Nuveen Global Cities REIT Reports Lower NAV and Acquisition of Colorado Self-Storage Facility

Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has acquired a self-storage property in Colorado and declared a monthly net asset value per share for its classes of common stock, as of Feb. 28, 2023.

Earlier this month, the REIT acquired a self-storage property known as Brighton Self-Storage for $13.8 million. The company describes the property as “an institutional quality facility” in the “high-growth” Brighton, Colorado submarket that was approximately 83% physically leased at the time of acquisition.

Like most other real investment trusts in recent month, Nuveen Global Cities REIT continues to report a declining net asset value:

Class T shares had an NAV per share of $12.65 as of Feb. 28, 2023, compared to $12.78 per share the previous month.

Class S shares had an NAV per share of $12.51, compared to $12.65 per share the previous month.

Class D shares had an NAV per share of $12.68, compared to $12.82 per share the previous month.

Class I shares had an NAV per share of $12.63, compared to $12.77 per share the previous month.

Class N shares had an NAV per share of $13.11, compared to $13.25 per share the previous month.

Shares were originally priced at $10.00 each, plus applicable selling commissions and fees.

The NAV per share is based on the estimated value of the company’s assets, less the estimated value of its liabilities divided by the number of outstanding shares, all as of Feb. 28, 2023.

There were 182.8 million shares outstanding at the end of February.

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 $1.6 billion, as of mid-January 2023.

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