Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, announced the company received an excess in redemption requests in May.
Pursuant to the terms of their share repurchase plan, the total amount of share repurchases is limited to no more than 2% of the company’s aggregate NAV per month and no more than 5% of their aggregate NAV per calendar quarter.
During May 2023, Nuveen says they received repurchase requests equal to 2.06% of their aggregate NAV. The board of directors, including all of their independent directors, unanimously authorized repurchases in excess of the 2% limit for May 2023 so 100% of share repurchase requests “timely received” in May 2023 were satisfied.
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 nearly $1.6 billion, as of March 2023. Nuveen had an aggregate NAV of $2.27 billion as of March 31, 2023.