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Global Cities REIT (GCREIT)
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  • Global Cities REIT (GCREIT)
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  • Private Capital Income Fund (PCAP)
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Monthly performance
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Monthly performance

Download a fact sheet

Key Facts

All data is as of 31 January 2025 unless otherwise noted
total asset value
$2.8B
number of properties
499
leased
94%
leverage ratio
21%
2024 ROC2
91%

Portfolio Composition

Sector diversification

Direct property investments
Created with Highcharts 9.3.3
Industrial 32.6 %

Healthcare 23.0 %

Multifamily 17.8 %

Grocery Anchored Retail 12.8 %

Single Family Housing 6.4 %

Office 4.7 %

Self-Storage 2.7 %

Regional allocation

Created with Highcharts 9.3.3
U.S. South 50.7 %

U.S. West 19.0 %

U.S. East 18.3 %

U.S. Midwest 6.0 %

Europe 4.0 %

Asia 2.0 %

Asset allocation

Created with Highcharts 9.3.3
Direct property investments 81.5 %

Real estate related securities 7.6 %

Real estate investment debt 7.1 %

Affiliated real estate funds 3.8 %


Performance

Monthly NAV1

for transaction date 01 March 2025
NAV PER SHARE
Class T$11.61
Class S$11.47
Class D$11.63
Class I$11.59

Annualized distribution rate2, 3

RATE
Class T4.62%
Class S4.70%
Class D5.22%
Class I5.50%

Distribution payments are not guaranteed, and we may pay distributions from sources other than cash flow from operations, including the sale of assets, repayments of real estate debt investments, return of capital or offering proceeds, and advances or the deferral of fees and expenses that may be subject to reimbursement to the Advisor or its affiliates.

Managed Distribution: Historical distribution sources have included net investment income, realized gains and return of capital (ROC). See the prospectus for distribution estimates. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year. You should not draw any conclusions about a REIT's past or future investment performance from its current distribution rate.

Total returns4

Inception Date1 monthYTD1 year3 years5 years10 yearsSince inception
Class T with max. 3.5% load01 Jan 2019-3.15%-3.15%-1.60%0.68%5.99% – – 6.60%
Class T with no sales load01 Jan 20190.35%0.35%1.97%1.86%6.75% – – 7.22%
Class S with max. 3.5% load01 Dec 2019-3.15%-3.15%-1.56%0.72%6.06% – – 6.16%
Class S with no sales load01 Dec 20190.35%0.35%2.01%1.91%6.82% – – 6.89%
Class D with max. 1.5% load01 Jun 2018-1.10%-1.10%0.98%1.95%7.01% – – 7.31%
Class D with no sales load01 Jun 20180.40%0.40%2.58%2.46%7.34% – – 7.55%
Class I 01 May 20180.42%0.42%2.83%2.73%7.62% – – 7.79%

Calendar year returns

201920202021202220232024
Class T with max. 3.5% load6.01%-0.80%22.21%3.29%-5.21%-2.05%
Class T with no sales load9.81%2.78%26.58%6.99%-1.79%1.51%
Class S with max. 3.5% load – – -0.78%22.45%3.38%-5.21%-2.02%
Class S with no sales load – – 2.80%26.82%7.09%-1.79%1.54%
Class D with max. 1.5% load8.75%1.81%25.24%6.00%-2.69%0.58%
Class D with no sales load10.38%3.36%27.12%7.60%-1.22%2.11%
Class I10.65%3.59%27.48%7.90%-0.95%2.37%
  • Tax equivalent distribution
  • Monthly returns
  • Historical distribution per share
  • Historical NAV per share
Understanding the tax equivalent distribution rate

Non-listed REITs offer investors some specific tax benefits. One benefit is the potential treatment of distributions as a Return of Capital (ROC), which may reduce the taxable portion of those distributions. Another notable advantage to investors is that ordinary distributions from REITs benefit from a 20% tax rate reduction.

Click for more information
    Class T Class S Class D Class I
Illustrative Investment $100,000 $100,000 $100,000 $100,000
GCREIT Distributions (Pre-tax) $4,622 $4,704 $5,220 $5,504
         2024 ROC 91% 91% 91% 91%
         ROC ($4,206) ($4,281) ($4,750) ($5,009)
Taxable Basis $416 $423 $470 $495
Tax Payable $139 $141 $157 $165
         Max Combined Federal Tax Rate1 40.80% 40.80% 40.80% 40.80%
GCREIT Distributions (After-tax) $4,483 $4,563 $5,063 $5,339
         Effective Federal Tax Rate for REITs2 33.40% 33.40% 33.40% 33.40%
After-Tax Distribution Rate 4.48% 4.56% 5.06% 5.34%
Tax Equivalent Distribution Rate 7.57% 7.71% 8.55% 9.02%

1Assumes the maximum ordinary tax bracket of 37% and includes the 3.8% Medicare surtax that is applied to the net investment income above certain thresholds.
2The effective tax rate is after the 20% reduction in rates introduced under the Tax Cuts and Jobs Act of 2017 which is set to expire after 31 Dec 2025. The illustrative example does not include state taxes.

Tax Equivalent Distribution Rate (TE) assumes the maximum ordinary income tax bracket of 37% and includes the 3.8% Medicare surtax that is applied to the net investment income above certain thresholds. The effective tax rate is after the 20% reduction in rates introduced under the Tax Cuts and Jobs Act of 2017 which is set to expire after December 31, 2025. The illustrative example does not include state taxes. Investors could be subject to state income tax in their state of residence which would lower the after-tax distribution received by the investor. Distribution payments are not guaranteed and may be modified at the program's discretion. Distributions are not indicative of profitability and may be paid from sources other than cash flow from operations, including the sale of assets, borrowings, and offering proceeds. After-tax distribution is reflective of the current tax year and does not take into account other taxes that may be owed on an investment in Nuveen Global Cities REIT when the investor redeems their shares. Upon redemption, the investor may be subject to higher capital gains taxes as a result of a depreciating cost basis due to the return of capital portion of distributions.

This document provides general tax information. Nuveen is not a tax advisor. Clients should consult their professional advisors before making any tax or investment decisions. This information should not replace a client’s consultation with a professional advisor regarding their tax situation. Neither Nuveen nor any of its affiliates or their employees provide legal or tax advice. Tax rates and IRS regulations are subject to change at any time, which could materially

Created with Highcharts 9.3.3Class TClass SClass DClass IMay 2018Jul 2018Sep 2018Nov 2018Jan 2019Mar 2019May 2019Jul 2019Sep 2019Nov 2019Jan 2020Mar 2020May 2020Jul 2020Sep 2020Nov 2020Jan 2021Mar 2021May 2021Jul 2021Sep 2021Nov 2021Jan 2022Mar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023May 2023Jul 2023Sep 2023Nov 2023Jan 2024Mar 2024May 2024Jul 2024Sep 2024Nov 2024Jan 2025$95000$100000$105000$110000$115000$120000$125000$130000$135000$140000$145000$150000$155000$160000$165000$170000$175000Growth of $100k
$ dollar
Created with Highcharts 9.3.3Class TClass SClass DClass IMay 2018Jul 2018Sep 2018Nov 2018Jan 2019Mar 2019May 2019Jul 2019Sep 2019Nov 2019Jan 2020Mar 2020May 2020Jul 2020Sep 2020Nov 2020Jan 2021Mar 2021May 2021Jul 2021Sep 2021Nov 2021Jan 2022Mar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023May 2023Jul 2023Sep 2023Nov 2023Jan 2024Mar 2024May 2024Jul 2024Sep 2024Nov 2024Jan 2025-3.00-2.00-1.000.001.002.003.004.00Monthly returns
Monthly returns
MONTHClass TClass SClass DClass I
Jan 20250.35%0.35%0.40%0.42%
Dec 2024-0.19%-0.19%-0.13%-0.11%
Nov 20240.38%0.39%0.43%0.45%
Oct 20240.07%0.08%0.12%0.15%
Sep 20240.34%0.35%0.39%0.41%
Aug 20240.31%0.31%0.36%0.38%
Jul 20240.27%0.27%0.32%0.34%
Jun 20240.36%0.37%0.41%0.43%
May 20240.51%0.52%0.56%0.58%
Apr 2024-0.29%-0.29%-0.24%-0.22%
Mar 2024-0.26%-0.26%-0.21%-0.19%
Feb 20240.10%0.10%0.15%0.17%
Jan 2024-0.11%-0.11%-0.06%-0.04%
Dec 2023-0.14%-0.14%-0.09%-0.07%
Nov 20230.19%0.19%0.24%0.26%
Oct 20230.01%0.01%0.06%0.08%
Sep 2023-0.35%-0.35%-0.30%-0.28%
Aug 2023-0.22%-0.22%-0.17%-0.15%
Jul 20230.33%0.33%0.38%0.40%
Jun 20230.23%0.22%0.27%0.29%
May 2023-0.32%-0.32%-0.27%-0.25%
Apr 20230.21%0.21%0.26%0.28%
Mar 2023-1.40%-1.41%-1.36%-1.32%
Feb 2023-0.78%-0.78%-0.73%-0.71%
Jan 20230.45%0.46%0.51%0.53%
Dec 2022-1.41%-1.42%-1.36%-1.34%
Nov 20220.37%0.38%0.42%0.44%
Oct 20220.02%0.02%0.07%0.09%
Sep 2022-0.33%-0.33%-0.28%-0.26%
Aug 20220.01%0.01%0.06%0.08%
Jul 20221.07%1.08%1.12%1.14%
Jun 20220.18%0.18%0.23%0.25%
May 20220.87%0.88%0.92%0.94%
Apr 20221.71%1.73%1.76%1.79%
Mar 20221.95%1.97%1.99%2.02%
Feb 20221.13%1.14%1.17%1.20%
Jan 20221.25%1.27%1.30%1.33%
Dec 20213.45%3.49%3.49%3.52%
Nov 20211.12%1.13%1.16%1.18%
Oct 20212.42%2.45%2.46%2.49%
Sep 20213.16%3.19%3.19%3.22%
Aug 20212.27%2.29%2.31%2.34%
Jul 20212.16%2.17%2.19%2.22%
Jun 20211.87%1.88%1.90%1.92%
May 20211.74%1.75%1.77%1.79%
Apr 20211.88%1.89%1.92%1.93%
Mar 20211.15%1.15%1.19%1.21%
Feb 20211.16%1.16%1.19%1.21%
Jan 20211.47%1.47%1.50%1.53%
Dec 20201.23%1.24%1.27%1.29%
Nov 20201.26%1.26%1.29%1.31%
Oct 20200.33%0.33%0.38%0.40%
Sep 20200.20%0.20%0.25%0.27%
Aug 20200.54%0.54%0.58%0.60%
Jul 20200.92%0.92%0.96%0.98%
Jun 20200.58%0.58%0.63%0.65%
May 2020-0.05%-0.05%-0.00%0.02%
Apr 2020-1.74%-1.74%-1.68%-1.65%
Mar 2020-0.74%-0.74%-0.69%-0.66%
Feb 2020-0.20%-0.20%-0.15%-0.13%
Jan 20200.44%0.44%0.49%0.51%
Dec 20191.04%1.04%1.08%1.10%
Nov 20190.61%0.65%0.67%
Oct 20190.85%0.89%0.91%
Sep 20190.51%0.56%0.58%
Aug 20191.20%1.24%1.26%
Jul 20190.21%0.26%0.28%
Jun 20190.83%0.87%0.89%
May 20191.15%1.19%1.21%
Apr 20190.15%0.19%0.21%
Mar 20191.03%1.07%1.09%
Feb 20190.59%0.63%0.64%
Jan 20191.24%1.29%1.31%
Dec 20180.22%0.24%
Nov 20180.67%0.69%
Oct 2018-0.10%-0.08%
Sep 20180.61%0.63%
Aug 20180.31%0.33%
Jul 20180.17%0.19%
Jun 20180.95%0.97%
May 20180.37%

Total asset value is measured as the gross asset value of real estate properties (based on fair value), the investment in our real estate-related securities measured at fair value, the equity investment in unconsolidated International Affiliated Funds (which includes the allocable share of the International Affiliated Funds' income and expense, realized gains and losses and unrealized appreciation or depreciation), any investments in commercial mortgage loans measured at fair value, plus cash and other assets, excluding restricted cash.

Number of properties includes directly owned properties including single family homes, and additional properties owned by the International Affiliated Funds in which we have made an investment.

Leased rate reflects directly-owned real estate property investments, excluding investments in single family housing and debt securities. Percentage leased is weighted by the total real estate asset value of all directly-owned real estate properties and includes all leased square footage as of the date indicated. Diversification of an investor's portfolio does not assure a profit or protect against loss in a declining market.

Leverage ratio is measured using, as the numerator, property-level and entity-level debt and as the denominator, the gross asset value of real estate assets (calculated using the greater of fair value and cost of gross real estate assets including investment in our securities portfolio, our loan portfolio, and our allocable share of investments in unconsolidated International Affiliated Funds), inclusive of property-level and entity-level debt, plus cash and other assets, excluding restricted cash. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful.

1. NAV is calculated in accordance with the valuation guidelines approved by our board of directors. NAV is not a measure used under generally accepted accounting principles in the United States ("GAAP"), and you should not consider NAV to be equivalent to stockholders' equity or any other GAAP measure. For a full reconciliation of NAV to stockholders' equity and a discussion of the limitations and risks associated with our valuation methodology, please see the "Management's Discussion and Analysis of Financial Condition and Results of Operation - NAV Per Share" section of our annual and quarterly reports filed with the SEC, which are available at www.nuveen.com/gcreit. For information on how we calculate NAV, see the "Net Asset Value Calculation and Valuation Guidelines" section of our prospectus.

2. A portion of REIT ordinary income distributions may be tax deferred given the ability to characterize ordinary income as Return of Capital (ROC). ROC distributions reduce the stockholder's tax basis in the year the distribution is received, and generally defers taxes on that portion until the stockholder's stock is sold via redemption. Certain non-cash deductions, such as depreciation and amortization, lower the taxable income for REIT distributions. Investors should be aware that a REIT's ROC percentage may vary significantly in a given year and, as a result, the impact of the tax law and any related advantages may vary. Nuveen Securities, LLC is not a tax advisor. Clients should consult their professional advisors before making any tax or investment decisions. This information should not replace a client's consultation with a professional advisor regarding their tax situation.

3. Distribution rate reflects the annualized distribution divided by the NAV. Approximately 62% of year-to-date distributions are funded from GAAP cash flow from operations and 38% from debt and financing proceeds.

4. Performance data shown represents past performance and does not predict or guarantee future results. Investment returns and principal value will fluctuate so that shares redeemed may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges were included. Returns assume reinvestment of dividends and capital gains. Returns shown are preliminary. Net total returns are calculated by share class using the time weighted return formula and derived by dividing (1) the respective aggregate share class's monthly net operating income (after appreciation, fees and expenses) by (2) the share class's previous month's ending NAV plus the proceeds from share issuances for the current month. Actual individual investor performance may differ from the aggregated share class performance. Class T shares and Class S shares listed as (with sales load) reflect the returns after the maximum upfront selling commission and dealer manager fees of 3.5%. Class D shares listed as (with sales load) reflect the returns after the maximum upfront selling commission of 1.5%. Class T shares, Class S shares, and Class D shares listed as (no sales load) exclude up-front selling commissions and dealer manager fees. Returns are annualized for periods longer than one year. The returns have been prepared using unaudited data and valuations of the underlying investments in GCREIT's portfolio, which are estimates of fair value and form the basis for GCREIT's NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated.

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