0.6	)				-0.02	%
Liquidity guarantee charges													(0.3	)				-0.01	%

Total Expenses												$	(6.3	)				-0.18	%

Net asset value per accumulation unit	$	172.660										$	173.900					0.72	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	81


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2002



	{1}		{2}		{3}		{4}		{5}
	Total Return		Weighting		Weighted Return		Re-Weight of Total Return		Adjusted Total Return
Real estate properties, net		1.9%		66.8%		1.28%		78.8%		1.51%
Real estate joint ventures and limited partnerships		-0.7%		7.0%		-0.05%		8.3%		-0.06%
Real estate related marketable securities		-4.2%		9.9%		-0.41%		11.6%		-0.49%
Cash and short term securities		0.6%		16.5%		0.10%		1.5%		0.01%
Other		0.0%		-0.2%		0.00%		-0.2%		0.00%

Total Account expenses		-0.18%								-0.17%

Account Return		0.75%								0.80%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	82


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2002 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2002			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		September 30, 2002			Total Return			Total Return %
Real estate properties	$	2,349.7		$	-	$	(4.4	)	$	49.6	$	2,507.7		$	45.2
Mortgage loans payable		10.0			-		-			-		11.1			-
Real estate properties, net		2,359.7			-		(4.4	)		49.6		2,518.8			45.2			1.9	%
Real estate joint ventures and limited partnerships		247.4			-		(6.4	)		4.6		241.3			(1.8	)		-0.7	%
Real estate related securities		347.7			1.4		(19.8	)		3.8		327.8			(14.6	)		-4.2	%
Cash and short term securities		580.7								3.7		518.5			3.7			0.6	%
Other		(5.9	)									0.5			-			0.0	%
Minority Int. in Subs.		(9.5	)									(9.4	)
Net assets	$	3,520.1		$	1.4	$	(30.6	)	$	61.7	$	3,597.5		$	32.5			0.92	%

Expenses
Investment advisory charges											$	(2.6	)					-0.07	%
Administrative charges												(2.7	)					-0.08	%
Distribution charges												-						0.00	%
Mortality and expense risk charges												(0.6	)					-0.02	%
Liquidity guarantee charges												(0.3	)					-0.01	%

Total Expenses											$	(6.2	)					-0.18	%

Net asset value per accumulation unit	$	171.370									$	172.660						0.75	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	83


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2002



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	1.2%	68.5%	0.81%	81.6%	0.96%
Real estate joint ventures and limited partnerships	10.0%	1.2%	0.12%	1.4%	0.14%
Real estate related marketable securities	2.7%	8.9%	0.24%	10.6%	0.28%
Cash and short term securities	0.6%	21.4%	0.12%	6.4%	0.04%
Other	0.0%	0.0%	0.00%	0.0%	0.00%

Total Account expenses	-0.17%				-0.16%

Account Return	1.13%				1.26%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	84


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2002 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2002			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		June 30, 2002			Total Return		Total Return %
Real estate properties	$	2,291.5		$	-	$	(22.3	)	$	49.5	$	2,349.7		$	27.2
Mortgage loans payable		9.0			-		-			-		10.0			-
Real estate properties, net		2,300.5			-		(22.3	)		49.5		2,359.7			27.2		1.2	%
Real estate joint ventures and limited partnerships		40.1			-		-			4.0		247.4			4.0		10.0	%
Real estate related securities		300.2			3.1		2.3			2.6		347.7			8.0		2.7	%
Cash and short term securities		719.9								4.0		580.7			4.0		0.6	%
Other		1.2										(5.9	)		-		0.0	%
Minority Int. in Subs.		(8.7	)									(9.5	)
Net assets	$	3,353.2		$	3.1	$	(20.0	)	$	60.1	$	3,520.1		$	43.2		1.29	%

Expenses
Investment advisory charges											$	(2.4	)				-0.07	%
Administrative charges												(2.5	)				-0.07	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(0.6	)				-0.02	%
Liquidity guarantee charges												(0.2	)				-0.01	%

Total Expenses											$	(5.7	)				-0.17	%

Net asset value per accumulation unit	$	169.460									$	171.370					1.13	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	85


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2002



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	0.5%	72.5%	0.36%	85.7%	0.43%
Real estate joint ventures and limited partnerships	1.2%	1.1%	0.01%	1.3%	0.01%
Real estate related marketable securities	4.0%	9.5%	0.38%	11.2%	0.44%
Cash and short term securities	0.7%	17.0%	0.12%	2.0%	0.01%
Other	0.0%	-0.1%	0.00%	-0.2%	0.00%

Total Account expenses	-0.16%				-0.15%

Account Return	0.77%				0.74%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	86


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2002 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2001			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		March 31, 2002			Total Return		Total Return %
Real estate properties	$	2,330.9		$	-	$	(34.5	)	$	46.2	$	2,291.5		$	11.7
Mortgage loans payable		7.3			-		-			-		9.0			-
Real estate properties, net		2,338.2			-		(34.5	)		46.2		2,300.5			11.7		0.5	%
Real estate joint ventures and limited partnerships		34.4			-		-			0.4		40.1			0.4		1.2	%
Real estate related securities		305.3			4.3		5.4			2.4		300.2			12.1		4.0	%
Cash and short term securities		548.2								3.9		719.9			3.9		0.7	%
Other		(4.7	)									1.2			-		0.0	%
Minority Int. in Subs.		(7.7	)									(8.7	)
Net assets	$	3,213.7		$	4.3	$	(29.1	)	$	52.9	$	3,353.2		$	28.1		0.87	%

Expenses
Investment advisory charges											$	(2.0	)				-0.06	%
Administrative charges												(2.4	)				-0.07	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(0.6	)				-0.02	%
Liquidity guarantee charges												(0.2	)				-0.01	%

Total Expenses											$	(5.2	)				-0.16	%

Net asset value per accumulation unit	$	168.160									$	169.460					0.77	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	87


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2001



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	1.1%	70.2%	0.80%	85.1%	0.97%
Real estate joint ventures and limited partnerships	10.6%	0.9%	0.09%	1.0%	0.11%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	1.0%	29.0%	0.28%	14.0%	0.13%
Other	0.0%	-0.1%	0.00%	-0.1%	0.00%

Total Account expenses	-0.15%				-0.14%

Account Return	0.82%				1.07%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	88


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2001 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2001			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		December 31, 2001			Total Return		Total Return %
Real estate properties	$	2,148.1		$	4.9		$	(26.4	)	$	46.1	$	2,330.9		$	24.6
Mortgage loans payable		4.8			-			-			-		7.3			-
Real estate properties, net		2,152.9			4.9			(26.4	)		46.1		2,338.2			24.6		1.1	%
Real estate joint ventures and limited partnerships		26.3			-			2.0			0.8		34.4			2.8		10.6	%
Real estate related securities		-			(0.2	)		1.5			-		305.3			-		0.0	%
Cash and short term securities		889.3									7.2		548.2			8.5		1.0	%
Other		(4.5	)										(4.7	)		-		0.0	%
Minority Int. in Subs.		(7.0	)										(7.7	)
Net assets	$	3,057.0		$	4.7		$	(22.9	)	$	54.1	$	3,213.7		$	35.9		1.17	%

Expenses
Investment advisory charges												$	(1.3	)				-0.04	%
Administrative charges													(2.4	)				-0.08	%
Distribution charges													-					0.00	%
Mortality and expense risk charges													(0.6	)				-0.02	%
Liquidity guarantee charges													(0.2	)				-0.01	%

Total Expenses												$	(4.5	)				-0.15	%

Net asset value per accumulation unit	$	166.800										$	168.160					0.82	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	89


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2001



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.3%	71.6%	1.62%	86.5%	1.95%
Real estate joint ventures and limited partnerships	2.3%	0.9%	0.02%	1.1%	0.03%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.2%	27.6%	0.05%	12.6%	0.02%
Other	0.0%	-0.1%	0.00%	-0.2%	0.00%

Total Account expenses	-0.18%				-0.17%

Account Return	1.46%				1.83%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	90


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2001 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2001			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		September 30, 2001			Total Return		Total Return %
Real estate properties	$	2,046.5		$	(1.8	)	$	2.5		$	45.6	$	2,148.1		$	46.3
Mortgage loans payable		3.0			-			-			-		4.8			-
Real estate properties, net		2,049.5			(1.8	)		2.5			45.6		2,152.9			46.3		2.3	%
Real estate joint ventures and limited partnerships		26.1			-			0.1			0.5		26.3			0.6		2.3	%
Real estate related securities		-			2.6			(10.7	)		-		-			-		0.0	%
Cash and short term securities		789.4									9.5		889.3			1.4		0.2	%
Other		(3.9	)										(4.5	)		-		0.0	%
Minority Int. in Subs.		(6.8	)										(7.0	)
Net assets	$	2,854.3		$	0.8		$	(8.1	)	$	55.6	$	3,057.0		$	48.3		1.69	%

Expenses
Investment advisory charges												$	(2.0	)				-0.07	%
Administrative charges													(2.4	)				-0.08	%
Distribution charges													-					0.00	%
Mortality and expense risk charges													(0.5	)				-0.02	%
Liquidity guarantee charges													(0.2	)				-0.01	%

Total Expenses												$	(5.1	)				-0.18	%

Net asset value per accumulation unit	$	164.400										$	166.800					1.46	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	91


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2001



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.2%	75.1%	1.63%	89.9%	1.95%
Real estate joint ventures and limited partnerships	1.9%	1.0%	0.02%	1.2%	0.02%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	3.3%	23.9%	0.78%	8.9%	0.29%
Other	0.0%	0.0%	0.00%	0.0%	0.00%

Total Account expenses	-0.14%				-0.13%

Account Return	2.21%				2.13%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	92


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2001 (continued)



	{A}			{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2001			Realized Gain (Loss)		Unrealized Gain (Loss)		Income		June 30, 2001			Total Return		Total Return %
Real estate properties	$	1,967.3		$	-	$	0.1	$	42.6	$	2,046.5		$	42.7
Mortgage loans payable		-			-		-		-		3.0			-
Real estate properties, net		1,967.3			-		0.1		42.6		2,049.5			42.7		2.2	%
Real estate joint ventures and limited partnerships		26.0			-		-		0.5		26.1			0.5		1.9	%
Real estate related securities		-							-		-			-		0.0	%
Cash and short term securities		627.1			0.5		11.5		8.5		789.4			20.5		3.3	%
Other		0.2									(3.9	)		-		0.0	%
Minority Int. in Subs.		(4.2	)								(6.8	)
Net assets	$	2,616.4		$	0.5	$	11.6	$	51.6	$	2,854.3		$	63.7		2.43	%

Expenses
Investment advisory charges										$	(0.3	)				-0.01	%
Administrative charges											(2.7	)				-0.10	%
Distribution charges											-					0.00	%
Mortality and expense risk charges											(0.5	)				-0.02	%
Liquidity guarantee charges											(0.2	)				-0.01	%

Total Expenses										$	(3.7	)				-0.14	%

Net asset value per accumulation unit	$	160.850								$	164.400					2.21	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	93


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2001



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.0%	79.5%	1.62%	94.2%	1.92%
Real estate joint ventures and limited partnerships	1.5%	1.1%	0.02%	1.3%	0.02%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	1.5%	19.4%	0.29%	4.4%	0.07%
Other	0.0%	0.0%	0.00%	0.1%	0.00%

Total Account expenses	-0.17%				-0.16%

Account Return	1.67%				1.85%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	94


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2001 (continued)



	{A}			{B}		{B}			{B}			{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 2000			Realized Gain (Loss)		Unrealized Gain (Loss)			Income			March 31, 2001			Total Return		Total Return %
Real estate properties	$	1,899.2		$	1.1	$	(2.8	)	$	40.4		$	1,967.3		$	38.7
Mortgage loans payable		-			-		-			-			-			-
Real estate properties, net		1,899.2			1.1		(2.8	)		40.4			1,967.3			38.7		2.0	%
Real estate joint ventures and limited partnerships		26.0			-		-			0.4			26.0			0.4		1.5	%
Real estate related securities		-								-			-			-		0.0	%
Cash and short term securities		463.8			0.1		(1.6	)		8.4			627.1			6.9		1.5	%
Other		1.1											0.2			-		0.0	%
Minority Int. in Subs.		(3.0	)										(4.2	)
Net assets	$	2,387.1		$	1.2	$	(4.4	)	$	49.2		$	2,616.4		$	46.0		1.93	%

Expenses
Investment advisory charges									$	(2.3	)							-0.10	%
Administrative charges										(1.0	)							-0.04	%
Distribution charges										-								0.00	%
Mortality and expense risk charges										(0.4	)							-0.02	%
Liquidity guarantee charges										(0.2	)							-0.01	%

Total Expenses									$	(3.9	)							-0.17	%

Net asset value per accumulation unit	$	158.210							$	160.850								1.67	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	95


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2000



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.9%	77.3%	2.23%	92.1%	2.66%
Real estate joint ventures and limited partnerships	6.5%	1.1%	0.07%	1.3%	0.09%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	2.8%	21.7%	0.62%	6.7%	0.19%
Other	0.0%	-0.1%	0.00%	-0.1%	0.00%

Total Account expenses	-0.21%				-0.20%

Account Return	2.77%				2.74%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	96


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 2000 (continued)



	{A}			{B}		{B}		{B}			{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	September 30, 2000			Realized Gain (Loss)		Unrealized Gain (Loss)		Income			December 31, 2000			Total Return			Total Return %
Real estate properties	$	1,702.5		$	8.4	$	5.2	$	38.5		$	1,899.2		$	52.1
Mortgage loans payable		-			-		-		(3.0	)		-			(3.0	)
Real estate properties, net		1,702.5			8.4		5.2		35.5			1,899.2			49.1			2.9	%
Real estate joint ventures and limited partnerships		24.8			-		1.2		0.4			26.0			1.6			6.5	%
Real estate related securities		-							-			-			-			0.0	%
Cash and short term securities		478.0			0.2		4.9		8.5			463.8			13.6			2.8	%
Other		(2.2	)									1.1			-			0.0	%
Minority Int. in Subs.		-										(3.0	)
Net assets	$	2,203.1		$	8.6	$	11.3	$	44.4		$	2,387.1		$	64.3			2.92	%

Expenses
Investment advisory charges											$	(2.8	)					-0.13	%
Administrative charges												(1.2	)					-0.05	%
Distribution charges												-						0.00	%
Mortality and expense risk charges												(0.4	)					-0.02	%
Liquidity guarantee charges												(0.2	)					-0.01	%

Total Expenses											$	(4.6	)					-0.21	%

Net asset value per accumulation unit	$	153.940									$	158.210						2.77	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	97


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2000



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.9%	75.9%	2.22%	90.9%	2.66%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	2.8%	23.9%	0.67%	8.9%	0.25%
Other	0.0%	0.2%	0.00%	0.2%	0.00%

Total Account expenses	-0.15%				-0.14%

Account Return	2.67%				2.77%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	98


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 2000 (continued)



	{A}		{B}			{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	June 30, 2000		Realized Gain (Loss)			Unrealized Gain (Loss)		Income		September 30, 2000			Total Return		Total Return %
Real estate properties	$	1,520.5	$	-		$	8.9	$	35.5	$	1,702.5		$	44.4
Mortgage loans payable		-		-			-		-		-			-
Real estate properties, net		1,520.5		-			8.9		35.5		1,702.5			44.4		2.9	%
Real estate joint ventures and limited partnerships		-		-			0.2		0.4		24.8			0.6		0.0	%
Real estate related securities		-							-		-			-		0.0	%
Cash and short term securities		478.0		(0.2	)		5.9		7.8		478.0			13.5		2.8	%
Other		3.1									(2.2	)		-		0.0	%
Minority Int. in Subs.		-									-
Net assets	$	2,001.6	$	(0.2	)	$	15.0	$	43.7	$	2,203.1		$	58.5		2.92	%

Expenses
Investment advisory charges										$	(1.5	)				-0.07	%
Administrative charges											(1.1	)				-0.05	%
Distribution charges											-					0.00	%
Mortality and expense risk charges											(0.4	)				-0.02	%
Liquidity guarantee charges											(0.2	)				-0.01	%

Total Expenses										$	(3.2	)				-0.15	%

Net asset value per accumulation unit	$	149.940								$	153.940					2.67	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	99


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2000


	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.8%	72.2%	1.99%	87.1%	2.40%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	3.3%	27.7%	0.91%	12.7%	0.42%
Other	0.0%	0.1%	0.00%	0.2%	0.00%

Total Account expenses	-0.15%				-0.14%

Account Return	2.67%				2.68%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	100


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 2000 (continued)


	{A}		{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	March 31, 2000		Realized Gain (Loss)		Unrealized Gain (Loss)		Income		June 30, 2000			Total Return		Total Return %
Real estate properties	$	1,316.9	$	-	$	5.7	$	30.6	$	1,520.5		$	36.3
Mortgage loans payable		-		-		-		-		-			-
Real estate properties, net		1,316.9		-		5.7		30.6		1,520.5			36.3		2.8	%
Real estate joint ventures and limited partnerships		-		-		-		-		-			-		0.0	%
Real estate related securities		-						-		-			-		0.0	%
Cash and short term securities		505.3		0.1		8.4		8.2		478.0			16.7		3.3	%
Other		2.5								3.1			-		0.0	%
Minority Int. in Subs.		-								-
Net assets	$	1,824.7	$	0.1	$	14.1	$	38.8	$	2,001.6		$	53.0		2.90	%

Expenses
Investment advisory charges									$	(1.1	)				-0.06	%
Administrative charges										(1.0	)				-0.06	%
Distribution charges										-					0.00	%
Mortality and expense risk charges										(0.3	)				-0.02	%
Liquidity guarantee charges										(0.2	)				-0.01	%

Total Expenses									$	(2.6	)				-0.15	%

Net asset value per accumulation unit	$	146.040							$	149.940					2.67	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	101


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2000


	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.3%	77.4%	1.80%	92.3%	2.14%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	2.6%	22.1%	0.58%	7.1%	0.19%
Other	0.0%	0.5%	0.00%	0.6%	0.00%

Total Account expenses	-0.18%				-0.17%

Account Return	2.15%				2.16%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	102


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 2000 (continued)


	{A}		{B}			{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 1999		Realized Gain (Loss)			Unrealized Gain (Loss)		Income		March 31, 2000			Total Return		Total Return %
Real estate properties	$	1,312.5	$	-		$	2.5	$	28.0	$	1,316.9		$	30.5
Mortgage loans payable		-		-			-		-		-			-
Real estate properties, net		1,312.5		-			2.5		28.0		1,316.9			30.5		2.3	%
Real estate joint ventures and limited partnerships		-		-			-		-		-			-		0.0	%
Real estate related securities		-							-		-			-		0.0	%
Cash and short term securities		374.3		(0.1	)		3.1		6.9		505.3			9.8		2.6	%
Other		8.7									2.5			-		0.0	%
Minority Int. in Subs.		-									-
Net assets	$	1,695.5	$	(0.1	)	$	5.6	$	34.9	$	1,824.7		$	40.3		2.38	%

Expenses
Investment advisory charges										$	(1.5	)				-0.09	%
Administrative charges											(1.0	)				-0.06	%
Distribution charges											-					0.00	%
Mortality and expense risk charges											(0.3	)				-0.02	%
Liquidity guarantee charges											(0.2	)				-0.01	%

Total Expenses										$	(3.0	)				-0.18	%

Net asset value per accumulation unit	$	142.970								$	146.040					2.15	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	103


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 1999


	{1}	{2}	{3}	{4}	{5}
					Adjusted
	Total		Weighted	Re-Weight of	Total
	Return	Weighting	Return	Total Return	Return
Real estate properties, net	3.3%	78.4%	2.58%	93.3%	3.07%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.4%	21.1%	0.08%	6.1%	0.02%
Other	0.0%	0.5%	0.00%	0.6%	0.00%

Total Account expenses	-0.14%				-0.13%

Account Return	2.47%				2.96%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	104


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 1999 (continued)


	{A}		{B}			{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	September 30, 1999		Realized Gain (Loss)			Unrealized Gain (Loss)			Income		December 31, 1999			Total Return		Total Return %
Real estate properties	$	1,249.2	$	2.6		$	11.1		$	27.4	$	1,312.5		$	41.1
Mortgage loans payable		-		-			-			-		-			-
Real estate properties, net		1,249.2		2.6			11.1			27.4		1,312.5			41.1		3.3	%
Real estate joint ventures and limited partnerships		-		-			-			-		-			-		0.0	%
Real estate related securities		-								-		-			-		0.0	%
Cash and short term securities		336.3		(1.8	)		(2.9	)		5.9		374.3			1.2		0.4	%
Other		8.0										8.7			-		0.0	%
Minority Int. in Subs.		-										-
Net assets	$	1,593.5	$	0.8		$	8.2		$	33.3	$	1,695.5		$	42.3		2.65	%

Expenses
Investment advisory charges											$	(0.9	)				-0.06	%
Administrative charges												(0.8	)				-0.05	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(0.3	)				-0.02	%
Liquidity guarantee charges												(0.2	)				-0.01	%

Total Expenses											$	(2.2	)				-0.14	%

Net asset value per accumulation unit	$	139.530									$	142.970					2.47	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	105


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 1999


	{1}	{2}	{3}	{4}	{5}
					Adjusted
	Total		Weighted	Re-Weight of	Total
	Return	Weighting	Return	Total Return	Return
Real estate properties, net	3.4%	60.2%	2.06%	75.1%	2.57%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	-1.2%	39.4%	-0.48%	24.4%	-0.30%
Other	0.0%	0.4%	0.00%	0.5%	0.00%

Total Account expenses	-0.15%				-0.14%

Account Return	1.39%				2.13%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	106


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 1999 (continued)



	{A}		{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	June 30, 1999		Realized Gain (Loss)			Unrealized Gain (Loss)			Income		September 30, 1999			Total Return			Total Return %
Real estate properties	$	895.5	$	-		$	5.7		$	24.9	$	1,249.2		$	30.6
Mortgage loans payable		-		-			-			-		-			-
Real estate properties, net		895.5		-			5.7			24.9		1,249.2			30.6			3.4	%
Real estate joint ventures and limited partnerships		-		-			-			-		-			-			0.0	%
Real estate related securities		-								-		-			-			0.0	%
Cash and short term securities		585.6		(0.8	)		(11.7	)		5.4		336.3			(7.1	)		-1.2	%
Other		5.7										8.0			-			0.0	%
Minority Int. in Subs.		-										-
Net assets	$	1,486.8	$	(0.8	)	$	(6.0	)	$	30.3	$	1,593.5		$	23.5			1.58	%

Expenses
Investment advisory charges											$	(0.9	)					-0.06	%
Administrative charges												(0.9	)					-0.06	%
Distribution charges												-						0.00	%
Mortality and expense risk charges												(0.3	)					-0.02	%
Liquidity guarantee charges												(0.1	)					-0.01	%

Total Expenses											$	(2.2	)					-0.15	%

Net asset value per accumulation unit	$	137.620									$	139.530						1.39	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	107


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 1999



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.6%	61.3%	1.58%	76.2%	1.96%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	2.8%	38.3%	1.07%	23.3%	0.65%
Other	0.0%	0.4%	0.00%	0.5%	0.00%

Total Account expenses	-0.19%				-0.18%

Account Return	2.51%				2.43%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	108


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 1999 (continued)



	{A}			{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	March 31, 1999			Realized Gain (Loss)		Unrealized Gain (Loss)		Income		June 30, 1999			Total Return		Total Return %
Real estate properties	$	828.2		$	-	$	2.5	$	18.8	$	895.5		$	21.3
Mortgage loans payable		-			-		-		-		-			-
Real estate properties, net		828.2			-		2.5		18.8		895.5			21.3		2.6	%
Real estate joint ventures and limited partnerships		-			-		-		-		-			-		0.0	%
Real estate related securities		-							-		-			-		0.0	%
Cash and short term securities		517.0			0.2		7.0		7.3		585.6			14.5		2.8	%
Other		5.3									5.7			-		0.0	%
Minority Int. in Subs.		(16.9	)								-
Net assets	$	1,333.6		$	0.2	$	9.5	$	26.1	$	1,486.8		$	35.8		2.68	%

Expenses
Investment advisory charges										$	(1.4	)				-0.10	%
Administrative charges											(0.9	)				-0.07	%
Distribution charges											-					0.00	%
Mortality and expense risk charges											(0.2	)				-0.01	%
Liquidity guarantee charges											(0.2	)				-0.01	%

Total Expenses										$	(2.7	)				-0.19	%

Net asset value per accumulation unit	$	134.250								$	137.620					2.51	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	109


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 1999



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.3%	67.5%	1.58%	82.4%	1.93%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.8%	32.1%	0.25%	17.1%	0.13%
Other	0.0%	0.4%	0.00%	0.5%	0.00%

Total Account expenses	-0.18%				-0.17%

Account Return	1.57%				1.89%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	110


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 1999 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 1998			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		March 31, 1999			Total Return		Total Return %
Real estate properties	$	820.2		$	6.2		$	(4.9	)	$	17.9	$	828.2		$	19.2
Mortgage loans payable		-			-			-			-		-			-
Real estate properties, net		820.2			6.2			(4.9	)		17.9		828.2			19.2		2.3	%
Real estate joint ventures and limited partnerships		-			-			-			-		-			-		0.0	%
Real estate related securities		-									-		-			-		0.0	%
Cash and short term securities		391.0			(0.6	)		(2.8	)		6.4		517.0			3.0		0.8	%
Other		5.1											5.3			-		0.0	%
Minority Int. in Subs.		(19.9	)										(16.9	)
Net assets	$	1,196.4		$	5.6		$	(7.7	)	$	24.3	$	1,333.6		$	22.2		1.86%

Expenses
Investment advisory charges												$	(1.0	)				-0.08	%
Administrative charges													(0.8	)				-0.07	%
Distribution charges													-					0.00	%
Mortality and expense risk charges													(0.2	)				-0.02	%
Liquidity guarantee charges													(0.1	)				-0.01	%

Total Expenses												$	(2.1	)				-0.18	%

Net asset value per accumulation unit	$	132.170										$	134.250					1.57	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	111


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 1998



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	3.1%	60.3%	1.87%	75.3%	2.34%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	0.3%	39.5%	0.10%	24.5%	0.06%
Other	0.0%	0.2%	0.00%	0.2%	0.00%

Total Account expenses	-0.14%				-0.14%

Account Return	1.71%				2.26%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	112


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 1998 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	September 30, 1998			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		December 31, 1998			Total Return		Total Return %
Real estate properties	$	644.4		$	-		$	4.3		$	15.7	$	820.2		$	20.0
Mortgage loans payable		-			-			-			-		-			-
Real estate properties, net		644.4			-			4.3			15.7		820.2			20.0		3.1	%
Real estate joint ventures and limited partnerships		-			-			-			-		-			-		0.0	%
Real estate related securities		-									-		-			-		0.0	%
Cash and short term securities		421.7			(2.9	)		(2.6	)		6.6		391.0			1.1		0.3	%
Other		1.9											5.1			-		0.0	%
Minority Int. in Subs.		(19.6	)										(19.9	)
Net assets	$	1,048.4		$	(2.9	)	$	1.7		$	22.3	$	1,196.4		$	21.1		2.01	%

Expenses
Investment advisory charges												$	(0.6	)				-0.06	%
Administrative charges													(0.6	)				-0.06	%
Distribution charges													-					0.00	%
Mortality and expense risk charges													(0.2	)				-0.02	%
Liquidity guarantee charges													-					0.00	%

Total Expenses												$	(1.4	)				-0.14	%

Net asset value per accumulation unit	$	129.950										$	132.170					1.71	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	113


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 1998



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	5.0%	58.7%	2.92%	73.7%	3.67%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	-1.5%	41.5%	-0.63%	26.5%	-0.40%
Other	0.0%	-0.2%	0.00%	-0.2%	0.00%

Total Account expenses	-0.16%				-0.16%

Account Return	1.99%				3.11%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	114


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 1998 (continued)



	{A}			{B}			{B}			{B}		{C}			{D}			{E}
($ Millions, except net asset value per accumulation unit)	June 30, 1998			Realized Gain (Loss)			Unrealized Gain (Loss)			Income		September 30, 1998			Total Return			Total Return %
Real estate properties	$	598.3		$	-		$	16.1		$	13.7	$	644.4		$	29.8
Mortgage loans payable		-			-			-			-		-			-
Real estate properties, net		598.3			-			16.1			13.7		644.4			29.8			5.0	%
Real estate joint ventures and limited partnerships		-			-			-			-		-			-			0.0	%
Real estate related securities		-									-		-			-			0.0	%
Cash and short term securities		423.3			(2.7	)		(10.1	)		6.4		421.7			(6.4	)		-1.5	%
Other		(1.6	)										1.9			-			0.0	%
Minority Int. in Subs.		(18.6	)										(19.6	)
Net assets	$	1,001.4		$	(2.7	)	$	6.0		$	20.1	$	1,048.4		$	23.4			2.34	%

Expenses
Investment advisory charges												$	(0.8	)					-0.08	%
Administrative charges													(0.6	)					-0.06	%
Distribution charges													-						0.00	%
Mortality and expense risk charges													(0.2	)					-0.02	%
Liquidity guarantee charges													-						0.00	%

Total Expenses												$	(1.6	)					-0.16	%

Net asset value per accumulation unit	$	127.410										$	129.950						1.99	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	115


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 1998



	{1}		{2}		{3}		{4}		{5}
	Total Return		Weighting		Weighted Return		Re-Weight of Total Return		Adjusted Total Return
Real estate properties, net	4.1	%	60.5	%	2.50	%	75.4	%	3.12	%
Real estate joint ventures and limited partnerships	0.0	%	0.0	%	0.00	%	0.0	%	0.00	%
Real estate related marketable securities	0.0	%	0.0	%	0.00	%	0.0	%	0.00	%
Cash and short term securities	0.0	%	39.2	%	0.01	%	24.2	%	0.01	%
Other	0.0	%	0.3	%	0.00	%	0.4	%	0.00	%

Total Account expenses	-0.19	%							-0.19	%

Account Return	2.13	%							2.94	%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	116


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 1998 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	March 31, 1998			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		June 30, 1998			Total Return		Total Return %
Real estate properties	$	555.9		$	-	$	9.2		$	13.8	$	598.3		$	23.0
Mortgage loans payable		-			-		-			-		-			-
Real estate properties, net		555.9			-		9.2			13.8		598.3			23.0		4.1	%
Real estate joint ventures and limited partnerships		-			-		-			-		-			-		0.0	%
Real estate related securities		-								-		-			-		0.0	%
Cash and short term securities		360.5			0.1		(6.1	)		6.1		423.3			0.1		0.0	%
Other		2.6										(1.6	)		-		0.0	%
Minority Int. in Subs.		(18.0	)									(18.6	)
Net assets	$	901.0		$	0.1	$	3.1		$	19.9	$	1,001.4		$	23.1		2.56	%

Expenses
Investment advisory charges											$	(0.8	)				-0.09	%
Administrative charges												(0.7	)				-0.08	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(0.2	)				-0.02	%
Liquidity guarantee charges												-					0.00	%

Total Expenses											$	(1.7	)				-0.19	%

Net asset value per accumulation unit	$	124.750									$	127.410					2.13	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	117


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 1998



	{1}		{2}		{3}		{4}		{5}
	Total Return		Weighting		Weighted Return		Re-Weight of Total Return		Adjusted Total Return
Real estate properties, net	2.9	%	64.9	%	1.87	%	79.8	%	2.29	%
Real estate joint ventures and limited partnerships	0.0	%	0.0	%	0.00	%	0.0	%	0.00	%
Real estate related marketable securities	0.0	%	0.0	%	0.00	%	0.0	%	0.00	%
Cash and short term securities	1.4	%	34.8	%	0.50	%	19.8	%	0.28	%
Other	0.0	%	0.3	%	0.00	%	0.4	%	0.00	%

Total Account expenses	-0.16	%							-0.16	%

Account Return	2.00	%							2.41	%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	118


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 1998 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 1997			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		March 31, 1998			Total Return		Total Return %
Real estate properties	$	521.3		$	-	$	3.6		$	11.4	$	555.9		$	15.0
Mortgage loans payable		-			-		-			-		-			-
Real estate properties, net		521.3			-		3.6			11.4		555.9			15.0		2.9	%
Real estate joint ventures and limited partnerships		-			-		-			-		-			-		0.0	%
Real estate related securities		-								-		-			-		0.0	%
Cash and short term securities		280.0			0.3		(1.3	)		5.0		360.5			4.0		1.4	%
Other		2.8										2.6			-		0.0	%
Minority Int. in Subs.		(18.3	)									(18.0	)
Net assets	$	785.8		$	0.3	$	2.3		$	16.4	$	901.0		$	19.0		2.42	%

Expenses
Investment advisory charges											$	(0.7	)				-0.09	%
Administrative charges												(0.5	)				-0.06	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(0.1	)				-0.01	%
Liquidity guarantee charges												-					0.00	%

Total Expenses											$	(1.3	)				-0.16	%

Net asset value per accumulation unit	$	122.300									$	124.750					2.00	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	119


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 1997



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	3.9%	56.3%	2.19%	71.2%	2.77%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	1.5%	43.2%	0.66%	28.2%	0.43%
Other	0.0%	0.5%	0.00%	0.6%	0.00%

Total Account expenses	-0.15%				-0.15%

Account Return	2.51%				3.05%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	120


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 1997 (continued)



	{A}			{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	September 30, 1997			Realized Gain (Loss)		Unrealized Gain (Loss)			Income		December 31, 1997			Total Return		Total Return %
Real estate properties	$	398.2		$	-	$	5.7		$	9.8	$	521.3		$	15.5
Mortgage loans payable		-			-		-			-		-			-
Real estate properties, net		398.2			-		5.7			9.8		521.3			15.5		3.9	%
Real estate joint ventures and limited partnerships		-			-		-			-		-			-		0.0	%
Real estate related securities		-								-		-			-		0.0	%
Cash and short term securities		305.8			0.2		(0.3	)		4.8		280.0			4.7		1.5	%
Other		3.4										2.8			-		0.0	%
Minority Int. in Subs.		(17.6	)									(18.3	)
Net assets	$	689.8		$	0.2	$	5.4		$	14.6	$	785.8		$	20.2		2.93	%

Expenses
Investment advisory charges											$	(0.5	)				-0.07	%
Administrative charges												(0.5	)				-0.07	%
Distribution charges												-					0.00	%
Mortality and expense risk charges												(0.1	)				-0.01	%
Liquidity guarantee charges												-					0.00	%

Total Expenses											$	(1.1	)				-0.15	%

Net asset value per accumulation unit	$	119.310									$	122.300					2.51	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	121


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 1997



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	3.5%	64.7%	2.27%	79.6%	2.79%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	5.0%	35.0%	1.74%	20.0%	1.00%
Other	0.0%	0.3%	0.00%	0.4%	0.00%

Total Account expenses	-0.17%				-0.17%

Account Return	3.53%				3.62%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	122


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 1997 (continued)



	{A}			{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	June 30, 1997			Realized Gain (Loss)		Unrealized Gain (Loss)		Income		September 30, 1997			Total Return		Total Return %
Real estate properties	$	393.3		$	-	$	4.0	$	9.8	$	398.2		$	13.8
Mortgage loans payable		-			-		-		-		-			-
Real estate properties, net		393.3			-		4.0		9.8		398.2			13.8		3.5	%
Real estate joint ventures and limited partnerships		-			-		-		-		-			-		0.0	%
Real estate related securities		-							-		-			-		0.0	%
Cash and short term securities		212.8			0.9		5.8		3.9		305.8			10.6		5.0	%
Other		2.0									3.4			-		0.0	%
Minority Int. in Subs.		(16.9	)								(17.6	)
Net assets	$	591.2		$	0.9	$	9.8	$	13.7	$	689.8		$	24.4		4.13	%

Expenses
Investment advisory charges										$	(0.5	)				-0.08	%
Administrative charges											(0.4	)				-0.07	%
Distribution charges											-					0.00	%
Mortality and expense risk charges											(0.1	)				-0.02	%
Liquidity guarantee charges											-					0.00	%

Total Expenses										$	(1.0	)				-0.17	%

Net asset value per accumulation unit	$	115.240								$	119.310					3.53	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	123


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 1997



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	4.5%	31.5%	1.41%	46.4%	2.08%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	1.3%	68.3%	0.92%	53.3%	0.72%
Other	0.0%	0.2%	0.00%	0.3%	0.00%

Total Account expenses	-0.16%				-0.15%

Account Return	2.10%				2.65%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	124


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 1997 (continued)



	{A}		{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	March 31, 1997		Realized Gain (Loss)		Unrealized Gain (Loss)		Income		June 30, 1997			Total Return		Total Return %
Real estate properties	$	174.3	$	-	$	0.4	$	7.4	$	393.3		$	7.8
Mortgage loans payable		-		-		-		-		-			-
Real estate properties, net		174.3		-		0.4		7.4		393.3			7.8		4.5	%
Real estate joint ventures and limited partnerships		-		-		-		-		-			-		0.0	%
Real estate related securities		-						-		-			-		0.0	%
Cash and short term securities		378.9		0.1		1.4		3.5		212.8			5.1		1.3	%
Other		1.3								2.0			-		0.0	%
Minority Int. in Subs.		-								(16.9	)
Net assets	$	554.5	$	0.1	$	1.8	$	10.9	$	591.2		$	12.9		2.32	%

Expenses
Investment advisory charges									$	(0.4	)				-0.07	%
Administrative charges										(0.3	)				-0.06	%
Distribution charges										-					0.00	%
Mortality and expense risk charges										(0.1	)				-0.02	%
Liquidity guarantee charges										(0.0	)				-0.01	%

Total Expenses									$	(0.8	)				-0.16	%

Net asset value per accumulation unit	$	112.870							$	115.240					2.10	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	125


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 1997



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	3.0%	35.6%	1.05%	50.4%	1.49%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	1.7%	63.9%	1.08%	48.9%	0.83%
Other	0.0%	0.5%	0.00%	0.7%	0.00%

Total Account expenses	-0.19%				-0.19%

Account Return	1.58%				2.13%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	126


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 1997 (continued)



	{A}		{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 1996		Realized Gain (Loss)		Unrealized Gain (Loss)			Income		March 31, 1997			Total Return		Total Return %
Real estate properties	$	131.8	$	-	$	0.1		$	3.8	$	174.3		$	3.9
Mortgage loans payable		-		-		-			-		-			-
Real estate properties, net		131.8		-		0.1			3.8		174.3			3.9		3.0	%
Real estate joint ventures and limited partnerships		-		-		-			-		-			-		0.0	%
Real estate related securities		-							-		-			-		0.0	%
Cash and short term securities		236.1		-		(0.2	)		4.2		378.9			4.0		1.7	%
Other		1.8									1.3			-		0.0	%
Minority Int. in Subs.		-									-
Net assets	$	369.7	$	-	$	(0.1	)	$	8.0	$	554.5		$	7.9		2.14	%

Expenses
Investment advisory charges										$	(0.3	)				-0.08	%
Administrative charges											(0.3	)				-0.08	%
Distribution charges											-					0.00	%
Mortality and expense risk charges											(0.1	)				-0.03	%
Liquidity guarantee charges											-					0.00	%

Total Expenses										$	(0.7	)				-0.19	%

Net asset value per accumulation unit	$	111.110								$	112.870					1.58	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	127


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 1996



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	2.7%	46.1%	1.26%	61.0%	1.67%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	3.6%	53.7%	1.94%	38.7%	1.40%
Other	0.0%	0.2%	0.00%	0.3%	0.00%

Total Account expenses	-0.26%				-0.26%

Account Return	2.31%				2.81%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	128


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended December 31, 1996 (continued)



	{A}		{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	September 30, 1996		Realized Gain (Loss)		Unrealized Gain (Loss)		Income		December 31, 1996			Total Return		Total Return %
Real estate properties	$	99.2	$	-	$	0.1	$	2.6	$	131.8		$	2.7
Mortgage loans payable		-		-		-		-		-			-
Real estate properties, net		99.2		-		0.1		2.6		131.8			2.7		2.7	%
Real estate joint ventures and limited partnerships		-		-		-		-		-			-		0.0	%
Real estate related securities		-						-		-			-		0.0	%
Cash and short term securities		115.9		0.1		1.7		2.4		236.1			4.2		3.6	%
Other		0.5								1.8			-		0.0	%
Minority Int. in Subs.		-								-
Net assets	$	215.6	$	0.1	$	1.8	$	5.0	$	369.7		$	6.9		3.20	%

Expenses
Investment advisory charges									$	(0.3	)				-0.15	%
Administrative charges										(0.1	)				-0.06	%
Distribution charges										-					0.00	%
Mortality and expense risk charges										(0.1	)				-0.05	%
Liquidity guarantee charges										-					0.00	%

Total Expenses									$	(0.5	)				-0.26	%

Net asset value per accumulation unit	$	108.600							$	111.110					2.31	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	129


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 1996



	{1}	{2}	{3}	{4}	{5}
	Total Return	Weighting	Weighted Return	Re-Weight of Total Return	Adjusted Total Return
Real estate properties, net	3.0%	50.8%	1.51%	65.7%	1.95%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	2.2%	49.0%	1.07%	34.0%	0.74%
Other	0.0%	0.2%	0.00%	0.3%	0.00%

Total Account expenses	-0.18%				-0.18%

Account Return	2.07%				2.51%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	130


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended September 30, 1996 (continued)


	{A}		{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	June 30, 1996		Realized Gain (Loss)		Unrealized Gain (Loss)		Income		September 30, 1996			Total Return		Total Return %
Real estate properties	$	85.9	$	-	$	0.3	$	2.3	$	99.2		$	2.5
Mortgage loans payable		-		-		-		-		-			-
Real estate properties, net		85.9		-		0.3		2.3		99.2			2.5		3.0	%
Real estate joint ventures and limited partnerships		-		-		-		-		-			-		0.0	%
Real estate related securities		-						-		-			-		0.0	%
Cash and short term securities		82.9		-		0.4		1.3		115.9			1.8		2.2	%
Other		0.3								0.5			-		0.0	%
Minority Int. in Subs.		-								-
Net assets	$	169.1	$	-	$	0.7	$	3.6	$	215.6		$	4.3		2.57	%

Expenses
Investment advisory charges									$	(0.1	)				-0.08	%
Administrative charges										(0.2	)				-0.09	%
Distribution charges										(0.0	)				-0.01	%
Mortality and expense risk charges										-					0.00	%
Liquidity guarantee charges										-					0.00	%

Total Expenses									$	(0.3	)				-0.18	%

Net asset value per accumulation unit	$	106.400							$	108.600					2.07	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	131


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 1996


	{1}	{2}	{3}	{4}	{5}
					Adjusted
	Total		Weighted	Re-Weight of	Total
	Return	Weighting	Return	Total Return	Return
Real estate properties, net	3.0%	46.4%	1.41%	61.4%	1.86%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	1.8%	53.3%	0.95%	38.3%	0.68%
Other	0.0%	0.2%	0.00%	0.3%	0.00%

Total Account expenses	-0.07%				-0.07%

Account Return	2.02%				2.47%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	132


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended June 30, 1996 (continued)


	{A}		{B}		{B}		{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	March 31, 1996		Realized Gain (Loss)		Unrealized Gain (Loss)		Income		June 30, 1996			Total Return		Total Return %
Real estate properties	$	67.7	$	-	$	0.5	$	1.5	$	85.9		$	2.0
Mortgage loans payable		-		-		-		-		-			-
Real estate properties, net		67.7		-		0.5		1.5		85.9			2.0		3.0	%
Real estate joint ventures and limited partnerships		-		-		-		-		-			-		0.0	%
Real estate related securities		-						-		-			-		0.0	%
Cash and short term securities		77.7		-		0.2		1.2		82.9			1.4		1.8	%
Other		0.3								0.3			-		0.0	%
Minority Int. in Subs.		-								-
Net assets	$	145.7	$	-	$	0.7	$	2.7	$	169.1		$	3.4		2.36	%

Expenses
Investment advisory charges									$	(0.1	)				-0.07	%
Administrative charges										-					0.00	%
Distribution charges										-					0.00	%
Mortality and expense risk charges										-					0.00	%
Liquidity guarantee charges										-					0.00	%

Total Expenses									$	(0.1	)				-0.07	%

Net asset value per accumulation unit	$	104.290							$	106.400					2.02	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	133


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 1996


	{1}	{2}	{3}	{4}	{5}
					Adjusted
	Total		Weighted	Re-Weight of	Total
	Return	Weighting	Return	Total Return	Return
Real estate properties, net	2.8%	36.6%	1.03%	50.9%	1.43%
Real estate joint ventures and limited partnerships	0.0%	0.0%	0.00%	0.0%	0.00%
Real estate related marketable securities	0.0%	0.0%	0.00%	0.0%	0.00%
Cash and short term securities	1.4%	61.6%	0.88%	46.6%	0.66%
Other	0.0%	1.8%	0.00%	2.5%	0.00%

Total Account expenses	-0.10%				-0.10%

Account Return	1.68%				1.99%

{1} – See {D} and {E} of Supplemental Information attached hereto.

{2} – The Total Return is weighted by dividing each associated invested asset and mortgage loans payable balance at the beginning of the period by the net assets at the beginning of the period.


	TIAA-CREF Asset Management	134


	TIAA Real Estate Account Quarterly Performance Analysis

SUPPLEMENTAL INFORMATION - for the quarterly period ended March 31, 1996 (continued)


	{A}		{B}		{B}			{B}		{C}			{D}		{E}
($ Millions, except net asset value per accumulation unit)	December 31, 1995		Realized Gain (Loss)		Unrealized Gain (Loss)			Income		March 31, 1996			Total Return		Total Return %
Real estate properties	$	44.0	$	-	$	0.1		$	1.2	$	67.7		$	1.2
Mortgage loans payable		-		-		-			-		-			-
Real estate properties, net		44.0		-		0.1			1.2		67.7			1.2		2.8	%
Real estate joint ventures and limited partnerships		-		-		-			-		-			-		0.0	%
Real estate related securities		-		-		-			-		-			-		0.0	%
Cash and short term securities		74.0		-		(0.1	)		1.1		77.7			1.1		1.4	%
Other		2.2									0.3			-		0.0	%
Minority Int. in Subs.		-									-
Net assets	$	120.2	$	-	$	-		$	2.3	$	145.7		$	2.3		1.91	%

Expenses
Investment advisory charges										$	-					-0.04	%
Administrative charges											(0.1	)				-0.06	%
Distribution charges											-					0.00	%
Mortality and expense risk charges											-					0.00	%
Liquidity guarantee charges											-					0.00	%

Total Expenses										$	(0.1	)				-0.10	%

Net asset value per accumulation unit	$	102.570								$	104.290					1.68	%

{A} – Represents the components of the Account’s net assets obtained directly from the Account’s consolidated statements of assets and liabilities.

The Total Return percentage for the Expenses is computed by dividing each expense by the total net assets at the beginning of the period.


	TIAA-CREF Asset Management	135


	TIAA Real Estate Account Quarterly Performance Analysis

The TIAA Real Estate Account looks for favorable long-term returns through capital appreciation and rental income. In the past, real estate returns have shown little correlation to stock and bond returns, have been less volatile than stocks in particular, and have tended to provide a good hedge against inflation. The risks associated with investing in the Real Estate Account include the risks associated with real estate ownership including among other things fluctuations in 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. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products.

You should consider the investment objectives, risks, charges and expenses carefully before investing. This presentation must be preceded or accompanied by a current prospectus. Please call 888 842-0318 or go to tiaa-cref.org/advisors for additional copies that contain this and other information. Please read the prospectus carefully before investing. For broker/dealer and financial advisor use only. Not for distribution to the general public.

The TIAA Real Estate Account has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that the TIAA Real Estate Account has filed with the Securities and Exchange Commission for more complete information about the TIAA Real Estate Account and this offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at http://www.sec.gov. Alternatively, the TIAA Real Estate Account, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request by calling toll-free 800 842-2776.

TIAA Real Estate Account Prospectus:
http://www.tiaa-cref.org/pdf/prospectuses/realestate_prosp.pdf



	© 2012 Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAACREF), 730 Third Avenue, New York, NY 10017-3206.

TIAA REAL ESTATE ACCOUNT - FORM 8-K - EX-99.1 - May 18, 2012

Attached files

TIAA REAL ESTATE ACCOUNT Reports