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- Returns: 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. All returns shown assume reinvestment of distributions pursuant to Nuveen Global Cities REIT Inc.'s (“GCREIT” or “NREIT”) distribution reinvestment plan, are derived from unaudited financial information and are net of all GCREIT expenses, including general and administrative expenses, transaction related expenses, management fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. 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 T shares and Class S 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. Past performance is historical and not a guarantee of future results. For the year ended December 31, 2021 and the six months ended June 30, 2022, we reported GAAP net income (loss) of $19.1 million and $(32.6) million, respectively.
- NAV: 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. As of June 30, 2022, our NAV per share was approximately $13.11, $12.98, $13.15 and $13.10, per Class T, Class S, Class D and Class I share, respectively, and total stockholders’ equity per share was approximately $10.21, $10.10, $10.23 and $10.19 per Class T, Class S, Class D and Class I share, respectively. 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.
- Distribution rate: Distribution rate reflects the most recently approved monthly annualized distributions divided by the prior month’s net asset value. Distributions paid during the year ended December 31, 2021 and the six months ended June 30, 2022 were covered 56% and 84%, respectively, from GAAP cash flow from operations and 44% and 16%, respectively, from debt and financing proceeds.
- 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.
- Properties: Nuveen Global Cities REIT directly owns 441 properties, including 383 single family homes, and has exposure to 31 additional properties owned by the International Affiliated Funds in which we have made an investment.
- Leverage 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.
- Based on effective date of the offering.
- Reflects directly-owned real estate property investments, excluding investments in single family housing and debt securities. The single family housing portfolio is currently 84% leased and, if included, would reduce the overall leasing percentage to 95%. 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.
- Allocation by region/asset type includes investments owned directly by the REIT and investments in affiliated funds. Allocation by U.S. region and by sector includes only investments owned directly by the REIT.
- RE securities consists of public REITs and CMBS, which represent 4% and 3%, respectively.
- ROC: 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 significantly from year to year. Nuveen Global Cities REIT return of capital in 2018, 2019, 2020, and 2021 was 40%, 63%, 97% and 100% respectively.
NUVEEN GLOBAL CITIES REIT
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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.