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Monthly performance

Download a fact sheet

Key Facts

All data is as of 30 April 2025 unless otherwise noted
total asset value
$2.9B
number of properties
118
leverage ratio
23%
leased
94%
triple-net lease of commercial properties (69% of total portfolio)
93%
2024 ROC2
91%

Portfolio Composition

Sector diversification

Direct property investments

Regional allocation

Asset allocation


Monthly NAV1

for transaction date 01 June 2025
NAV PER SHARE
Class T$11.48
Class S$11.34
Class D$11.51
Class I$11.46

Annualized distribution rate2

RATE
Class T4.69%
Class S4.77%
Class D5.27%
Class I5.54%

Distribution payments are not guaranteed, and we may pay distributions from sources other than cash flow from operations, including the sale of assets, repayments of real estate debt investments, return of capital or offering proceeds, and advances or the deferral of fees and expenses that may be subject to reimbursement to the Advisor or its affiliates.

Managed Distribution: Historical distribution sources have included net investment income, realized gains and return of capital (ROC). See the prospectus for distribution estimates. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year. You should not draw any conclusions about a REIT's past or future investment performance from its current distribution rate.

Distribution rate reflects the annualized distribution divided by the NAV. Approximately 54% of year-to-date distributions are funded from GAAP cash flow from operations and 46% from debt and financing proceeds.

Total returns3

Inception Date1 monthYTD1 year3 years5 years10 yearsSince inception
Class T with max. 3.5% load01 Jan 2019-3.53%-3.09%-1.07%-0.89%6.58% – – 6.35%
Class T with no sales load01 Jan 2019-0.03%0.42%2.50%0.29%7.34% – – 6.94%
Class S with max. 3.5% load01 Dec 2019-3.53%0.43%-1.03%-0.86%6.65% – – 5.89%
Class S with no sales load01 Dec 2019-0.03%0.43%2.54%0.31%7.41% – – 6.58%
Class D with max. 1.5% load01 Jun 2018-1.48%-0.89%1.57%0.38%7.60% – – 7.08%
Class D with no sales load01 Jun 20180.02%0.61%3.11%0.88%7.93% – – 7.31%
Class I 01 May 20180.04%0.69%3.37%1.14%8.21% – – 7.55%

Calendar year returns

201920202021202220232024
Class T with max. 3.5% load6.01%-0.80%22.21%3.29%-5.21%-2.05%
Class T with no sales load9.81%2.78%26.58%6.99%-1.79%1.51%
Class S with max. 3.5% load – – -0.78%22.45%3.38%-5.21%-2.02%
Class S with no sales load – – 2.80%26.82%7.09%-1.79%1.54%
Class D with max. 1.5% load8.75%1.81%25.24%6.00%-2.69%0.58%
Class D with no sales load10.38%3.36%27.12%7.60%-1.22%2.11%
Class I10.65%3.59%27.48%7.90%-0.95%2.37%
  • Tax equivalent distribution
  • Monthly returns
  • Historical distribution per share
  • Historical NAV per share
Understanding the tax equivalent distribution rate

Non-listed REITs offer investors some specific tax benefits. One benefit is the potential treatment of distributions as a Return of Capital (ROC), which may reduce the taxable portion of those distributions. Another notable advantage to investors is that ordinary distributions from REITs benefit from a 20% tax rate reduction.

Click for more information
    Class T Class S Class D Class I
• Illustrative Investment $100,000 $100,000 $100,000 $100,000
• GCREIT Distributions (Pre-tax) $4,692 $4,774 $5,272 $5,542
•          2024 ROC 91% 91% 91% 91%
•          ROC ($4,269) ($4,345) ($4,797) ($5,044)
• Taxable Basis $422 $430 $474 $499
• Tax Payable $141 $144 $158 $167
•          Max Combined Federal Tax Rate1 40.80% 40.80% 40.80% 40.80%
• GCREIT Distributions (After-tax) $4,551 $4,631 $5,113 $5,376
•          Effective Federal Tax Rate for REITs2 33.40% 33.40% 33.40% 33.40%
• After-Tax Distribution Rate 4.55% 4.63% 5.11% 5.38%
• Tax Equivalent Distribution Rate 7.69% 7.82% 8.64% 9.08%

1Assumes the maximum ordinary tax bracket of 37% and includes the 3.8% Medicare surtax that is applied to the net investment income above certain thresholds.
2The effective tax rate is after the 20% reduction in rates introduced under the Tax Cuts and Jobs Act of 2017 which is set to expire after 31 Dec 2025. The illustrative example does not include state taxes.

Tax Equivalent Distribution Rate (TE) assumes the maximum ordinary income tax bracket of 37% and includes the 3.8% Medicare surtax that is applied to the net investment income above certain thresholds. The effective tax rate is after the 20% reduction in rates introduced under the Tax Cuts and Jobs Act of 2017 which is set to expire after 31 Dec 2025. The illustrative example does not include state taxes. Investors could be subject to state income tax in their state of residence which would lower the after-tax distribution received by the investor. Distribution payments are not guaranteed and may be modified at the program's discretion. Distributions are not indicative of profitability and may be paid from sources other than cash flow from operations, including the sale of assets, borrowings, and offering proceeds. After-tax distribution is reflective of the current tax year and does not take into account other taxes that may be owed on an investment in Nuveen Global Cities REIT when the investor redeems their shares. Upon redemption, the investor may be subject to higher capital gains taxes as a result of a depreciating cost basis due to the return of capital portion of distributions.

This document provides general tax information. Nuveen is not a tax advisor. Clients should consult their professional advisors before making any tax or investment decisions. This information should not replace a client’s consultation with a professional advisor regarding their tax situation. Neither Nuveen nor any of its affiliates or their employees provide legal or tax advice. Tax rates and IRS regulations are subject to change at any time, which could materially affect the information provided herein.

Total asset value is measured as the gross asset value of real estate properties (based on fair value), the investment in our real estate-related securities measured at fair value, the equity investment in unconsolidated International Affiliated Funds (which includes the allocable share of the International Affiliated Funds' income and expense, realized gains and losses and unrealized appreciation or depreciation), any investments in commercial mortgage loans measured at fair value, plus cash and other assets, excluding restricted cash.

Number of properties includes directly owned properties and properties owned by the International Affiliated Funds in which we have made an investment, excluding single-family rental homes.

Leased rate reflects directly-owned real estate property investments, excluding investments in single family housing and debt securities. Percentage leased is weighted by the total real estate asset value of all directly-owned real estate properties and includes all leased square footage as of the date indicated. Diversification of an investor's portfolio does not assure a profit or protect against loss in a declining market.

Leverage ratio is measured using, as the numerator, property-level and entity-level debt and as the denominator, the gross asset value of real estate assets (calculated using the greater of fair value and cost of gross real estate assets including investment in our securities portfolio, our loan portfolio, and our allocable share of investments in unconsolidated International Affiliated Funds), inclusive of property-level and entity-level debt, plus cash and other assets, excluding restricted cash. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful.

Triple-net lease represents the percentage of directly owned properties; commercial properties include industrial, healthcare, retail, and office sectors only.

1. NAV is calculated in accordance with the valuation guidelines approved by our board of directors. NAV is not a measure used under generally accepted accounting principles in the United States ("GAAP"), and you should not consider NAV to be equivalent to stockholders' equity or any other GAAP measure. For a full reconciliation of NAV to stockholders' equity and a discussion of the limitations and risks associated with our valuation methodology, please see the "Management's Discussion and Analysis of Financial Condition and Results of Operation - NAV Per Share" section of our annual and quarterly reports filed with the SEC, which are available at www.nuveen.com/gcreit. For information on how we calculate NAV, see the "Net Asset Value Calculation and Valuation Guidelines" section of our prospectus.

2. A portion of REIT ordinary income distributions may be tax deferred given the ability to characterize ordinary income as Return of Capital (ROC). ROC distributions reduce the stockholder's tax basis in the year the distribution is received, and generally defers taxes on that portion until the stockholder's stock is sold via redemption. Certain non-cash deductions, such as depreciation and amortization, lower the taxable income for REIT distributions. Investors should be aware that a REIT's ROC percentage may vary significantly in a given year and, as a result, the impact of the tax law and any related advantages may vary. Nuveen Securities, LLC is not a tax advisor. Clients should consult their professional advisors before making any tax or investment decisions. This information should not replace a client's consultation with a professional advisor regarding their tax situation.

3. Performance data shown represents past performance and does not predict or guarantee future results. Investment returns and principal value will fluctuate so that shares redeemed may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges were included. Returns assume reinvestment of dividends and capital gains. Returns shown are preliminary. Net total returns are calculated by share class using the time weighted return formula and derived by dividing (1) the respective aggregate share class's monthly net operating income (after appreciation, fees and expenses) by (2) the share class's previous month's ending NAV plus the proceeds from share issuances for the current month. Actual individual investor performance may differ from the aggregated share class performance. Class T shares and Class S shares listed as (with sales load) reflect the returns after the maximum upfront selling commission and dealer manager fees of 3.5%. Class D shares listed as (with sales load) reflect the returns after the maximum upfront selling commission of 1.5%. Class T shares, Class S shares, and Class D shares listed as (no sales load) exclude up-front selling commissions and dealer manager fees. Returns are annualized for periods longer than one year. The returns have been prepared using unaudited data and valuations of the underlying investments in GCREIT's portfolio, which are estimates of fair value and form the basis for GCREIT's NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated.

4231633-0325

NUVEEN GLOBAL CITIES REIT

Important Notice

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Nuveen Global Cities REIT is authorized for distribution.

Complete information about investing in shares of Nuveen Global Cities REIT is available in the prospectus, which should be read carefully to fully understand all of the implications and risks associated with the offering.

DOWNLOAD PROSPECTUS

This material must be preceded or accompanied by a prospectus for Nuveen Global Cities REIT, Inc. This material does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful to make such an offer. An offering is made only by a aprospectus to individuals who meet minimum suitability requirements. This sales literature must be read in conjunction with a prospectus in order to understand fully all the implications and risks of the offering of securities to which it relates. A copy of the prospectus must be made available to you in connection with this offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of these securities or determined if the prospectus is truthful or complete, or determined whether the offering can be sold to any or all purchasers in compliance with existing or future suitability or conduct standards including Regulation Best Interest. Any representation to the contrary is a criminal offense.

The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.

Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Securities, LLC, member FINRA and SIPC, is the dealer manager for the Nuveen Global Cities REIT, Inc. offering.

Diversification of an investor's portfolio does not assure a profit or protect against loss in a declining market.

Summary of Risk Factors

Nuveen Global Cities REIT, Inc. is a non-listed REIT, which offers limited liquidity as compared to other products, such as publicly listed REITs. Investors in Nuveen Global Cities REIT, Inc. are not receiving publicly listed shares. An investment in Nuveen Global Cities REIT, Inc. involves a high degree of risk, including the same risks associated with an investment in real estate investments, including fluctuations in property values, higher expenses or lower expected income, currency movement risks and potential environmental liabilities. Please consider all risks carefully prior to investing in any particular strategy, including the following risks for Nuveen Global Cities REIT, Inc.:

  • There is no assurance that we will achieve our investment objectives.
  • You will not have the opportunity to evaluate our future investments before we make them, and we may not have the opportunity to evaluate or approve investments made by entities in which we invest, such as the International Affiliated Funds, which makes your investment more speculative.
  • Since there is no public trading market for shares of our common stock, repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan provides stockholders with the opportunity to request that we repurchase their shares on a monthly basis, but we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion. In addition, repurchases are subject to available liquidity and other significant restrictions. Further, our board of directors may modify or suspend our share repurchase plan if it deems such action to be in our best interest and the best interest of our stockholders. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid.
  • The purchase and repurchase price for shares of our common stock is generally based on our prior month’s NAV (subject to material changes as described above) and is not based on any public trading market. While we obtain independent periodic appraisals of our properties, the appraisal of properties is inherently subjective, and our NAV may not accurately reflect the actual price at which our assets could be liquidated on any given day.
  • Our board of directors may also determine to terminate our share repurchase plan if required by applicable law or in connection with a transaction in which our stockholders receive liquidity for their shares of our common stock, such as a sale or merger of our company or listing of our shares on a national securities exchange.
  • We have no employees and are dependent on our Advisor and its affiliates to conduct our operations. Our Advisor will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and Other Nuveen Real Estate Accounts, the allocation of time of investment professionals and the fees that we pay to our Advisor.
  • We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources.
  • This is a “best efforts” offering. If we are not able to raise a substantial amount of capital in the near term, our ability to achieve our investment objectives could be adversely affected.
  • There are limits on the ownership and transferability of our shares.
  • If we fail to qualify as a REIT and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease.
  • Our investments in International Affiliated Funds may be subject to currency, inflation or other governmental and regulatory risks specific to the countries in which the International Affiliated Funds operate and own assets.
  • The defined terms have the meanings assigned to them in the prospectus.

© 2025 Nuveen Global Cities REIT

3865621-0926
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This material must be preceded or accompanied by a prospectus for Nuveen Global Cities REIT, Inc. This material does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful to make such an offer. An offering is made only by a aprospectus to individuals who meet minimum suitability requirements. This sales literature must be read in conjunction with a prospectus in order to understand fully all the implications and risks of the offering of securities to which it relates. A copy of the prospectus must be made available to you in connection with this offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of these securities or determined if the prospectus is truthful or complete, or determined whether the offering can be sold to any or all purchasers in compliance with existing or future suitability or conduct standards including Regulation Best Interest. Any representation to the contrary is a criminal offense.

The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.

Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Securities, LLC, member FINRA and SIPC, is the dealer manager for the Nuveen Global Cities REIT, Inc. offering.

Diversification of an investor's portfolio does not assure a profit or protect against loss in a declining market.

Summary of Risk Factors

Nuveen Global Cities REIT, Inc. is a non-listed REIT, which offers limited liquidity as compared to other products, such as publicly listed REITs. Investors in Nuveen Global Cities REIT, Inc. are not receiving publicly listed shares. An investment in Nuveen Global Cities REIT, Inc. involves a high degree of risk, including the same risks associated with an investment in real estate investments, including fluctuations in property values, higher expenses or lower expected income, currency movement risks and potential environmental liabilities. Please consider all risks carefully prior to investing in any particular strategy, including the following risks for Nuveen Global Cities REIT, Inc.:

  • There is no assurance that we will achieve our investment objectives.
  • You will not have the opportunity to evaluate our future investments before we make them, and we may not have the opportunity to evaluate or approve investments made by entities in which we invest, such as the International Affiliated Funds, which makes your investment more speculative.
  • Since there is no public trading market for shares of our common stock, repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan provides stockholders with the opportunity to request that we repurchase their shares on a monthly basis, but we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion. In addition, repurchases are subject to available liquidity and other significant restrictions. Further, our board of directors may modify or suspend our share repurchase plan if it deems such action to be in our best interest and the best interest of our stockholders. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid.
  • The purchase and repurchase price for shares of our common stock is generally based on our prior month’s NAV (subject to material changes as described above) and is not based on any public trading market. While we obtain independent periodic appraisals of our properties, the appraisal of properties is inherently subjective, and our NAV may not accurately reflect the actual price at which our assets could be liquidated on any given day.
  • Our board of directors may also determine to terminate our share repurchase plan if required by applicable law or in connection with a transaction in which our stockholders receive liquidity for their shares of our common stock, such as a sale or merger of our company or listing of our shares on a national securities exchange.
  • We have no employees and are dependent on our Advisor and its affiliates to conduct our operations. Our Advisor will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and Other Nuveen Real Estate Accounts, the allocation of time of investment professionals and the fees that we pay to our Advisor.
  • We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources.
  • This is a “best efforts” offering. If we are not able to raise a substantial amount of capital in the near term, our ability to achieve our investment objectives could be adversely affected.
  • There are limits on the ownership and transferability of our shares.
  • If we fail to qualify as a REIT and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease.
  • Our investments in International Affiliated Funds may be subject to currency, inflation or other governmental and regulatory risks specific to the countries in which the International Affiliated Funds operate and own assets.
  • The defined terms have the meanings assigned to them in the prospectus.

© 2025 Nuveen Global Cities REIT

V-3585864C-E0524W

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