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 its net asset value per share as of November 30, 2020.
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has declared its net asset value per share for its classes of common stock, as of November 30, 2020.
Class T shares had an NAV per share of $10.44, compared to $10.35 per share last month.
Class S shares had an NAV per share of $10.42, compared to $10.33 per share last month.
Class D shares had an NAV per share of $10.52, compared to $10.43 per share last month.
Class I shares had an NAV per share of $10.55, compared to $10.46 per share last month.
Class N shares had an NAV per share of $10.69, compared to $10.60 per share last month.
Shares were originally sold for $10.00 each.
In late November, Nuveen Global Cities REIT purchased an industrial property near Boston and two medical office properties in Georgia and Illinois for a combined $74.4 million.
In November 2020, the REIT collected 97 percent of rent in the U.S. portfolio. Rent collection in November 2020 was led by medical office (100 percent collected) and office (100 percent), followed by industrial (97 percent), retail (96 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. As of November 30, 2020, the REIT has granted $0.3 million in rental deferral requests.
“We continue to believe we are well positioned due to our lower leverage (27 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 stated in a filing with the Securities and Exchange Commission.
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 $129.6 million in investor equity as of mid-December 2020 and owns a $515.9 million property portfolio that was 98 percent leased as of November 30, 2020. The company also holds $49.9 million in investments in international affiliated funds, and $39 million in real estate-related assets.
