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Nuveen Global Cities REIT, Inc.

What Do They Do?

Invests in commercial properties leased to tenants across industrial, multifamily and healthcare sectors, and in property-backed loans and real estate securities for investors.

How Do They Make Money?

Tenants pay rent under property leases over the lease term, and may reimburse property costs. Commercial mortgage borrowers pay interest on outstanding balances at contractual rates, plus origination fees.

revenue
SegmentShareRevenue
Industrial
Recurring

25%
FY2022: 24%
Healthcare
Recurring

22%
FY2022: 21%
Multifamily
Recurring

16%
FY2022: 21%
Retail
Recurring

12%
FY2022: 7.3%
Single-Family Housing
Recurring
5.4%
FY2022: 5.2%
Office
Recurring
6.2%
FY2022: 9.7%
Self-Storage
Recurring
2.0%
FY2022: 0.7%
Commercial Mortgage Loans
Recurring

13%
FY2022: 12%
Real Estate-Related Securities
0.0%
FY2022: 0.0%
International Affiliated Funds
0.0%
FY2022: 0.0%
Other
0.0%
FY2022: 0.0%

Who Are Their Customers?

Property tenants rent space under operating leases, and commercial mortgage borrowers pay interest on loans. Investors buy shares through public offerings and can purchase interests in property-holding trusts through private placements.

Do Revenues Turn Into Profits?

No. It lost $9.6M in FY2025.

Operating income, FY2025
68% of revenue
▼ −6% vs FY2024 ($154.2M, 75%)
Net income, FY2025
−5% of revenue
▲ +517% (Loss) vs FY2024 (−$1.6M, −1%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +7%
vs $53M in Q2 FY2025
Net income
▲ Now profitable
vs −$2.1M in Q2 FY2025
Industrial share of revenue vs 24.5% in Q2 FY2025

Growing. Revenue grew 3.6x in 4 years, from $58.5M in FY2021 to $212M in FY2025, about 38% a year.

Adds property-trust offerings The latest report describes private sales of interests in trusts holding properties, alongside its common-stock offerings; the older report describes public share offerings.

Revenue over time
Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities International Affiliated Funds Other
$250M$125M$0

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