Mortgage Loans Payable

At March 31, 2017, the Account had outstanding mortgage loans payable secured by the following properties (in millions):



Property	Annual Interest Rate and Payment Frequency⁽²⁾	Principal Amounts Outstanding as of				Maturity
Property	Annual Interest Rate and Payment Frequency⁽²⁾	March 31, 2017		December 31, 2016		Maturity
		(Unaudited)
The Legend at Kierland^{(4) (5)}	4.97% paid monthly	$	21.8	$	21.8	August 1, 2017
The Tradition at Kierland^{(4) (5)}	4.97% paid monthly	25.8		25.8		August 1, 2017
Mass Court⁽⁴⁾	2.88% paid monthly	92.6		92.6		September 1, 2019
Red Canyon at Palomino Park^{(4) (6)}	5.34% paid monthly	27.1		27.1		August 1, 2020
Green River at Palomino Park^{(4) (6)}	5.34% paid monthly	33.2		33.2		August 1, 2020
Blue Ridge at Palomino Park^{(4) (6)}	5.34% paid monthly	33.4		33.4		August 1, 2020
Ashford Meadows⁽⁴⁾	5.17% paid monthly	44.6		44.6		August 1, 2020
The Corner⁽⁴⁾	4.66% paid monthly	105.0		105.0		June 1, 2021
The Palatine⁽¹⁾⁽⁴⁾	4.25% paid monthly	79.8		80.0		January 10, 2022
The Forum at Carlsbad⁽⁴⁾	4.25% paid monthly	90.0		90.0		March 1, 2022
The Colorado⁽⁴⁾	3.69% paid monthly	91.7		91.7		November 1, 2022
The Legacy at Westwood⁽⁴⁾	3.69% paid monthly	46.7		46.7		November 1, 2022
Regents Court⁽⁴⁾	3.69% paid monthly	39.6		39.6		November 1, 2022
The Caruth⁽⁴⁾	3.69% paid monthly	45.0		45.0		November 1, 2022
Fourth & Madison⁽⁴⁾	3.75% paid monthly	200.0		200.0		June 1, 2023
1001 Pennsylvania Avenue	3.70% paid monthly	330.0		330.0		June 1, 2023
1401 H Street NW⁽⁴⁾	3.65% paid monthly	115.0		115.0		November 5, 2024
32 South State Street⁽⁴⁾	4.48% paid monthly	24.0		24.0		June 6, 2025
780 Third Avenue⁽⁴⁾	3.55% paid monthly	150.0		150.0		August 1, 2025
780 Third Avenue⁽⁴⁾	3.55% paid monthly	20.0		20.0		August 1, 2025
701 Brickell Avenue⁽⁴⁾	3.66% paid monthly	184.0		184.0		April 1, 2026
55 Second Street^{(4) (7)}	3.74% paid monthly	137.5		137.5		October 1, 2026
1900 K Street, NW	3.93% paid monthly	163.0		163.0		April 1, 2028
501 Boylston Street⁽⁴⁾	3.70% paid monthly	216.5		216.5		April 1, 2028
Total Principal Outstanding		$	2,316.3	$	2,316.5
Fair Value Adjustment⁽³⁾		4.0		15.6
Total mortgage loans payable		$	2,320.3	$	2,332.1


⁽¹⁾	The mortgage is adjusted monthly for principal payments.


⁽²⁾	Interest rates are fixed. Some mortgages held by the Account are structured to begin principal and interest payments after an initial interest only period.


⁽³⁾	The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. See Note 1—Organization and Significant Accounting Policies.


⁽⁴⁾	These properties are each owned by separate wholly-owned subsidiaries of TIAA for benefit of the Account. The assets and credit of each of these borrowings entities are not available to satisfy the debts and other obligations of the Account or any other entity or person other than such borrowing entity.


⁽⁵⁾	Represents mortgage loans on these individual properties which are held within the Kierland Apartment portfolio.


⁽⁶⁾	Represents mortgage loans on these individual properties which are held within the Palomino Park portfolio.


⁽⁷⁾	This mortgage is comprised of three individual loans, all with equal recourse, interest rate and maturity. The principal balances by loan are $79.0 million, $45.0 million and $13.5 million.