Tiaa Real Estate Account's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Tiaa Real Estate Account (TCFPI) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Tiaa Real Estate Account vs Its Competitors
- TTM: Trailing 12-month revenue of 1,231M vs 32,103M combined for its competitors (3.7% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (-1.5% annualized vs trailing 12 months), vs accelerating (+3.2%) for its tracked peer group.
- Growth: Tiaa Real Estate Account generated -0.8% revenue growth year over year in Q3 2026, vs 7.2% for its competitors combined.
- Profitability: Its 298.8% net margin compares with 25.0% for the peer group.
- Peer revenue share: Tiaa Real Estate Account accounted for 3.5% of combined revenue among its tracked peer group, down from 3.8% a year earlier.
- Peer differentiation: Revenue per employee of $6.25M compares with $1.41M for the peer group (4.4x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
TCFPI Sales vs. its Competitors, Q3 2026
Tiaa Real Estate Account reported revenue contraction of 0.82 % year on year in Q3 2026, below its competitors' combined revenue growth of 7.16 %.
With a net margin of 298.78 %, Tiaa Real Estate Account achieved higher profitability than its competitors (24.98 %).
Tiaa Real Estate Account generated 3.53 % of the combined sales of its peer group, down from 3.81 % a year earlier.
API endpoints for this dataset
Tiaa Real Estate Account vs. its Competitors, Q3 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Tiaa Real Estate Account reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Tiaa Real Estate Account and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Tiaa Real Estate Account | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Tiaa Real Estate Account's competitor groups requires a Commercial License.
For context: the Real Estate Operations industry grew revenue 5.0% year over year, combined, vs -0.8% for Tiaa Real Estate Account. Tiaa Real Estate Account's share of combined industry revenue moved from 0.39% to 0.36%, a loss of 0.02 percentage points.
Tiaa Real Estate Account's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Tiaa Real Estate Account | Yes | No | No | No |
| Competitors combined (10) | ||||
| High-Confidence Competitors (2) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
TCFPI Stock Performance relative to its Competitors
TCFPI Stock Performance relative to High-Confidence Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Equinix Inc | 282.9% | Outperformed |
| 2 | Simon Property Group inc | 282.9% | Outperformed |
| 3 | Public Storage | 282.9% | Outperformed |
| 4 | American Tower Corporation | 282.9% | Outperformed |
| 5 | Digital Realty Trust Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Tiaa Real Estate Account's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Tiaa Real Estate Account
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Tiaa Real Estate Account |
- | 1,230.90 |
 Prologis Inc |
123,399.41 | 9,189.77 |
 Equinix Inc |
103,922.17 | 9,855.00 |
 American Tower Corporation |
88,512.65 | 11,009.50 |
 Simon Property Group inc |
74,864.61 | 6,648.59 |
 Digital Realty Trust Inc |
64,596.71 | 6,771.12 |
| SUBTOTAL | 629,574.53 | 64,995.09 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Tiaa Real Estate Account versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Tiaa Real Estate Account's Competitors Named by the Company
Competitive relationships identified from Tiaa Real Estate Account reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Voya Financial Inc | Company report | 85% |
| Aegon Ltd | Company report | 85% |
Company report basis, confidence, active dates and source counts for Tiaa Real Estate Account's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Tiaa Real Estate Account's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Prologis Inc | Real Estate Operations Segment 93.21 % |
| Equinix Inc | Americas 45.77 % |
| American Tower Corporation | Property 98.15 % |
| Public Storage | Self Storage Operations 91.80 % |
| Vornado Realty Trust | New York 82.22 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Tiaa Real Estate Account's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Tiaa Real Estate Account | - | 6,248,223 | 8,164,467 |
| Prologis Inc | 123,399 | 3,279,717 | 1,574,047 |
| Equinix Inc | 103,922 | 718,504 | 119,933 |
| American Tower Corporation | 88,513 | 2,262,536 | 695,356 |
| Simon Property Group inc | 74,865 | 1,846,829 | 1,515,221 |
| Digital Realty Trust Inc | 64,597 | 1,848,013 | 215,043 |
| PEERS TOTAL | 629,575 | 1,412,337 | 481,284 |
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Tiaa Real Estate Account's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Digital Realty Trust Inc | US 51.02 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Tiaa Real Estate Account's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Real Estate Operations industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (114 companies). See the full Real Estate Operations industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 41.55 % | 26.73 % (avg) | +14.8 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 55.06 % | 17.15 % (avg) | +37.9 pp |
| Capital Intensity (Capex / Revenue) | 0.00 % | 14.57 % (avg) | -14.6 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Tiaa Real Estate Account's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 5.01 % | 2.23 % | 1.87 % | 8.07 % | 0.18 % | 9.36 % | -0.60 % | -8.00 % |
| Operating Margin | 84.27 % | 7.53 % | 83.02 % | 82.46 % | 82.58 % | 37.23 % | 39.19 % | 41.52 % |
| Return on Invested Capital | 4.65 % | 0.41 % | 4.55 % | 5.27 % | 5.20 % | - | 1.11 % | 1.09 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Tiaa Real Estate Account's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 14.57 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Tiaa Real Estate Account's dedicated Suppliers and Customers pages, not here.
Tiaa Real Estate Account's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Tiaa Real Estate Account falls in the Medium attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Tiaa Real Estate Account's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Tiaa Real Estate Account | 0.32 | 48.06 | 0.07 |
| Prologis Inc | 0.62 | 0.62 | 0.61 |
| Equinix Inc | 0.38 | 1.23 | 0.76 |
| American Tower Corporation | 0.20 | 0.34 | 5.53 |
| Simon Property Group inc | 481.01 | 876.45 | 5.95 |
| Digital Realty Trust Inc | 1.04 | 1.62 | 0.24 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Tiaa Real Estate Account's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Tiaa Real Estate Account | Q3 2026 | -0.8 % | +261.9 % |
| Prologis Inc | Q2 2026 | +11.1 % | +70.7 % |
| Equinix Inc | Q3 2026 | +8.3 % | +30.7 % |
| American Tower Corporation | Q3 2026 | +2.5 % | -14.4 % |
| Simon Property Group inc | Q1 2026 | +19.3 % | +19.0 % |
| Digital Realty Trust Inc | Q2 2026 | +28.9 % | -56.7 % |
| PEERS TOTAL | +9.5 % | +2.1 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Tiaa Real Estate Account's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Tiaa Real Estate Account | Q3 2026 | - | - |
| Prologis Inc | Q2 2026 | +717.8 % | +88.4 % |
| Equinix Inc | Q3 2026 | +10.1 % | +9.8 % |
| American Tower Corporation | Q3 2026 | +10.3 % | -14.6 % |
| Simon Property Group inc | Q1 2026 | +24.8 % | -9.5 % |
| Digital Realty Trust Inc | Q2 2026 | - | +29.8 % |
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Tiaa Real Estate Account's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Tiaa Real Estate Account | 6.20% | 6.26% | 6.98% |
| Prologis Inc | 4.45% | 3.12% | 7.64% |
| Equinix Inc | 3.95% | 4.39% | 11.47% |
| American Tower Corporation | 5.36% | 4.51% | 33.40% |
| Simon Property Group inc | 14.83% | 12.17% | 120.40% |
| Digital Realty Trust Inc | 1.56% | 1.17% | 3.20% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Tiaa Real Estate Account's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Tiaa Real Estate Account | - | - |
| Prologis Inc | 28.88 | 13.43 |
| Equinix Inc | 62.79 | 10.55 |
| American Tower Corporation | 26.81 | 8.04 |
| Simon Property Group inc | 16.02 | 11.26 |
| Digital Realty Trust Inc | 86.73 | 9.54 |
| PEERS AVERAGE | 26.98 | 9.69 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.