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 August 31, 2021.
Class T shares had an NAV per share of $11.61, compared to $11.41 per share the previous month.
Class S shares had an NAV per share of $11.52, compared to $11.33 per share the previous month.
Class D shares had an NAV per share of $11.68, compared to $11.49 per share the previous month.
Class I shares had an NAV per share of $11.65, compared to $11.46 per share the previous month.
Class N shares had an NAV per share of $11.95, compared to $11.73 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 August 31, 2021.
The REIT’s investments in real estate increased from $720.7 million in July to $753 million in August, while investments in real estate-related assets increased from $62.5 million to $63.6 million. Investments in international affiliated funds remained flat at $51 million.
Cash and cash equivalents increased from $153.7 million in July to $202.8 million in August, while restricted cash increased from $58.2 million to $73.2 million month-over-month.
Debt obligations increased from ($218.1 million) in July to ($228.1 million) in August, while other liabilities increased slightly from ($13 million) to ($13.6 million) month-over-month.
Subscriptions received in advance increased from ($58.2 million) in July to ($73.2 million) in August. The number of outstanding shares increased from 65.7 million to 70.9 million.
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 $128.6 million.
The REIT is externally managed its advisor, Nuveen Real Estate Global Cities Advisors LLC, an investment advisory affiliate of Nuveen Real Estate. Nuveen Real Estate is the real estate investment management division of the REIT’s sponsor, Nuveen LLC, a wholly owned subsidiary of Teachers Insurance and Annuity Association of America.