Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, had a total aggregate NAV of approximately $2.13 billion as of Oct. 31, 2024, an increase of 0.06% month-over-month.
The transaction price for each class of common stock for subscriptions accepted as of Dec. 1, 2024 (and repurchases as of Nov. 30, 2024) is as follows:
Class T shares had a NAV per share of $11.68, compared to $11.72 the previous month, a decrease of approximately 0.34%.
Class S shares had a NAV per share of $11.54, compared to $11.58 the previous month, a decrease of approximately 0.35%.
Class D shares had a NAV per share of $11.71, compared to $11.74 the previous month, a decrease of approximately 0.26%.
Class I shares had a NAV per share of $11.66, compared to $11.70 the previous month, a decrease of approximately 0.34%.
Class N shares had a NAV per share of $12.14, compared to $12.18 the previous month, a decrease of 0.33%.
At the end of October, the REIT had approximately $29.3 million of restricted cash and 181.7 million outstanding shares of common stock. This was compared to $30.7 million of restricted cash and 181 million shares outstanding in the previous month.
Regarding common stock as of Nov. 14, there were 16,487,678 outstanding shares of Class T, 45,472,497 outstanding shares of Class S, 7,193,770 outstanding shares of Class D, 85,598,078 outstanding shares of Class I, and 29,730,608 outstanding shares of Class N.
The REIT is diversified across several sectors including industrial, healthcare, multifamily, grocery-anchored retail, single-family housing, office, and self-storage. More than half of its properties are located in the southern United States, although it has assets across the United States, Canada, Europe, and Asia.
As of Oct. 31, the REIT had 498 properties that were 94% leased. It had a 20% leverage ratio.
Formed in May 2017, Nuveen Global Cities REIT launched its initial offering in January 2018 and raised $394.4 million in investor equity before closing in July 2021. Its $5 billion follow-on offering has raised nearly $2.11 billion, as of Sept. 16.
Another pair of Nuveen products made news this month. Nuveen Churchill Private Capital Income Fund, or PCAP, and Nuveen Churchill Private Credit Fund, or NCPCF – both non-traded business development companies – entered into a purchase and sale agreement where NCPCF will sell its assets to PCAP. In the deal, PCAP will assume NCPCF’s liabilities and, following the closing of the transaction, NCPCF will begin to wind down its investment operations. The transaction, subject to approval by NCPCF’s shareholders and other customary closing conditions, will likely be finalized this year.
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