Nuveen Global Cities REIT is offering up to $5.0 billion of common stock, including $4.0 billion through its primary offering and $1.0 billion through its distribution reinvestment plan. October transaction prices range from $11.10 to $11.26 per share by class, with prices tied to August 31 NAV.

Key Highlights

  • The offering has been extended until the earlier of selling all registered shares or November 6, 2027.
  • Class N NAV per share was $11.69, above the $11.10 to $11.26 prices set for the other listed classes.
  • October transaction prices are $11.24 for Class T, $11.10 for Class S, $11.26 for Class D and $11.23 for Class I. They equal each class’s August 31 NAV per share.

Nuveen Global Cities REIT, Inc. is offering up to $5.0 billion of common stock, comprising as much as $4.0 billion in its primary offering and $1.0 billion through its distribution reinvestment plan. The offering is being conducted on a continuous basis. Transaction prices for subscriptions accepted as of October 1 are $11.24 for Class T, $11.10 for Class S, $11.26 for Class D and $11.23 for Class I. The same prices apply to repurchases as of September 30.

NAV Components Total $2.293B

Real estate-related securities were $45.298 million. Cash and cash equivalents totaled $61.114 million, with restricted cash at $12.182 million and other Assets at $18.805 million. Debt obligations were $785.794 million. Other liabilities were $81.389 million, subscriptions received in advance were $11.289 million, and stockholder servicing fees payable the following month were $480 thousand. Non-controlling interests in joint ventures were $99.865 million.

Class Prices Track August NAV

NAV attributable to common stockholders was allocated across five share classes. Class T represented $106.302 million, Class S $518.564 million, Class D $77.561 million, Class I $1,321.814 million and Class N $269.218 million. Outstanding shares totaled 9,456 thousand for Class T, 46,712 thousand for Class S, 6,886 thousand for Class D, 117,756 thousand for Class I and 23,026 thousand for Class N. NAV per share was $11.24 for Class T, $11.10 for Class S, $11.26 for Class D, $11.23 for Class I and $11.69 for Class N. The transaction prices for October subscriptions and September repurchases use the first four of those class-level NAV figures.

Valuation Assumptions Vary By Property

Industrial properties carried a 7.04% discount rate and a 5.91% exit capitalization rate. The independent valuation advisor determines these assumptions. A 0.25% decrease or increase in either weighted-average assumption would change Investment values by property type.

Offering Runs Through November 2027

Nuveen Global Cities REIT’s board extended the public offering until the earlier of the date when all registered shares are sold or November 6, 2027. Applicable rules automatically extend that date if a follow-on registration statement is filed while not yet effective. The third public offering became effective and began on November 6, 2024. Nuveen Global Cities REIT intends to continue selling shares monthly.