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Nuveen Global Cities REIT Declares Total NAV Decrease of 0.49%, Shares Staffing News

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 April 15, 2024. Nuveen had an aggregate NAV of approximately $2.13 billion as of March 31, 2024, a decline of approximately 0.49% month-over-month.

The transaction price for each class for subscriptions accepted as of May 1, 2024 (and repurchases as of April 30, 2024) is as follows:

Class T shares had a NAV per share of $11.82, compared to $11.90 the previous month, a decrease of 0.67%.

Class S shares had a NAV per share of $11.68, compared to $11.76 the previous month, a decrease of 0.68%.

Class D shares had a NAV per share of $11.85, compared to $11.92 the previous month, a decrease of 0.59%.

Class I shares had a NAV per share of $11.80, compared to $11.88 the previous month, a decrease of 0.67%.

Class N shares had a NAV per share of $12.28, compared to $12.36 the previous month, a decrease of 0.65%.

In other March news, the REIT originated a $20 million floating-rate senior loan to finance the acquisition of a two-property self-storage portfolio with assets located in Texas cities: San Marcos and Georgetown. Also, its chief financial officer and treasurer, James E. Sinople, announced his resignation, effective last week. The communication by Nuveen REIT’s board of directors said the staffing change was not due to any disagreement regarding operations, policies, or practices. The board appointed Robert J. Redican to serve as acting chief financial officer and treasurer as a search for someone permanent in the position gets underway. The board also appointed Carsten Kebbedies to serve as vice president, Asia Pacific, and Elizabeth A. Sworn to serve as vice president, Europe.

The REIT had 179.32 million shares of outstanding at the end of March 2024, as compared to 179.02 million shares outstanding in the previous month.

Nuveen Global Cities REIT launched its initial offering in January 2018 and raised $394.4 million in investor equity before closing in July 2021. Its $5 billion follow-on offering has raised $1.98 billion, as of the end of March.

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