Teachers Insurance and Annuity Association of America

Teachers Insurance & Annuity Association Of America as of Dec. 31, 2003

Portfolio Holdings for Teachers Insurance & Annuity Association Of America

Teachers Insurance & Annuity Association Of America holds 42 positions in its portfolio as reported in the December 2003 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
United Dominion Rlty Tr 5.8 $15M 800k 19.20
Keystone Ppty Tr 5.3 $14M 640k 22.09
Lexington Realty Trust (LXP) 4.9 $13M 640k 20.19
PS Business Parks 4.4 $12M 285k 41.26
Simon Property (SPG) 4.1 $11M 236k 46.34
ProLogis 4.0 $11M 330k 32.09
BRE Properties 4.0 $11M 315k 33.40
Host Hotels & Resorts (HST) 3.8 $10M 823k 12.32
Boston Properties (BXP) 3.8 $10M 207k 48.19
iStar Financial 3.7 $9.7M 250k 38.90
LTC Properties (LTC) 3.4 $9.1M 290k 31.37
Liberty Property Trust 3.4 $8.9M 230k 38.90
Macerich Company (MAC) 3.4 $8.9M 200k 44.50
Equity Office Properties Tr 3.2 $8.6M 300k 28.65
Prentiss Pptys Tr sh ben int 3.1 $8.2M 250k 32.99
Tanger Factory Outlet Centers (SKT) 3.1 $8.1M 200k 40.70
Entertainment Properties Trust 2.6 $6.9M 200k 34.71
Equity Residential (EQR) 2.3 $6.0M 204k 29.51
AvalonBay Communities (AVB) 2.1 $5.5M 115k 47.80
Cedar Shopping Centers 2.1 $5.5M 440k 12.42
Ashford Hospitality Trust 2.0 $5.3M 560k 9.39
Meristar Hospitality Corp 2.0 $5.2M 800k 6.51
Equity One 1.9 $5.1M 300k 16.88
Health Care REIT 1.9 $5.0M 140k 36.00
Ramco-Gershenson Properties Trust 1.8 $4.9M 173k 28.30
Kimco Realty Corporation (KIM) 1.7 $4.5M 100k 44.75
U S Restaurant Pptys 1.7 $4.4M 260k 17.04
Falcon Finl Inv Tr 1.5 $3.9M 400k 9.80
Washington Real Estate Investment Trust (ELME) 1.4 $3.8M 131k 29.20
Weingarten Realty Investors 1.4 $3.8M 85k 44.35
Post Properties 1.4 $3.6M 130k 27.92
Archstone Smith Tr 1.3 $3.4M 120k 27.98
Winston Hotels 1.2 $3.1M 306k 10.20
Mission West Properties 1.0 $2.6M 200k 12.95
Essex Property Trust (ESS) 1.0 $2.6M 40k 64.22
GABLES RESIDENTIAL Trust 0.9 $2.4M 70k 34.74
Chelsea Ppty Group 0.8 $2.2M 40k 54.80
Windrose Med Pptys Tr 0.8 $2.1M 170k 12.41
Hilton Hotels Corporation 0.7 $2.0M 115k 17.13
Interstate Hotels & Resorts 0.6 $1.6M 300k 5.35
Apartment Investment and Management 0.4 $1.0M 22k 46.83
Sun Communities (SUI) 0.3 $855k 22k 38.69