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Net assets
$2.26B
source

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

Technical locator

https://www.sec.gov/Archives/edgar/data/1711799/000119312526307181/d220326d424b3.htm | 424B3 monthly pricing supplement (transaction price = NAV/share per its own text)

as of 2026-06-30
NAV / share
$11.22
source

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

Technical locator

https://www.sec.gov/Archives/edgar/data/1711799/000119312526307181/d220326d424b3.htm | 424B3 monthly pricing supplement (transaction price = NAV/share per its own text)

Class I · as of 2026-06-30
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
Pending
SEC-filed periodic NAV + distributions
01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Yellow flag

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)

Yellow flag

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)

Yellow flag

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)

Yellow flag

Credit facility new or amended: 8 occurrence(s), 2018-01-23 to 2025-09-26

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”).

Why it matters and what changed

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

Historical findings (26)

FFO covered only 61% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
FFO covered only 61% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

On March 31, 2025, G. (2025-03-31)
On March 31, 2025, G. Christopher McGibbon notified the board of directors of Nuveen Global Cities REIT, Inc. (the “Company”) of his resignation from his position as Co-President of the Company. Mr. McGibbon’s resignation coincided with his upcoming retirement from Nuveen Real Estate and is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. In connection with Mr. McGibbon’s resigna

FFO covered only 60% of distributions in the period ended 2025-03-31; the gap was funded from capital or gains.
FFO covered only 60% of distributions in the period ended 2025-03-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

On February 10, 2025, Michael A. (2025-02-10)
On February 10, 2025, Michael A. Perry resigned as a director of Nuveen Global Cities REIT, Inc. (the “Company”), effective immediately. Mr. Perry’s resignation was not due to any disagreement with the Company. On February 13, 2025, Keith A. Jones resigned from his position as an officer of the Company, effective immediately. Mr. Jones’s resignation was not due to any disagreement with the Company. SIGNATURES Purs

Net flows deteriorated to $-33.8M from $-39.6M (period ended 2024-06-30).
Net flows deteriorated to $-33.8M from $-39.6M (period ended 2024-06-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

FFO covered only 53% of distributions in the period ended 2024-06-30; the gap was funded from capital or gains.
FFO covered only 53% of distributions in the period ended 2024-06-30; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

Net flows deteriorated to $-39.6M from $-23.1M (period ended 2024-03-31).
Net flows deteriorated to $-39.6M from $-23.1M (period ended 2024-03-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

On March 21, 2024, James E. (2024-03-21)
On March 21, 2024, James E. Sinople notified the board of directors of Nuveen Global Cities REIT, Inc. (the “Company”) of his resignation from his positions as Chief Financial Officer and Treasurer of the Company effective April 12, 2024. Mr. Sinople’s resignation is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Appointment of Officer In connection with

Net flows deteriorated to $-23.1M from $-13.7M (period ended 2023-12-31).
Net flows deteriorated to $-23.1M from $-13.7M (period ended 2023-12-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

Net flows deteriorated to $-13.7M from $-62.5M (period ended 2023-09-30).
Net flows deteriorated to $-13.7M from $-62.5M (period ended 2023-09-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

FFO covered only 15% of distributions in the period ended 2023-09-30; the gap was funded from capital or gains.
FFO covered only 15% of distributions in the period ended 2023-09-30; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 60% of distributions in the period ended 2023-06-30; 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. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

NAV per share ($12.30) is 2.0% below its trailing four-observation average ($12.55) as of 2023-05-31.
NAV per share ($12.30) is 2.0% below its trailing four-observation average ($12.55) as of 2023-05-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($12.39) is 2.0% below its trailing four-observation average ($12.65) as of 2023-04-30.
NAV per share ($12.39) is 2.0% below its trailing four-observation average ($12.65) as of 2023-04-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

FFO covered only 59% of distributions in the period ended 2023-03-31; the gap was funded from capital or gains.
FFO covered only 59% of distributions in the period ended 2023-03-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 48% of distributions in the period ended 2022-12-31; 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. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 12% of distributions in the period ended 2022-09-30; 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. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO was negative in the period ended 2022-06-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2022-06-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

On March 16, 2022, the board of directors of Nuveen Global Cities REIT, Inc. (2022-03-16)
On March 16, 2022, the board of directors of Nuveen Global Cities REIT, Inc. (the “Company”) appointed Richard M. Kimble to serve as Co-President of the Company, effective immediately. Mr. Kimble had previously served as the Company’s Head of Portfolio Management since July 2017. The appointment of Mr. Kimble was not made pursuant to any arrangement or understanding between him or any other person. Biographical information wit

On January 12, 2021, Nicholas J. (2021-01-12)
On January 12, 2021, Nicholas J. Evans resigned from his position as Co-President, Head of Asia-Pacific Investment of Nuveen Global Cities REIT, Inc. (the “Company”). Mr. Evans’s resignation is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Nuveen Real Estate Global Cities Advisors, LLC, the Company’s external advisor, and its international affiliates continue to support the As

New share sales fell 88% versus the same period last year ($15.4M -> $1.9M, period ended 2020-09-30).
New share sales fell 88% versus the same period last year ($15.4M -> $1.9M, period ended 2020-09-30). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

FFO was negative in the period ended 2020-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2020-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

On January 29, 2020, the board of directors of Nuveen Global Cities REIT, Inc. (2020-01-29)
On January 29, 2020, the board of directors of Nuveen Global Cities REIT, Inc. (the “Company”) appointed Nick Evans to serve as Co-President, Head of Asia-Pacific Investment of the Company, effective immediately. The appointment of Mr. Evans was not made pursuant to any arrangement or understanding between him or her and any other person. Biographical information with respect to Mr. Evans is set forth below. Mr. Evans oversees

On July 17, 2019, Chris S. (2019-07-17)
On July 17, 2019, Chris S. Reilly resigned from his position as Co-President, Head of Asia-Pacific Investment of Nuveen Global Cities REIT, Inc. (the “Company”). Mr. Reilly’s resignation is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. In connection with Mr. Reilly’s resignation, the Company is reviewing potential candidates for the position of Co-President, Head of Asia-Pacif

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)
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. The amendment includes a policy which states that if during any consecutive 24-month period, the Company does not have at least one month in which the Company fully satisfies 100% of properly submitted repurchase re

on January 2, 2019 upon filing with the Maryland State Department of Assessments and Taxation. (2019-01-02)
on January 2, 2019 upon filing with the Maryland State Department of Assessments and Taxation.

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Pending

04 / Redemptions

Where exit demand met the cap.

Stated cap: 2% of net assets/month; 5% of net assets/quarter. The disclosed history shows no rationed period.

PeriodRequestedFilledCap usedStatus
2026-03-31Pending100%Pendingfilled
2026-02-28Pending100%Pendingfilled
2026-01-31Pending100%Pendingfilled
2025-12-31 quarterPending100%Pendingfilled
2025-09-30Pending100%Pendingfilled
2025-08-31Pending100%Pendingfilled
2025-07-31Pending100%Pendingfilled
2025-06-30Pending100%Pendingfilled
2025-05-31Pending100%Pendingfilled
2025-04-30Pending100%Pendingfilled
2025-03-31Pending100%Pendingfilled
2025-02-28Pending100%Pendingfilled
2025-01-31Pending100%Pendingfilled
2024-12-31 quarterPending100%Pendingfilled
2024-09-30Pending100%Pendingfilled
2024-08-31Pending100%Pendingfilled
2024-07-31Pending100%Pendingfilled
2024-06-30Pending100%Pendingfilled
2024-05-31Pending100%Pendingfilled
2024-04-30Pending100%Pendingfilled
2024-03-31Pending100%Pendingfilled
2024-02-29Pending100%Pendingfilled
2024-01-31Pending100%Pendingfilled
2023-12-31 quarterPending100%Pendingfilled
2023-09-30Pending100%Pendingfilled
2023-08-31Pending100%Pendingfilled
2023-07-31Pending100%Pendingfilled
2023-06-30Pending100%Pendingfilled
2023-05-31Pending100%Pendingfilled
2023-04-30Pending100%Pendingfilled
2023-03-31Pending100%Pendingfilled
2023-02-28Pending100%Pendingfilled
2023-01-31 quarterPending100%Pendingfilled
2022-09-30Pending100%Pendingfilled
2022-08-31Pending100%Pendingfilled
2022-07-31Pending100%Pendingfilled
2022-06-30Pending100%Pendingfilled
2022-05-31Pending100%Pendingfilled
2022-04-30Pending100%Pendingfilled
2022-03-31Pending100%Pendingfilled
2022-02-28Pending100%Pendingfilled
2022-01-31Pending100%Pendingfilled
05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Borrowing sourceAmount
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

Borrowings are balance-sheet obligations. An undrawn facility is standby liquidity and is not debt until used. Synthetic notional describes market exposure rather than an amount owed, while unconsolidated joint-venture carrying value is shown as context and is not added to fund debt.

06 / Share classes

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.

Not attributed 100.0%

Share of total net assets ($1,698,497,000) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

ClassTerms-based role descriptionLoadServicingMinimumAssets
Class IPending0.00%PendingPendingPending

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.

Filed fee conditions

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.

Canonical-class fee profile
ClassManagementIncentiveLoadServicingGross expensesNet expenses
Class I 1.25% None
*
None. Explicit filing statement
SEC source 0001711799-26-000030
0.00% Pending Pending Pending
07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (3)
TermDescriptionValueEffective
advisory_fee_scheduleAs 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_classPending
leverage_ceilinged 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 approv300.0 pct_of_net_assetsPending
repurchase_program_termsShare 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_monthPending
Recent filings
FiledFormAccession
2026-07-238-K0001711799-26-000044
2026-07-17424B30001193125-26-307181
2026-07-088-K0001193125-26-298587
2026-06-298-K0001193125-26-286995
2026-06-228-K0001711799-26-000042
2026-06-15424B30001193125-26-270749
2026-05-208-K0001711799-26-000040
2026-05-14424B30001193125-26-223735
2026-05-1310-Q0001711799-26-000037
2026-05-12DEFA14A0001193125-26-219205
2026-05-04DEFA14A0001193125-26-202826
2026-04-228-K0001711799-26-000032
2026-04-16424B30001193125-26-158708
2026-04-10POS AM0001711799-26-000030
2026-04-09DEF 14A0001193125-26-149456