VERIZON COMMUNICATIONS INC

Ticker: VZ CUSIP: 92343V104 Class: COM

TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA's Holding History (CIK: 0000315038)

Note: Option positions (PUT/CALL) are excluded.

Q4 2017

Shares 473,306 Value ($000) $25,052 Avg Close $31.96 Range $28.60 - $34.92

Q3 2017

Shares 498,406 Value ($000) $24,666 Avg Close $30.23 Range $27.51 - $32.34

Q2 2017

Shares 495,800 Value ($000) $22,142 Avg Close $29.53 Range $28.14 - $31.43

Q1 2017

Shares 400,400 Value ($000) $19,520 Avg Close $31.43 Range $29.96 - $34.01

Q4 2016

Shares 400,400 Value ($000) $21,374 Avg Close $30.99 Range $28.54 - $33.43

Q3 2016

Shares 556,600 Value ($000) $28,932 Avg Close $32.90 Range $31.29 - $34.57

Q2 2016

Shares 556,600 Value ($000) $31,080 Avg Close $31.47 Range $29.78 - $33.95

Q1 2016

Shares 556,600 Value ($000) $30,100 Avg Close $30.04 Range $26.31 - $32.66

Q4 2015

Shares 494,600 Value ($000) $22,860 Avg Close $26.92 Range $24.72 - $28.03

Q3 2015

Shares 401,600 Value ($000) $17,474 Avg Close $27.01 Range $22.30 - $28.27

Q2 2015

Shares 334,200 Value ($000) $15,578 Avg Close $28.32 Range $26.98 - $29.45

Q1 2015

Shares 334,200 Value ($000) $16,252 Avg Close $27.62 Range $25.98 - $28.62

Q4 2014

Shares 334,200 Value ($000) $15,634 Avg Close $27.66 Range $25.52 - $29.27

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	473,306	$25,052	$31.96	$28.60 - $34.92
Q3 2017	498,406	$24,666	$30.23	$27.51 - $32.34
Q2 2017	495,800	$22,142	$29.53	$28.14 - $31.43
Q1 2017	400,400	$19,520	$31.43	$29.96 - $34.01
Q4 2016	400,400	$21,374	$30.99	$28.54 - $33.43
Q3 2016	556,600	$28,932	$32.90	$31.29 - $34.57
Q2 2016	556,600	$31,080	$31.47	$29.78 - $33.95
Q1 2016	556,600	$30,100	$30.04	$26.31 - $32.66
Q4 2015	494,600	$22,860	$26.92	$24.72 - $28.03
Q3 2015	401,600	$17,474	$27.01	$22.30 - $28.27
Q2 2015	334,200	$15,578	$28.32	$26.98 - $29.45
Q1 2015	334,200	$16,252	$27.62	$25.98 - $28.62
Q4 2014	334,200	$15,634	$27.66	$25.52 - $29.27