Minor NAV Growth for Nuveen Global Cities REIT in July

Nuveen Global Cities REIT reported a slight increase in its total NAV to $2.09 billion in July 2024, despite minor decreases in NAV per share across its various classes.

August 22, 2024

Nuveen Global Cities REIT Inc., a publicly registered non-traded REIT with a portfolio of nearly 500 properties, reported a slight increase in its total net asset value (NAV) to approximately $2.09 billion as of July 31, 2024, marking a modest 0.03% rise from the previous month.

The REIT also declared its monthly NAV per share for various classes of common stock as of August 15, 2024. While the overall NAV increased slightly, individual share classes saw minor decreases. Class T and Class S shares dropped by 0.17% to $11.73 and $11.59 per share, respectively. Class D and Class I shares each fell by 0.09% and 0.17%, respectively, while Class N shares decreased by 0.16% to $12.19 per share.

As of June 30, 2024, the REIT's mortgages payable had a fair value of $177.3 million, up from $173.6 million at the end of 2023. The REIT also held $17 million in restricted cash, including tenant security deposits and funds from pending subscriptions.

Nuveen Global Cities REIT maintains a diversified portfolio spanning various sectors, including industrial, healthcare, multifamily, and more. Over half of its properties are located in the U.S. South, but the REIT also holds assets across the United States, Europe, and Asia.

Formed in May 2017, Nuveen Global Cities REIT launched its initial offering in January 2018, raising $394.4 million before closing in July 2021. The follow-on offering has since attracted approximately $2.08 billion in investor equity as of July 2024.