Nuveen Global Cities REIT Total NAV Inches Up
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust with nearly 500 properties that are 95% leased, declared a monthly net asset value per share for its classes of common stock, as of Aug. 15, 2024. Nuveen had an aggregate NAV of approximately $2.09 billion as of July 31, a minor increase of approximately 0.03% month-over-month.
The transaction price for each class of common stock for subscriptions accepted as of Sept. 1, 2024 (and repurchases as of Aug. 31, 2024) is as follows:
Class T shares had a NAV per share of $11.73, compared to $11.75 the previous month, a decrease of 0.17%.
Class S shares had a NAV per share of $11.59, compared to $11.61 the previous month, a decrease of 0.17%.
Class D shares had a NAV per share of $11.76, compared to $11.77 the previous month, a decrease of 0.09%.
Class I shares had a NAV per share of $11.71, compared to $11.73 the previous month, a decrease of 0.17%.
Class N shares had a NAV per share of $12.19, compared to $12.21 the previous month, a decrease of 0.16%.
As of June 30, the carrying value of Nuveen Global Cities REIT credit facility approximated fair value. The fair value of the company’s mortgages payable was $177.3 million and $173.6 million as of June 30, 2024, and Dec. 31, 2023, respectively. Fair value of the company’s indebtedness was estimated by modeling the cash flows required by the company’s debt agreements and discounting them back to present value using the appropriate discount rate.
Also, as of the end of June, the REIT had $17 million of restricted cash. The restricted cash consisted of $1 million of tenant security deposits and $16 million of cash received for subscriptions prior to the date in which the subscriptions are effective.
The REIT had 177.8 million outstanding shares of common stock at the end of July 2024, similar to its 177.5 million shares outstanding in the previous month.
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 U.S. South, although it has assets across the United States, Europe, and Asia.
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 approximately $2.08 billion, as of the end of July.
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