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 October 31, 2021.
Class T shares had an NAV per share of $12.14, compared to $11.92 per share the previous month.
Class S shares had an NAV per share of $12.01, compared to $11.81 per share the previous month.
Class D shares had an NAV per share of $12.19, compared to $11.99 per share the previous month.
Class I shares had an NAV per share of $12.16, compared to $11.95 per share the previous month.
Class N shares had an NAV per share of $12.51, compared to $12.27 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 October 31, 2021.
The REIT’s investments in real estate increased from $855.4 million in September to $952.5 million in October, while investments in real estate-related assets increased from $79.9 million to $86.4 million. Investments in international affiliated funds increased from $50.5 million to $53.5 million month-over-month.
Cash and cash equivalents decreased from $226.7 million in September to $219.7 million in October, while restricted cash increased from $79 million to $81.3 million month-over-month.
Debt obligations decreased slightly from ($271.9 million) to ($271.7 million), while other liabilities increased from ($15.4 million) to ($18.4 million) month-over-month.
Subscriptions received in advance increased from ($79 million) in September to ($81.3 million) in October, and the number of outstanding shares increased from 77.3 million to 84.1 million.
In other company news, the REIT recently purchased three healthcare properties including the Bucks Town II Medical Center, a portfolio of two buildings located near Philadelphia for $15.6 million; and 620 Roseville located in the Sacramento submarket for $32.9 million. The company also recently purchased 86 single family homes in partnership with Sparrow, a single-family home rental platform, for $30.7 million. The properties acquired are located in various markets throughout the United States, including Arizona, Florida, Georgia, North Carolina, Tennessee, and Texas.
Nuveen Global Cities REIT’s initial offering launched in January 2018 and closed in July 2021 after raising $394.4 million in investor equity. The $5 billion follow-on offering has raised $293.2 million.