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Nuveen Global Cities REIT Declares Monthly Net Asset Value Per Share

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 February 28, 2021.

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 February 28, 2021.

Class T shares had an NAV per share of $10.71, compared to $10.64 per share the previous month.

Class S shares had an NAV per share of $10.68, compared to $10.61 per share the previous month.

Class D shares had an NAV per share of $10.80, compared to $10.72 per share the previous month.

Class I shares had an NAV per share of $10.82, compared to $10.74 per share the previous month.

Class N shares had an NAV per share of $10.97, compared to $10.89 per share the previous month.

Shares were originally priced at $10.00 each.

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 February 28, 2021.

Investment in real estate increased from $548.1 million in January to $550.9 million in February. Investments in international affiliated funds increased slightly from $50.5 million to $51.1 million month-over month. Investment in real estate-related assets totaled nearly $40 million in January, compared to $40.8 million in February.

Restricted cash increased from $9 million to $30.9 million month-over-month, while cash and cash equivalents decreased from $7 million to $5.5 million.

Debt obligations decreased from ($182.1 million) in January to ($172.1 million) in February. Other liabilities remained flat at ($8.7 million) and ($8.4 million), month-over-month.

Subscriptions received in advance increased from nearly ($9 million) in January to roughly ($30.9 million) in February. The number of outstanding shares increased from 42.2 million to nearly 43.1 million, month-over-month.

Nuveen Global Cities REIT is externally managed by Nuveen Real Estate Global Cities Advisors, LLC, an affiliate of Nuveen Real Estate, the real estate investment management division of Nuveen, LLC. The 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 $175.7 million in investor equity as of mid-March 2021.

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