Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has declared a monthly net asset value per share for its classes of common stock, as of July 31, 2021.
Class T shares had an NAV per share of $11.41, compared to $11.22 per share the previous month.
Class S shares had an NAV per share of $11.33, compared to $11.15 per share the previous month.
Class D shares had an NAV per share of $11.49, compared to $11.30 per share the previous month.
Class I shares had an NAV per share of $11.46, compared to $11.30 per share the previous month.
Class N shares had an NAV per share of $11.73, compared to $11.53 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 July 31, 2021.
As of July 31, 2021, the REIT’s investments in real estate increased from $709.6 million in June to $720.7 million in July, while investments in real estate-related assets increased from $58.4 million to $62.5 million. Investments in international affiliated funds increased from $49.9 million to $51 million.
Cash and cash equivalents increased from $83.9 million in June to $153.7 million in July, while restricted cash decreased from $70.6 million to $58.2 million month-over-month.
Debt obligations increased from ($217.8 million) in June to ($218.1 million) in July, while other liabilities increased from ($10.4 million) to ($13 million) month-over-month.
Subscriptions received in advance decreased from ($70.6 million) to ($58.2 million) month-over-month. The number of outstanding shares increased from 59.4 million in June to 65.7 million in July.
Nuveen Global Cities REIT’s initial offering launched in January 2018 and closed in July 2021 after raising $394.4 million in investor equity. The $5 billion follow-on offering has raised $58.6 million.
The REIT is externally managed its advisor, Nuveen Real Estate Global Cities Advisors LLC, an investment advisory affiliate of Nuveen Real Estate. Nuveen Real Estate is the real estate investment management division of the REIT’s sponsor, Nuveen LLC, a wholly owned subsidiary of Teachers Insurance and Annuity Association of America.