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Nuveen Global Cities REIT Declares $2.12 Billion Total NAV, $19.8 Million of Restricted Cash

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 May 15, 2024. Nuveen had an aggregate NAV of approximately $2.12 billion as of April 30, 2024, a decline of 0.49% month-over-month and for the second consecutive month.

The transaction price for each class of common stock for subscriptions accepted as of June 1, 2024 (and repurchases as of May 31, 2024) is as follows:

Class T shares had a NAV per share of $11.74, compared to $11.82 the previous month, a decrease of 0.68%.

Class S shares had a NAV per share of $11.60, compared to $11.68 the previous month, a decrease of 0.69%.

Class D shares had a NAV per share of $11.76, compared to $11.85 the previous month, a decrease of 0.76%.

Class I shares had a NAV per share of $11.72, compared to $11.80 the previous month, a decrease of 0.68%.

Class N shares had a NAV per share of $12.20, compared to $12.28 the previous month, a decrease of 0.65%.

As of March 31, 2024, the carrying value of Nuveen Global Cities REIT credit facility approximated fair value. The fair value of the company’s mortgages payable was $176.9 million and $173.6 million as of March 31, 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 March, the REIT had $19.8 million of restricted cash. The restricted cash consisted of $0.9 million of tenant security deposits and $18.9 million of cash received for subscriptions prior to the date in which the subscriptions are effective.

The REIT had 179.69 million outstanding shares of common stock at the end of April 2024, similar to its 179.32 million shares outstanding in the previous month.

Formed 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 billion, as of the end of April.

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