Nuveen Global Cities REIT Declares Flat Net Asset Value Per Share
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has declared its net asset value per share as of October 31, 2020.
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has declared its net asset value per share as of October 31, 2020.
Class T shares had an NAV per share of $10.35, unchanged from last month.
Class S shares had an NAV per share of $10.33, compared to $10.34 per share last month.
Class D shares had an NAV per share of $10.43, unchanged from last month.
Class I shares had an NAV per share of $10.46, unchanged from last month.
Class N shares had an NAV per share of $10.60, unchanged from last month.
Shares were originally sold for $10.00 each.
In October 2020, Nuveen Global Cities REIT collected 98 percent of rent in the U.S. portfolio. The company indicated that rent collection during the month was led by medical office (100 percent collected), retail (100 percent) and office properties (100 percent), followed by industrial (97 percent), and multifamily (96 percent).
The REIT granted rent deferment on a case-by-case basis to primarily small business tenants and anticipates the deferred rent will be paid back in 2020 and 2021, over the term of each lease or added to the end of the lease term.
“While virtually no property sector or portfolio is immune from the negative effects of this pandemic-driven recession, we believe certain sectors and strategies are better positioned in these uncertain times and will gain as the economy recovers,” the company stated in a filing with the Securities and Exchange Commission.
“We continue to believe we are well positioned due to our lower leverage (21 percent), long-term leases and high occupancy, very limited lease expirations over the next two years, no CMBS exposure, and no material exposure to hospitality, gaming, leisure, student or senior housing, which are anticipated to be some of the most negatively affected sectors in the near term,” the company added.
In other company news, Nuveen Global Cities REIT recently purchased an industrial property near Boston and two medical office properties in Georgia and Illinois, for a combined $74.4 million.
Nuveen Global Cities REIT is externally advised by TH Real Estate Global Cities Advisors, an affiliate of TH Real Estate. The company’s $5 billion offering was declared effective by the Securities and Exchange Commission in January 2018.
The REIT raised $121.5 million in investor equity as of mid-November 2020 and owns a $439.5 million property portfolio that was 98 percent leased as of October 31, 2020. The company also holds $49 million in investments in international affiliated funds, $36.4 million in real estate-related assets, and $13.9 million investment in a commercial mortgage loan.
