424B3 1 d526137d424b3.htm 424B3 424B3

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-222231

NUVEEN GLOBAL CITIES REIT, INC.

SUPPLEMENT DATED JULY 16, 2018

TO THE PROSPECTUS DATED APRIL 16, 2018

This prospectus supplement (the “Supplement”) is part of and should be read in conjunction with the prospectus of Nuveen Global Cities REIT, Inc. dated April 16, 2018 (the “Prospectus”) and all supplements thereto. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are as follows:

 

  •   to disclose the transaction price for each class of our common stock as of August 1, 2018;

 

  •   to disclose the calculation of our June 30, 2018 net asset value (“NAV”) per share for each class of our common stock; and

 

  •   to update the “Experts” section of the Prospectus.

August 1, 2018 Transaction Price

The transaction price for each share class of our common stock for subscriptions accepted as of August 1, 2018 (and repurchases as of July 31, 2018) is as follows:

 

     Transaction Price
(per share)		  

Class T

    $ 10.24  

Class S

      10.24  

Class D

      10.24  

Class I

      10.26  

The transaction price for our Class D and Class I shares is equal to such class’s NAV per share as of June 30, 2018. A detailed presentation of the NAV per share is set forth below.

As of June 30, 2018, we had not sold any Class T or Class S shares. The transaction price for our Class T and Class S shares is based on our aggregate NAV per share as of June 30, 2018. Stockholder servicing fees for the month of June 2018 were $54.

The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees.

June 30, 2018 NAV Per Share

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.nuveenglobalreit.com. Please refer to “Net Asset Value Calculation and Valuation Guidelines” in the Prospectus for information on how our NAV is determined. The Advisor is ultimately responsible for determining our NAV. As of June 30, 2018, our properties have been appraised in accordance with our valuation guidelines and such appraisals were reviewed by our independent valuation advisor.

 

VGN-NREIT2 0718P

 

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The following tables provide a breakdown of the major components of our NAV as of June 30, 2018 ($ and shares in thousands):

 

     June 30, 2018  

Components of NAV

   

Investment in real property

    $ 206,800  

Investment in real estate-related assets

      21,831  

Cash and cash equivalents

      5,949  

Other assets

      445  

Debt obligations

      —    

Other liabilities

      3,061  

Stockholder servicing fees payable the following month (1)

      —    
  

 

 

  

Net Asset Value

    $ 231,964  
  

 

 

  

Number of outstanding shares

      22,550  

 

(1) Stockholder servicing fees only apply to Class S, Class T and Class D shares.

The following table provides a breakdown of our total NAV and NAV per share by share class as of June 30, 2018 ($ and shares in thousands, except per share data):

 

NAV Per Share

    Class N
Shares		      Class I
Shares		      Class D
Shares		      Total  

Net asset value

    $ 231,093      $ 605      $ 266    $ 231,964  

Number of outstanding shares

      22,465        59        26        22,550  
  

 

 

     

 

 

     

 

 

     

NAV per share as of June 30, 2018

      10.29        10.26        10.24     

As of June 30, 2018, we had not sold any Class T or Class S shares. We will disclose the NAV per share for each outstanding class of common stock in future periods once shares of such class are outstanding.

Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the June 30, 2018 valuations, based on property types. Once we own more than one office and retail property, we will include the key assumptions for such property types.

 

Property Type

    Discount Rate     Exit
Capitalization
Rate		  

Industrial

      7.2 %      6.3 % 

Multifamily

      7.0       5.4  

These assumptions are determined by our independent valuation advisor. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:

 

Input

    Hypothetical
Change		      Industrial
Investment Values		     Multifamily
Investment Values		  

Discount Rate

      0.25% decrease        +1.9       +1.8 % 

(weighted average)

      0.25% increase        (1.9 %)      (1.7 %) 

Exit Capitalization Rate

      0.25% decrease        +2.3 %      +2.8 % 

(weighted average)

      0.25% increase        (2.5 %)      (2.5 %) 

 

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Experts

The following disclosure is added to the “Experts” section of our prospectus.

The amount of the estimated market values of our real properties as of June 30, 2018 presented on page 2 of this Supplement under the section “June 30, 2018 NAV Per Share” has been reviewed by RERC, LLC, an independent valuation firm, and is included in this Supplement given the authority of such firm as experts in property valuations and appraisals. RERC, LLC will not calculate or be responsible for our NAV per share for any class of our shares.

 

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