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Frequent Contributor

TIAA T-REA 10-Q, June 30, 2019

https://www.sec.gov/Archives/edgar/data/946155/000162828019010385/tiaa-realestate06302019x10q.htm

Data as of 6/30/19, changes are from 12/31/19.

Gross Assets  $29.835 billion, +3.53%

Liabilities  $3.103 billion

Net Assets  $26.733 billion, +3.53% [used for NAV $430.146, +3.06%]

Inflows  +0.46%

Loans Receivable  $1.105 billion, +21.03% [sharp jump; good deployment of idle cash]; 3.70% of Gross Assets, 4.13% of Net Assets.

Line of Credit $500 million at an annual cost of 0.20% of unused balance [unused; purpose not clearly explained with so much liquid assets and TIAA Liquidity Guarantee at substantial cost]

ER  0.81% annualized

Investment Income  2.92% annualized

TR  +3.06% for 6 months [+6.12% annualized]

REITs  2.90% of Gross Assets, 3.24% of Net Assets; down

Government Agencies/Treasuries  14.20% of Gross Assets, 15.85% of Net Assets

Recent Transactions are on pages 58-59 [skipped posting these]

Subsequent Transaction between 6/30/19 and 8/8/19 - None found.

 

 

YBB
7 Replies
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Participant ○○○

Re: T-REA 10-Q, June 30, 2019

Thanks, yogi.

What is the difference between gross assets and net assets for TREA?  (Reminder regarding thread subject:  T in TREA means TIAA.)  

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Frequent Contributor

Re: T-REA 10-Q, June 30, 2019

Thanks, Yogi.

Glad to see the increase in loans and sale of REITS.

Bob

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Frequent Contributor

Re: T-REA 10-Q, June 30, 2019


@Learner wrote:

Thanks, yogi.

What is the difference between gross assets and net assets for TREA?  (Reminder regarding thread subject:  T in TREA means TIAA.)  My guess:  Gross assets include everything, even cash and REITs.  Net assets include owned properties only.  But I am not really clear about the difference.


Gross Assets = Liabilities + Net Assets

Yes, T in T-REA means TIAA and that is my preferred abbreviation of its full name [i.e. T-REA vs TREA]. But I include TIAA also because the topic is visible in Community and Investing lists, and IMO, that redundancy may help all posters.

YBB
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Participant ○○○

Re: T-REA 10-Q, June 30, 2019

Gross Assets = Liabilities + Net Assets

yogi, would you explain the above a bit...  Whose liabilities, TREA's or not?  I just don't get it no matter I interpret it..

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Re: T-REA 10-Q, June 30, 2019


@Learner wrote:

Gross Assets = Liabilities + Net Assets

yogi, would you explain the above a bit...  Whose liabilities, TREA's or not?  I just don't get it no matter I interpret it..


Mortgages on some properties, property taxes, operational, etc. These are T-REA liabilities and you can see that these are low, so T-REA is very lightly leveraged [although it has cash on an overall basis].

YBB
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Participant ○○○

Re: T-REA 10-Q, June 30, 2019

I understand now.  Thanks.  (When I looked at it first, for some strange reason, I was treating Liabilities as a negative number.  It is not.  My bad!)

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Participant ○

Re: TIAA T-REA 10-Q, June 30, 2019

YBB, The TREA information is very helpful.  Thank you for posting it.  Looks like the account has a solid balance sheet.  My wife opened an ATRA in September 2015--half Traditional and half TREA.  As of today, the Traditional has grown about 16%,the TREA almost 21%.  --Aquinas

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