Nuveen Global Cities REIT, Inc.

Non-traded REITNon-traded REIT1099

Peers (42)All funds

Compared against Non-traded REIT non-traded reits.

1Y return

+2.8%

33th pctile · behind most peersas of 2026-03-20

Since inception

not stated in filings

Distribution rate

5.6%

exceeds net investment income

Net assets

$2.26B

as of 2026-03-20

Net expenses

not stated yet

Repurchase

2% monthly

6 of 42 peers match

Level 3

13.7%

17th pctile · less model-priced than peers

Last offer

no offer yet

What owning this fund costs per year

Hold period3 yrs

Entity-level expenses$40.1M

Sponsor fees at the property level$2.0M

Average net asset value$2262.8M

Fixed costs as a share of net assets1.65%

Cost is driven by the 1.25% advisory fee charged on net asset value, plus about 0.42% of fund-level general and administrative costs (fund administration, audit, legal, directors, taxes) and 0.02% of affiliate property management fees, giving about 1.65% a year for Class I. Class T adds 0.85% servicing plus up to 3.5% upfront, near 3.7% in year one.

Sales loadnone

Total drag per year1.65%

This is the cost for class I. It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.

The figure above is the ongoing cost. For the period the filing covers it was 1.72%, including 0.07% of one-time costs that will not repeat.

Based on Annual, year ended December 31, 2025 (Form 10-K), dollars divided by average NAV of $2,208.1 million (average of $2,153.4m at 12/31/2024 and $2,262.8m.

This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.

This issuer reports costs in dollars rather than as an expense ratio. The figure above is 40.1M of entity-level expenses plus 2.0M of sponsor fees charged at the property level against 2262.8M of average net assets. Property operating costs, depreciation and mortgage interest sit in the returns, not here. Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (No fund-level incentive fee is charged by the Advisor. Certain joint venture partners affiliated with the sponsor (NexCore, Sparrow, MyPlace) participate in profits if internal rate of return hurdles are met, once each member has received distributions in excess of hurdle rates or at a crystallizati) apply only to returns earned. How this is calculated

Against Non-traded REIT non-traded reits

Total drag

17th pctile · cheaper than most

1Y return

33th pctile · behind most

Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.

Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Annual, year ended December 31, 2025 (Form 10-K), dollars divided by average NAV of $2,208.1 million (average of $2,153.4m at 12/31/2024 and $2,262.8m at 12/31/2025); no annualization applied. Confirmed against the June 30, 2026 Form 10-Q, where six-month advisory-plus-servicing of $15.7m and G&A of $5.5m annualize to a comparable rate; no fee schedule change..

Open the filing on sec.gov (0001711799-26-000015)

Size and leverage

Net assets$2.26B?

Borrowings$702.7M?

Leveragedebt to equity0.40x?

Investments held465?

Started2017-05-01?

What the manager charges

Management feeof net assets1.25%?

Expense cap2.00%?

Adviser is subsidising costsNo?

Getting your money back

Repurchase offersmonthly?

Share of the fund offered2.00%?

Early repurchase fee5.00%?

Last offer filled in fullYes?

Where distributions come from

Distribution rate5.59%?

Paid out of income62.85%?

Return of your own capital90.00%?

Funded by borrowing37.15%?

Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.

What it holds

Floating rate81.00%?

Not paying interestloans on non-accrual18.70%?

Priced by the managerno market price available13.70%?

MostlyIndustrial?

Who is involved

AdviserNuveen Real Estate Global Cities Advisors, LLC?

AuditorPricewaterhouseCoopers LLP?

ValuedNAV calculated monthly; each wholly owned property appraised at least quarterly?

Independent valuation agentYes?

Deals with affiliatesYes?

Share classes

Class	Ongoing fee	Entry charge	Expense ratio	Minimum
Class T	0.85%	3.50%	-	-
Class S	0.85%	3.50%	-	-
Class D	0.25%	1.50%	-	-
Class I	0.00%	0.00%	-	-
Class N (TIAA only, 0.65% advisory fee)	0.00%	0.00%	-	-

Also worth knowing

9-90 Corporate Center senior and mezzanine loans were placed on nonaccrual in 2025 after the borrower failed to repay at maturity; the mezzanine loan is carried at $12.6m against $23.3m of principal.
All share repurchase requests since inception have been satisfied; $272.8m of shares were repurchased in 2025.
TIAA repurchased 5,850,569 Class N shares for $70.0m during 2025 and held $280.4m of Class N shares at year end.
Credit facility upsized on September 26, 2025 to $665m ($440m revolver plus $225m term loan) with a $135m accordion, maturing September 26, 2028.
Share of distributions funded from borrowings: 37.15 % of total distributions (More than a third of the 2025 distribution was paid from debt and financing proceeds rather than operating cash flow, which erodes NAV over time and is a cost of ownership in substance.)
Tax character of distributions: 90 % return of capital, 2025 tax year (A distribution that is 90% return of capital is largely the investor's own capital being returned, not earnings, and reduces tax basis.)
Nonaccrual office loan and markdown: Mezzanine carried at $12.6m against $23.3m principal; senior $57.7m also nonaccrual USD (The largest credit problem in the loan book stopped paying interest, cut income from mortgage loans and drove a $9.1m unrealized loss in 2025.)
Total operating expense ratio versus charter cap: 1.20% of Average Invested Assets and 42.72% of Net Income % (Shows headroom under the 2% of average invested assets / 25% of net income reimbursement test; the net income leg was exceeded but the independent directors did not require reimbursement.)
Unpaid stockholder servicing fee liability: 35,091,000 USD (GAAP accrues the full future servicing fee on Class T, S and D shares; this liability is charged against NAV month by month and is a future drag on those classes.)
Note payable past maturity: $71.9m note matured April 9, 2026 and is operating under existing terms while refinancing is negotiated USD (A financing that has passed its maturity without replacement is a near-term liquidity and refinancing risk against the Tucson IV loan collateral.)
DST Program fees to affiliates: Up to 6.0% upfront selling commission and up to 0.85% per annum investor servicing fee on DST interests; $3.0 billion program % (The 1031 exchange channel carries materially higher load and servicing economics for the sponsor than the REIT share classes, and its proceeds are recorded as non-controlling interests.)
Repurchase volume relative to NAV: $272.8m repurchased in 2025, about 12% of average NAV, all requests satisfied USD (Redemption pressure of this size, funded partly by the credit facility, tests liquidity and can force asset sales, though the gates were never reached.)

Fees

Management fee1.25%

Incentive fee

No fund-level incentive fee is charged by the Advisor. Certain joint venture partners affiliated with the sponsor (NexCore, Sparrow, MyPlace) participate in profits if internal rate of return hurdles are met, once each member has received distributions in excess of hurdle rates or at a crystallizati

Sales load0%

Interest on borrowings1.94%

Incentive fees accrued0%

Liquidity terms

Repurchase frequencyunchanged, 2 filingsmonthly

Repurchase percentage of shares outstandingunchanged, 2 filings2%

Minimum investment$2,500

Valuation

Independent valuation firmunchanged, 6 filingsEngaged, name in filing

Valuation frequencyunchanged, 2 filingsmonthly

Structure

Legal structurevaries across filings REIT (Nuveen Global Cities REIT, Inc.)

Share classesvaries across filings

Class T, Class S, Class D, Class I, Class N

Use of derivativesvaries across filings yes - interest rate swaps

Tax reporting formunchanged, 2 filings1099

Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.

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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.