Nuveen Global Cities REIT, Inc.
Sponsored by Nuveen/TIAA. REIT structure focused on private real estate.
REITPrivate Real Estate
- Net assets
- $2.27B
source
Prospectus supplement (Form 424B3) · filed 2026-06-15 · period 2026-05-31
424B3 monthly pricing supplement (transaction price = NAV/share per its own text)
“to disclose the calculation of our May 31, 2026 net asset value ... Transaction Price (per share) Class T $ 11.29 Class S $ 11.15 Class D $ 11.32 Class I $ 11.28 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-05-31 - NAV / share
- $11.28
source
Prospectus supplement (Form 424B3) · filed 2026-06-15 · period 2026-05-31
424B3 monthly pricing supplement (transaction price = NAV/share per its own text)
“to disclose the calculation of our May 31, 2026 net asset value ... Transaction Price (per share) Class T $ 11.29 Class S $ 11.15 Class D $ 11.32 Class I $ 11.28 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2026-05-31 - Net flows, last qtr
- -0.9% qtr ended 2026-03-31
- Distribution coverage (reported FFO)
- 69% period ended 2021-09-30
- Leverage in use
- 17% debt / equity 0.51x
- Total return, 12m
- +4.9% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Mortgage collateral taken (foreclosure / deed in lieu / REO): fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. (2026-03-31)
Mortgage collateral taken (foreclosure / deed in lieu / REO): fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that 10 Table of
Why it matters and what changed
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1711799/000171179926000037/nuveen-20260331.htm | collateral taken
FFO covered only 72% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.
FFO covered only 72% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed FFO (funds from operations, the standard REIT earnings measure that adds real-estate depreciation back to net income). The gap is funded from capital or gains, and a stated yield propped up this way is fragile -- the same read as C21, on the earnings concept that actually applies to a real-estate distributing vehicle.
33.37 -> 72.37 (up 116.9% vs prior period); trailing 4-period average 63.22; same period prior year 59.92; breach persisted 6 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: ffo / distributions_declared * 100 (windows matched on both ends)
Mortgage collateral taken (foreclosure / deed in lieu / REO): arter by an appraisal, except for newly acquired properties as described below. (2025-12-31)
Mortgage collateral taken (foreclosure / deed in lieu / REO): arter by an appraisal, except for newly acquired properties as described below. Our independent valuation advisor relies in part on property-level information provided by the Advisor, including (1) historical and projected operating revenues and expenses of t
Why it matters and what changed
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1711799/000171179926000015/nuveen-20251231.htm | collateral taken
FFO covered only 33% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains.
FFO covered only 33% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed FFO (funds from operations, the standard REIT earnings measure that adds real-estate depreciation back to net income). The gap is funded from capital or gains, and a stated yield propped up this way is fragile -- the same read as C21, on the earnings concept that actually applies to a real-estate distributing vehicle.
86.41 -> 33.37 (down 61.4% vs prior period); trailing 4-period average 60.11; same period prior year 53.73; breach persisted 5 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: ffo / distributions_declared * 100 (windows matched on both ends)
FFO covered only 86% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains.
FFO covered only 86% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed FFO (funds from operations, the standard REIT earnings measure that adds real-estate depreciation back to net income). The gap is funded from capital or gains, and a stated yield propped up this way is fragile -- the same read as C21, on the earnings concept that actually applies to a real-estate distributing vehicle.
60.75 -> 86.41 (up 42.2% vs prior period); trailing 4-period average 65.20; same period prior year 109.43; breach persisted 4 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: ffo / distributions_declared * 100 (windows matched on both ends)
Historical findings (19)
FFO covered only 61% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
Credit facility new or amended: 4 occurrence(s), 2018-01-23 to 2025-05-28
FFO covered only 60% of distributions in the period ended 2025-03-31; the gap was funded from capital or gains.
Net flows deteriorated to $-33.8M from $-39.6M (period ended 2024-06-30).
FFO covered only 53% of distributions in the period ended 2024-06-30; the gap was funded from capital or gains.
Net flows deteriorated to $-39.6M from $-23.1M (period ended 2024-03-31).
Net flows deteriorated to $-23.1M from $-13.7M (period ended 2023-12-31).
Net flows deteriorated to $-13.7M from $-62.5M (period ended 2023-09-30).
FFO covered only 15% of distributions in the period ended 2023-09-30; the gap was funded from capital or gains.
FFO covered only 60% of distributions in the period ended 2023-06-30; the gap was funded from capital or gains.
NAV per share ($12.30) is 1.1% below its trailing four-observation average ($12.43) as of 2023-05-31.
NAV per share ($12.39) is 1.3% below its trailing four-observation average ($12.55) as of 2023-04-30.
FFO covered only 59% of distributions in the period ended 2023-03-31; the gap was funded from capital or gains.
FFO covered only 48% of distributions in the period ended 2022-12-31; the gap was funded from capital or gains.
FFO covered only 12% of distributions in the period ended 2022-09-30; the gap was funded from capital or gains.
FFO was negative in the period ended 2022-06-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
New share sales fell 88% versus the same period last year ($15.4M -> $1.9M, period ended 2020-09-30).
FFO was negative in the period ended 2020-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
Item 8.01. (2019-07-10)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Coverage basis note
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
No structured portfolio-health series or position-change events have been captured for this fund.
Where exit demand met the cap.
Stated cap: 2% of NAV/month. The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-31 | 1.1% | 100% | 56% | filled |
| 2026-02-28 | 1.6% | 100% | 80% | filled |
| 2026-01-31 | 1.1% | 100% | 54% | filled |
| 2025-12-31 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2025-09-30 | 1.6% | 100% | 79% | filled |
| 2025-08-31 | 1.0% | 100% | 50% | filled |
| 2025-07-31 | 0.8% | 100% | 42% | filled |
| 2025-06-30 | 1.1% | 100% | 55% | filled |
| 2025-05-31 | 0.8% | 100% | 42% | filled |
| 2025-04-30 | 0.8% | 100% | 42% | filled |
| 2025-03-31 | 1.0% | 100% | 50% | filled |
| 2025-02-28 | 1.4% | 100% | 69% | filled |
| 2025-01-31 | 0.9% | 100% | 43% | filled |
| 2024-12-31 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2024-09-30 | 0.6% | 100% | 32% | filled |
| 2024-08-31 | 0.6% | 100% | 28% | filled |
| 2024-07-31 | 0.8% | 100% | 41% | filled |
| 2024-06-30 | 1.2% | 100% | 59% | filled |
| 2024-05-31 | 2.5% | 100% | 123% | cap expanded |
| 2024-04-30 | 0.9% | 100% | 44% | filled |
| 2024-03-31 | 0.1% | 100% | 4% | filled |
| 2024-02-29 | 0.1% | 100% | 5% | filled |
| 2024-01-31 | 0.1% | 100% | 6% | filled |
| 2023-12-31 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2023-09-30 | 1.0% | 100% | 49% | filled |
| 2023-08-31 | 1.4% | 100% | 72% | filled |
| 2023-07-31 | 1.4% | 100% | 72% | filled |
| 2023-06-30 | 1.3% | 100% | 64% | filled |
| 2023-05-31 | 2.1% | 100% | 105% | cap expanded |
| 2023-04-30 | 1.5% | 100% | 76% | filled |
| 2023-03-31 | 0.1% | 100% | 7% | filled |
| 2023-02-28 | 0.0% | 100% | 2% | filled |
| 2023-01-31 quarter | 0.1% | 100% | 3% | filled |
| 2022-09-30 | 0.2% | 100% | 9% | filled |
| 2022-08-31 | 0.1% | 100% | 5% | filled |
| 2022-07-31 | 0.1% | 100% | 4% | filled |
| 2022-06-30 | 0.2% | 100% | 11% | filled |
| 2022-05-31 | 0.1% | 100% | 3% | filled |
| 2022-04-30 | 0.3% | 100% | 14% | filled |
| 2022-03-31 | 0.1% | 100% | 3% | filled |
| 2022-02-28 | 0.1% | 100% | 3% | filled |
| 2022-01-31 | 0.0% | 100% | 1% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
| Borrowing source | Amount |
|---|---|
| Credit facility | $448,000,000 |
| Mortgages payable | $263,649,000 |
| Loan participations sold | $108,930,000 |
| Notes payable | $71,750,000 |
| Total borrowings | $892,329,000 |
How to read these financing entries
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.25% of nav by share class per year. source. As compensation for its services provided pursuant to the Advisory Agreement, we pay the Advisor an advisory fee equal to 1.25% of our NAV for the Class T, Class S, Class D and Class I shares (the primary offered classes) and 0.65% of our NAV for the Class N shares, per annum, payable monthly in arrears. We do not pay the advisory fee with regard to our investments in the ECF and the Asia-Pacific Cities Fund.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (3)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | As compensation for its services provided pursuant to the Advisory Agreement, we pay the Advisor an advisory fee equal to 1.25% of our NAV for the Class T, Class S, Class D and Class I shares (the primary offered classes) and 0.65% of our NAV for the Class N shares, per annum, payable monthly in arrears. We do not pay the advisory fee with regard to our investments in the ECF and the Asia-Pacific Cities Fund. | 1.25 pct_annual_of_nav_by_share_class | Date not captured |
| leverage_ceiling | ed in substantial part by borrowing, which increases our exposure to loss. Under our charter, we have a limitation that precludes us from borrowing in excess of 300% of our net assets, which approximates borrowing 75% of the cost of our investments (unless a majority of our independent directors approv | 300.0 pct_of_net_assets | Date not captured |
| repurchase_program_terms | Share Repurchase Plan: aggregate repurchases of all share classes limited to no more than 2% of aggregate NAV attributable to stockholders per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% per calendar quarter (measured using the aggregate NAV as of the end of the immediately preceding calendar quarter). | 2.0 pct_of_aggregate_nav_per_month | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-22 | 8-K | 0001711799-26-000042 |
| 2026-06-15 | 424B3 | 0001193125-26-270749 |
| 2026-05-20 | 8-K | 0001711799-26-000040 |
| 2026-05-14 | 424B3 | 0001193125-26-223735 |
| 2026-05-13 | 10-Q | 0001711799-26-000037 |
| 2026-04-22 | 8-K | 0001711799-26-000032 |
| 2026-04-16 | 424B3 | 0001193125-26-158708 |
| 2026-04-09 | DEF 14A | 0001193125-26-149456 |
| 2026-03-23 | 8-K | 0001711799-26-000017 |
| 2026-03-20 | 10-K | 0001711799-26-000015 |
| 2026-03-17 | 424B3 | 0001193125-26-110601 |
| 2026-02-20 | 8-K | 0001711799-26-000005 |
| 2026-02-12 | 424B3 | 0001193125-26-048486 |
| 2026-01-22 | 8-K | 0001711799-26-000003 |
| 2026-01-15 | 424B3 | 0001193125-26-013873 |