Concentration Risk (Tables)

12 Months Ended

Dec. 31, 2019

The following table represents the diversification of the Account’s portfolio by region and property type as of December 31, 2019:



Diversification by Fair Value⁽¹⁾
	West		East		South		Midwest		Total
Office	13.1	%	18.8	%	5.3	%	—	%	37.2	%
Apartment	10.1	%	7.7	%	7.4	%	1.0	%	26.2	%
Retail	6.9	%	3.9	%	7.7	%	0.8	%	19.3	%
Industrial	9.0	%	1.6	%	4.7	%	0.5	%	15.8	%
Other⁽²⁾	0.5	%	0.4	%	0.6	%	—	%	1.5	%
Total	39.6	%	32.4	%	25.7	%	2.3	%	100.0	%


⁽¹⁾	Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.


⁽²⁾	Represents interests in Storage Portfolio investments, a hotel investment and land.

Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY

Properties in the “East” region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV

Properties in the “South” region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX

Properties in the “Midwest” region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI