Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has updated its net asset value per share as of August 31, 2020.
- Class T shares had an NAV per share of $10.37, compared to last month’s NAV of $10.36.
- Class S shares had an NAV per share of $10.36, compared to last month’s NAV of $10.34.
- Class D shares had an NAV per share of $10.45, compared to last month’s NAV of $10.44.
- Class I shares had an NAV per share of $10.48, compared to last month’s NAV of $10.47.
- Class N shares had an NAV per share of $10.62, compared to last month’s NAV of $10.60.
Nuveen Global Cities REIT collected 95 percent of rent during the month of August, led by medical office (100 percent collected), followed by industrial properties (99 percent collected), multifamily (95 percent collected), retail (93 percent collected), and office (92 percent collected).
The REIT has granted rent deferment on a case-by-case basis, primarily to small business tenants, and anticipates this deferred rent will be paid back in 2020 and 2021.
“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,” said Nuveen Global Cities REIT.
“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.
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 had raised $107 million in investor equity as of August 2020 and owns a $435.7 million property portfolio which was 98 percent leased as of August 31, 2020.