Nuveen Global Cities REIT, Inc.
Data through 2026-07-23 · latest filing 8-K filed 2026-07-23
Sponsored by Nuveen/TIAA. REIT structure focused on private real estate.
REITPrivate Real Estate
Data through 2026-07-23 · latest filing 8-K filed 2026-07-23
Sponsored by Nuveen/TIAA. REIT structure focused on private real estate.
REITPrivate Real Estate
Prospectus supplement (Form 424B3) · filed 2026-07-17 · period 2026-06-30
424B3 monthly pricing supplement (transaction price = NAV/share per its own text)
“to disclose the calculation of our June 30, 2026 net asset value ... Transaction Price (per share) Class T $ 11.24 Class S $ 11.10 Class D $ 11.26 Class I $ 11.22 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Prospectus supplement (Form 424B3) · filed 2026-07-17 · period 2026-06-30
424B3 monthly pricing supplement (transaction price = NAV/share per its own text)
“to disclose the calculation of our June 30, 2026 net asset value ... Transaction Price (per share) Class T $ 11.24 Class S $ 11.10 Class D $ 11.26 Class I $ 11.22 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Current findings ordered by severity. Each observation remains traceable to its filed source.
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.)
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)
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.)
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. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)
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)
Most recent (2025-09-26): On September 26, 2025, Nuveen Global Cities REIT OP, LP (the “Borrower”), a wholly owned subsidiary of Nuveen Global Cities REIT, Inc. (the “Company”), and the Company entered into the Second Amended and Restated Credit Agreement (the “Second A&R Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent and certain lenders named therein, which amends and restates that certain Amended and Restated Credit Agreement, dated September 30, 2021 (as amended, the “Prior Credit Agreement”).
Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 8 of these in the covered window; the cadence itself is part of the signal.
8 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.
Source: https://www.sec.gov/Archives/edgar/data/1711799/000119312525226868/d35008d8k.htm | Item 1.01
FFO covered only 61% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
On March 31, 2025, G. (2025-03-31)
FFO covered only 60% of distributions in the period ended 2025-03-31; the gap was funded from capital or gains.
On February 10, 2025, Michael A. (2025-02-10)
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).
On March 21, 2024, James E. (2024-03-21)
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 2.0% below its trailing four-observation average ($12.55) as of 2023-05-31.
NAV per share ($12.39) is 2.0% below its trailing four-observation average ($12.65) 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.
On March 16, 2022, the board of directors of Nuveen Global Cities REIT, Inc. (2022-03-16)
On January 12, 2021, Nicholas J. (2021-01-12)
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.
On January 29, 2020, the board of directors of Nuveen Global Cities REIT, Inc. (2020-01-29)
On July 17, 2019, Chris S. (2019-07-17)
Amendment to Share Repurchase Plan The Company’s board of directors (the “Board”) has unanimously approved an amendment to the Company’s share repurchase plan. (2019-07-10)
on January 2, 2019 upon filing with the Maryland State Department of Assessments and Taxation. (2019-01-02)
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Pending. no cached SEC filing yielded a return with an exact window, basis label, and the audited class scope
Manager-reported; not from SEC filings. These exact-window values appear only where no SEC-filed or SEC-derived observation covers the same fund, canonical class, and window.
| Window | Class | Return | Manager source |
|---|---|---|---|
| Jun 1–Jun 30, 2026 | Class I | -0.03% | Nuveen sourceCitation and archived evidence |
| May 1–May 31, 2026 | Class I | +0.33% | Nuveen sourceCitation and archived evidence |
| Apr 1–Apr 30, 2026 | Class I | +1.03% | Nuveen sourceCitation and archived evidence |
| Mar 1–Mar 31, 2026 | Class I | -0.11% | Nuveen sourceCitation and archived evidence |
| Feb 1–Feb 28, 2026 | Class I | +0.57% | Nuveen sourceCitation and archived evidence |
| Jan 1–Jan 31, 2026 | Class I | +0.49% | Nuveen sourceCitation and archived evidence |
| Dec 1–Dec 31, 2025 | Class I | -0.01% | Nuveen sourceCitation and archived evidence |
| Nov 1–Nov 30, 2025 | Class I | -0.17% | Nuveen sourceCitation and archived evidence |
| Oct 1–Oct 31, 2025 | Class I | -0.04% | Nuveen sourceCitation and archived evidence |
| Sep 1–Sep 30, 2025 | Class I | +0.31% | Nuveen sourceCitation and archived evidence |
| Aug 1–Aug 31, 2025 | Class I | +0.46% | Nuveen sourceCitation and archived evidence |
| Jul 1–Jul 31, 2025 | Class I | +0.46% | Nuveen sourceCitation and archived evidence |
| Jun 1–Jun 30, 2025 | Class I | +0.31% | Nuveen sourceCitation and archived evidence |
| May 1–May 31, 2025 | Class I | +0.73% | Nuveen sourceCitation and archived evidence |
| Apr 1–Apr 30, 2025 | Class I | +0.04% | Nuveen sourceCitation and archived evidence |
| Mar 1–Mar 31, 2025 | Class I | -0.04% | Nuveen sourceCitation and archived evidence |
| Feb 1–Feb 28, 2025 | Class I | +0.28% | Nuveen sourceCitation and archived evidence |
| Jan 1–Jan 31, 2025 | Class I | +0.42% | Nuveen sourceCitation and archived evidence |
| Dec 1–Dec 31, 2024 | Class I | -0.11% | Nuveen sourceCitation and archived evidence |
| Nov 1–Nov 30, 2024 | Class I | +0.45% | Nuveen sourceCitation and archived evidence |
| Oct 1–Oct 31, 2024 | Class I | +0.15% | Nuveen sourceCitation and archived evidence |
| Sep 1–Sep 30, 2024 | Class I | +0.41% | Nuveen sourceCitation and archived evidence |
| Aug 1–Aug 31, 2024 | Class I | +0.38% | Nuveen sourceCitation and archived evidence |
| Jul 1–Jul 31, 2024 | Class I | +0.34% | Nuveen sourceCitation and archived evidence |
Canonical class: Class I · basis: manager-stated monthly total return · qualifying history: 98 months through 2026-06-30.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
Stated cap: 2% of net assets/month; 5% of net assets/quarter. The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-31 | Pending | 100% | Pending | filled |
| 2026-02-28 | Pending | 100% | Pending | filled |
| 2026-01-31 | Pending | 100% | Pending | filled |
| 2025-12-31 quarter | Pending | 100% | Pending | filled |
| 2025-09-30 | Pending | 100% | Pending | filled |
| 2025-08-31 | Pending | 100% | Pending | filled |
| 2025-07-31 | Pending | 100% | Pending | filled |
| 2025-06-30 | Pending | 100% | Pending | filled |
| 2025-05-31 | Pending | 100% | Pending | filled |
| 2025-04-30 | Pending | 100% | Pending | filled |
| 2025-03-31 | Pending | 100% | Pending | filled |
| 2025-02-28 | Pending | 100% | Pending | filled |
| 2025-01-31 | Pending | 100% | Pending | filled |
| 2024-12-31 quarter | Pending | 100% | Pending | filled |
| 2024-09-30 | Pending | 100% | Pending | filled |
| 2024-08-31 | Pending | 100% | Pending | filled |
| 2024-07-31 | Pending | 100% | Pending | filled |
| 2024-06-30 | Pending | 100% | Pending | filled |
| 2024-05-31 | Pending | 100% | Pending | filled |
| 2024-04-30 | Pending | 100% | Pending | filled |
| 2024-03-31 | Pending | 100% | Pending | filled |
| 2024-02-29 | Pending | 100% | Pending | filled |
| 2024-01-31 | Pending | 100% | Pending | filled |
| 2023-12-31 quarter | Pending | 100% | Pending | filled |
| 2023-09-30 | Pending | 100% | Pending | filled |
| 2023-08-31 | Pending | 100% | Pending | filled |
| 2023-07-31 | Pending | 100% | Pending | filled |
| 2023-06-30 | Pending | 100% | Pending | filled |
| 2023-05-31 | Pending | 100% | Pending | filled |
| 2023-04-30 | Pending | 100% | Pending | filled |
| 2023-03-31 | Pending | 100% | Pending | filled |
| 2023-02-28 | Pending | 100% | Pending | filled |
| 2023-01-31 quarter | Pending | 100% | Pending | filled |
| 2022-09-30 | Pending | 100% | Pending | filled |
| 2022-08-31 | Pending | 100% | Pending | filled |
| 2022-07-31 | Pending | 100% | Pending | filled |
| 2022-06-30 | Pending | 100% | Pending | filled |
| 2022-05-31 | Pending | 100% | Pending | filled |
| 2022-04-30 | Pending | 100% | Pending | filled |
| 2022-03-31 | Pending | 100% | Pending | filled |
| 2022-02-28 | Pending | 100% | Pending | filled |
| 2022-01-31 | Pending | 100% | Pending | filled |
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 |
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | 0.00% | Pending | Pending | Pending |
Management fee: 1.25% of nav by share class per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-26-149456.
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.
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.25% | None
*
None. Explicit filing statement SEC source 0001711799-26-000030 |
0.00% | Pending | Pending | Pending |
Filed terms and recent documents remain available without crowding the primary research flow.
| 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 | Pending |
| 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 | Pending |
| 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 | Pending |
| Filed | Form | Accession |
|---|---|---|
| 2026-07-23 | 8-K | 0001711799-26-000044 |
| 2026-07-17 | 424B3 | 0001193125-26-307181 |
| 2026-07-08 | 8-K | 0001193125-26-298587 |
| 2026-06-29 | 8-K | 0001193125-26-286995 |
| 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 |
| 2026-05-12 | DEFA14A | 0001193125-26-219205 |
| 2026-05-04 | DEFA14A | 0001193125-26-202826 |
| 2026-04-22 | 8-K | 0001711799-26-000032 |
| 2026-04-16 | 424B3 | 0001193125-26-158708 |
| 2026-04-10 | POS AM | 0001711799-26-000030 |
| 2026-04-09 | DEF 14A | 0001193125-26-149456 |