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 May 31, 2021.
Class T shares had an NAV per share of $11.07, compared to $10.94 per share the previous month.
Class S shares had an NAV per share of $11.01, compared to $10.89 per share the previous month.
Class D shares had an NAV per share of $11.15, compared to $11.02 per share the previous month.
Class I shares had an NAV per share of $11.15, compared to $11.03 per share the previous month.
Class N shares had an NAV per share of $11.37, compared to $11.22 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 May 31, 2021.
According to a filing with the Securities and Exchange Commission, the REIT recently purchased a 92,000-square-foot healthcare related research and development property, 10455 Pacific Center Court, located in San Diego, California for $46 million. The property is fully leased to Dexcom, a medical device manufacturer, and brings the REIT’s allocation to healthcare related real estate to approximately 20 percent of its $830 million portfolio as of May 31, 2021.
Investments in real estate increased from $558.9 million in April to $614.8 million in May, and investment in real estate-related assets increased from nearly $51.4 million to $50.5 million. Investments in international affiliated funds increased from $51.2 million to $57 million.
Restricted cash increased from $45.2 million to $49.9 million month-over-month, while cash and cash equivalents increased from $78.6 million to $105.2 million.
Debt obligations increased from ($168.1 million) in April to ($202.8 million) in May. Other liabilities increased from ($10.4 million) to ($49.9 million) month-over-month.
Subscriptions received in advance decreased from ($45.2 million) in April to ($9.8 million). The number of outstanding shares increased from 50.7 million to 54.9 million, month-over-month.
Nuveen Global Cities REIT’s initial $5 billion offering was declared effective by the Securities and Exchange Commission in January 2018, and the company registered a follow-on offering in January 2021. The REIT has raised $323.6 million in investor equity as of mid-June 2021.