Concentrations of Risk (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Diversification of Portfolio by Region and Property Type

The following table represents the diversification of the Account’s portfolio by region and property type as of June 30, 2025:


Diversification by Fair Value(1)
	West(2)		South(3)		East(4)		Midwest(5)		Foreign(6)		Total
Industrial	18.7	%	10.8	%	3.2	%	2.4	%	—	%	35.1	%
Apartment	8.2	%	10.6	%	8.8	%	0.6	%	—	%	28.2	%
Office	4.3	%	4.8	%	6.9	%	0.2	%	—	%	16.2	%
Retail	4.6	%	4.8	%	3.2	%	0.7	%	—	%	13.3	%
Other(7)	2.3	%	2.5	%	1.5	%	0.3	%	0.6	%	7.2	%
Total	38.1	%	33.5	%	23.6	%	4.2	%	0.6	%	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)Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY.

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

(4)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.

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

(6)Represents developable land investments in Ireland and United Kingdom.

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