Nuveen Amends Credit Facility
New flexibility will allow real estate trusts to contribute assets that enhance key financial metrics.
June 18, 2025
Nuveen Global Cities REIT Broadens Credit Agreement to Accommodate DST Strategy
Nuveen Global Cities REIT, Inc. has updated its credit agreement to keep pace with how it’s deploying capital through its Delaware statutory trust (DST) program. The change, finalized on June 13, 2025, is designed to make the company’s financing structure more responsive to its current investment approach.
The amended agreement—done in coordination with Wells Fargo Bank and a group of lenders—maintains the original $455 million facility, which includes a $321 million revolving line and a $134 million term loan. There’s also an option to scale commitments up to $800 million, depending on Nuveen’s future needs.
What’s changed is how properties tied to the DST program are treated. Affiliates of the borrower can form DSTs that either receive contributed assets or acquire new ones. Under the revised terms, those properties can now be included in the company’s Total Asset Value and Unencumbered Asset Value —two key measures used to evaluate borrowing capacity and overall financial position.
That means Nuveen can more accurately reflect the full scope of its portfolio in covenant calculations, while maintaining transparency for its lenders. It also gives the REIT greater flexibility to grow the DST program without hitting roadblocks in its credit structure.
The DST model is a core part of Nuveen’s strategy, and the amendment ensures that its financing tools align with how those trusts are being used. This update gives the company more room to maneuver as it evaluates new investments and structures transactions through affiliated entities.
Full details are included in Exhibit 10.1 of the company’s June 17, 2025 SEC report.
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