Participación y comunicación

At December 31, 2013, the Account owned a total of 102 real estate property investments (89 of which were wholly owned and 13 of which were held in real estate-related joint ventures), representing 73.9% of the Account’s total

investment portfolio (on a gross asset value basis). At December 31, 2013, the real estate portfolio included:

•27 office property investments (including three held in joint ventures);

•25 industrial property investments (including one held in a joint venture);

•20 retail property investments (including seven held in joint ventures and one property located in Paris, France);

•27 apartment property investments (including one held in a joint venture);

•a 75% joint venture interest in a portfolio of storage facilities located throughout the United States;

•a fee interest encumbered by a ground lease; and

•a land development investment.

Of the 102 real estate property investments, 28 were subject to mortgages (including seven joint venture property investments).

In the tables and the footnotes contained in Appendix B to this prospectus, you will find more detailed information about each of the Account’s portfolio property investments as of December 31, 2013. The Account’s property investments include both properties that are wholly owned by the Account and properties owned by the Account’s joint venture investments. Certain property investments detailed in Appendix B are comprised of a portfolio of properties.

Commercial (non-residential) properties

At December 31, 2013, the Account held 75 commercial (non-residential) property investments in its portfolio, including a portfolio of storage facilities located throughout the United States. Twelve of these property investments were held through joint ventures, and 17 were subject to mortgages (including six joint venture property investments). Although the terms vary under each lease, certain expenses, such as real estate taxes and other operating expenses, are paid or reimbursed in whole or in part by the tenants.

Management believes that the Account’s portfolio is diversified by both property type and geographic location. At December 31, 2013, the portfolio consisted of:

•Office.27 property investments containing approximately 15.3 million square feet located in 10 states, and the District of Columbia. As of December 31, 2013, the Account’s office properties had an aggregate fair value of approximately $6.0 billion.

•Industrial.25 property investments containing approximately 26.6 million square feet located in 10 states. As of December 31, 2013, the Account’s industrial properties had an aggregate fair value of approximately $1.9 billion.

•Retail.20 property investments containing approximately 17.3 million square feet located in eight states, the District of Columbia and Paris, France. As of December 31, 2013, the Account’s retail properties had an aggregate fair value of approximately $2.5 billion. One of the retail property investments is

an 85% interest in a portfolio containing 27 individual retail shopping centers located throughout the Eastern and Southeastern states.

•Other — Storage.The Account has a 75% interest in a portfolio of storage facilities located throughout the United States containing approximately 1.7 million square feet. As of December 31, 2013, the Account’s interest in this portfolio had a fair value of approximately $101.6 million.

•Other — Land.The Account has a fee interest real estate investment encumbered by a ground lease. As of December 31, 2013, this real estate investment had a fair value of $400.0 million. The Account also has an interest in land under development. This investment had a fair value of $64.3 million as of December 31, 2013.

As of December 31, 2013, the Account’s commercial real estate investment holdings were 90.1% leased. The Account’s:

•office property investments were 88.8% leased;

•industrial property investments were 88.3% leased;

•retail property investments were 93.9% leased; and

•the storage portfolio was 90.8% leased.

Major Tenants:The following tables list the Account’s ten most significant tenants based on the total space they occupied as of December 31, 2013 in each of the Account’s commercial property types.

Major Office Tenants

Occupied Square Feet Percentage of Total Rentable Area of Account’s Office Properties Percentage of Total Rentable Area of Non-Residential Properties

BHP Petroleum (Americas), Inc.(1) _{782,956 5.1% 1.3%}

Crowell & Moring LLP(2) _{447,822 2.9% 0.8%}

Microsoft Corporation(2) _{379,248 2.5% 0.6%}

The Bank of New York Mellon Corporation(1) _{374,610 2.5% 0.6%}

Salesforce.com Inc(2) _{361,409 2.4% 0.6%}

Atmos Energy Corporation(2) _{312,238 2.0% 0.5%}

Yahoo! Inc.(1) _{307,134 2.0% 0.5%}

GE Healthcare(2) _{294,306 1.9% 0.5%}

Pearson Education, Inc.(2) _{234,745 1.5% 0.4%}

Major Industrial Tenants Occupied Square Feet Percentage of Total Rentable Area of Account’s Industrial Properties Percentage of Total Rentable Area of Non-Residential Properties

Wal-Mart Stores, Inc.(2) _{1,099,112 4.1% 1.9%}

Regal West Corporation(2) _{968,535 3.6% 1.6%}

Restoration Hardware, Inc.(2) _{886,052 3.3% 1.5%}

Kumho Tire U.S.A. Inc.(2) _{830,485 3.1% 1.4%}

Del Monte Fresh Product, N.A., Inc.(2) _{689,660 2.6% 1.2%} R.R Donnelley & Sons Company(2) _{659,157 2.5% 1.1%}

Rheem Sales Company, Inc.(2) _{656,600 2.5% 1.1%}

Global Equipment Company, Inc.(2) _{647,228 2.4% 1.1%}

Mohawk Carpet Distribution LP(2) _{616,992 2.3% 1.0%}

Campbell Soup Supply Company LLC(2) _{573,000 2.2% 1.0%}

Major Retail Tenants

Occupied Square Feet Percentage of Total Rentable Area of Account’s Retail Properties Percentage of Total Rentable Area of Non-Residential Properties

Dick’s Sporting Goods, Inc.(1) _{415,902 2.4% 0.7%}

Publix Super Markets, Inc.(3) _{369,482 2.1% 0.6%}

Kohl’s Corporation(1) _{349,777 2.0% 0.6%}

Ross Stores, Inc.(1) _{346,072 2.0% 0.6%}

PetSmart, Inc.(3) _{332,745 1.9% 0.6%}

Nordstrom, Inc(3) _{312,509 1.8% 0.5%}

Sears, Roebuck & Co.(1) _{304,465 1.8% 0.5%}

Bed Bath & Beyond, Inc.(3) _{279,347 1.6% 0.5%}

Best Buy Co., Inc.(3) _{267,791 1.5% 0.5%}

Michael’s Stores, Inc.(1) _{236,646 1.4% 0.4%}

(1) _{Tenant occupied space within joint venture investments.} (2) _{Tenant occupied space within wholly owned property investments.}

(3) _{Tenant occupied space within wholly owned property investments and joint venture investments.}

The following tables list the rentable area subject to expiring leases during the next five years, and an aggregate figure for expirations in 2019 and thereafter, in the Account’s commercial (non-residential) properties. While many of these leases contain renewal options with varying terms, these charts assume that none of the tenants exercise their renewal options, including those with terms that expired on December 31, 2013 or are month to month leases.

OFFICE PROPERTIES Year of Lease Expiration

Rentable Area Subject to Expiring Leases (sq. ft.)

Percentage of Total Rentable Area of Account’s Office Properties Represented by Expiring Leases

2014 1,726,244 11.3% 2015 1,859,734 12.2% 2016 1,465,559 9.6% 2017 1,072,775 7.0% 2018 1,505,626 9.8% 2019 and thereafter 5,402,775 35.3% Total 13,032,713 85.2%

INDUSTRIAL PROPERTIES Year of Lease Expiration

Rentable Area Subject to Expiring Leases (sq. ft.)

Percentage of Total Rentable Area of Account’s Industrial Properties Represented by Expiring Leases

2014 2,660,392 10.0% 2015 5,990,179 22.5% 2016 3,758,003 14.1% 2017 2,095,453 7.9% 2018 4,337,544 16.3% 2019 and thereafter 4,326,546 16.3% Total 23,168,117 87.1% RETAIL PROPERTIES Year of Lease Expiration

Rentable Area Subject to Expiring Leases (sq. ft.)

Percentage of Total Rentable Area of Account’s Retail Properties Represented by Expiring Leases

2014 1,530,543 8.8% 2015 1,532,076 8.9% 2016 2,209,582 12.8% 2017 1,650,841 9.5% 2018 1,527,610 8.8% 2019 and thereafter 5,261,131 30.4% Total 13,711,783 79.2%

Residential properties

The Account’s residential property portfolio currently consists of 27 property investments comprised of first class or luxury multi-family, garden, mid-rise, and high-rise apartment buildings. The portfolio contains approximately 10,525 units located in 11 states, with one located in the District of Columbia. The portfolio had a 94.0% lease rate as of December 31, 2013. Eleven of the residential properties in the portfolio are subject to mortgages. The complexes generally contain one to three bedroom apartment units with a range of amenities, such as patios or balconies, washers and dryers, and central air conditioning. Many of these apartment communities have on-site fitness facilities, including some with swimming pools. Rents on each of the properties tend to be comparable with competitive communities and are not subject to rent regulation. The Account is responsible for the expenses of operating its residential properties.

As of December 31, 2013, the Account’s residential properties had an aggregate fair value of approximately $3.2 billion. Set forth in Appendix B to this prospectus is a table containing detailed information regarding the residential properties in the Account’s portfolio as of December 31, 2013.