Tiaa Real Estate Account cash flow, quarter by quarter
Latest: Q3 2026 · from the cash-flow statements filed with the SEC
Free cash flow$111M in Q3 2026 · $286M over twelve months
Operating cash flow$111M
Free cash flow+$111M
Cash / net income0.1×
Analysis
In Q3 2026, Tiaa Real Estate Account generated $111M of operating cash flow. That is $144M more than in Q3 2025 (−$32.5M).
Over the twelve months to Sep 30, 2026, operating cash flow was $286M; the largest uses were other financing ($784M); besides operations, cash came from net borrowing (+) / repaid (−) ($576M); the cash balance rose by $77.9M.
Operating cash flow was $111M against net income of $906M — 0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other liabilities +$49.0M, prepaid and other assets +$43.5M.
Free cash flow
Operating cash flow less capital spending.Latest (Q3 2026): Operating cash flow $111M, Capital spending $0.
Capital allocation, year by year
Over these 5 years operating cash flow totalled $2.6B; the largest uses were operating cash flow ($1.1B) and net borrowing ($463M). Cash-flow statements as filed.
Cash runway and the debt wall
Cash & investments$122M
Debtnone
Net cash$122M
Due within a year$242M
Tiaa Real Estate Account funds itself: free cash flow was $286M over the last twelve months, with $122M of cash and investments and no debt on the balance sheet ($242M due within a year, 0.5× covered by cash).
Principal due in each year as disclosed in the annual report, against $122M of cash and investments now.
Where the cash came from and went
From profit to cash
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
Every quarter
Quarter
Operating cash flow
Net borrowing (+) / repaid (−)
Cash drawn (+) / kept (−)
Free cash flow
Q3 2026
$111M
$452M
−$95.7M
$111M
Q2 2026
$158M
—
−$41.6M
$158M
Q1 2026
$144M
—
$26.7M
$144M
Q4 2025
−$127M
$284M
$32.7M
−$127M
Q3 2025
−$32.5M
$357M
−$33.1M
−$32.5M
Q2 2025
$11.7M
$219M
$5.1M
$11.7M
Q1 2025
$246M
—
$105M
$246M
Q4 2024
$407M
−$72.0M
−$86.2M
$407M
Tiaa Real Estate Account: income statement and cash flow
Tiaa Real Estate Account, Q3 2026: revenue $303M (-0.8% year over year), operating margin 298.8%. The chart follows the revenue to costs, profit and cash.
Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.