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Form 10-Q Nuveen Global Cities For: Jun 30

August 15, 2022 11:59 AM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM 10-Q
______________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 000-56273
___________________________
nuveen
Nuveen Global Cities REIT, Inc.
(Exact name of Registrant as specified in its Charter)
___________________________
Maryland
(State or other jurisdiction of
incorporation or organization)
82-1419222
(I.R.S. Employer
Identification No.)
730 Third Avenue, 3rd Floor
New York, NY
(Address of principal executive offices)
10017
(Zip Code)
Registrant’s telephone number, including area code: (212) 490-9000
_____________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
None
N/A
N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of August 15, 2022, there were 16,066,787 outstanding shares of Class T common stock, 41,762,306 outstanding shares of Class S common stock, 7,808,029 outstanding shares of Class D common stock, 69,522,125 outstanding shares of Class I common stock, and 29,730,608 outstanding shares of Class N common stock.




Table of Contents
Page
Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (unaudited)
Consolidated Statements of Operations for the three and six months ended June 30, 2022 and June 30, 2021 (unaudited)
2





ITEM 1. FINANCIAL STATEMENTS
Nuveen Global Cities REIT, Inc.
Consolidated Balance Sheets (unaudited)
(in thousands, except share and per share data)
June 30,
2022
December 31,
2021
Assets
Investments in real estate, net$1,124,824 $909,832 
Investment in commercial mortgage loans, at fair value236,088 140,512 
Investments in international affiliated funds128,124 131,046 
Investments in real estate-related securities, at fair value105,173 93,970 
Investments in real estate debt, at fair value83,167 14,183 
Cash and cash equivalents358,954 36,163 
Restricted cash87,700 94,413 
Intangible assets, net62,912 57,473 
Other assets15,710 20,545 
Total assets$2,202,652 $1,498,137 
Liabilities and Equity
Credit facility$155,000 $238,000 
Loan participations, at fair value109,599  
Mortgages payable, net105,671 105,614 
Note payable, at fair value69,263  
Subscriptions received in advance86,897 100,778 
Due to affiliates45,489 30,006 
Accounts payable, accrued expenses, and other liabilities27,858 14,810 
Intangible liabilities, net23,262 22,522 
Distributions payable8,832 5,323 
Total liabilities631,871 517,053 
Redeemable non-controlling interest584 258 
Equity
Series A Preferred Stock126 126 
Common stock - Class T shares, $0.01 par value per share, 500,000,000 shares authorized, 14,693,461 and 9,201,452 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
147 92 
Common stock - Class S shares, $0.01 par value per share, 500,000,000 shares authorized, 38,708,716 and 23,809,171 issued and outstanding at June 30, 2022 and December 31, 2021, respectively
388 238 
Common stock - Class D shares, $0.01 par value per share, 500,000,000 shares authorized, 7,442,455 and 4,648,665 issued and outstanding at June 30, 2022 and December 31, 2021, respectively
73 46 
Common stock - Class I shares, $0.01 par value per share, 500,000,000 shares authorized, 62,601,456 and 31,460,729 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
627 316 
Common stock - Class N shares, $0.01 par value per share, 100,000,000 shares authorized, 29,730,608 shares issued and outstanding at June 30, 2022 and December 31, 2021
297 297 
Additional paid-in capital1,714,792 1,043,073 
1


Accumulated deficit and cumulative distributions(140,393)(63,958)
Accumulated other comprehensive loss(6,673)(239)
Total stockholder's equity1,569,384 979,991 
Non-controlling interest attributable to third party joint venture813 835 
Total equity1,570,197 980,826 
Total liabilities and equity$2,202,652 $1,498,137 
The accompanying notes are an integral part of these consolidated financial statements.

2



Nuveen Global Cities REIT, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Revenues
Rental revenue$24,482 $12,131 $46,150 $23,393 
Income from commercial mortgage loans1,897  3,892  
Total revenues26,379 12,131 50,042 23,393 
Expenses
Rental property operating7,785 3,544 15,346 7,058 
General and administrative2,525 874 4,621 1,931 
Advisory fee due to affiliate6,431 1,631 11,137 2,695 
Depreciation and amortization14,040 6,754 26,407 12,238 
Total expenses30,781 12,803 57,511 23,922 
Other income (expense)
Realized and unrealized (loss) income from real estate-related securities(18,534)5,904 (21,938)8,785 
Realized and unrealized loss from real estate debt(1,812) (2,518) 
Income (loss) from equity investments in unconsolidated international affiliated funds4,126 (374)4,985 315 
Unrealized loss on commercial mortgage loan(2,248) (2,248) 
Interest income1,177 50 1,507 110 
Interest expense(3,147)(1,002)(4,943)(1,945)
Total other income (expense)(20,438)4,578 (25,155)7,265 
Net (loss) income$(24,840)$3,906 $(32,624)$6,736 
Net loss attributable to non-controlling interest in third party joint venture(41) (22) 
Net income attributable to preferred stock4 3 8 11 
Net (loss) income attributable to common stockholders$(24,803)$3,903 $(32,610)$6,725 
Net (loss) income per share of common stock - basic and diluted$(0.18)$0.07 $(0.25)$0.14 
Weighted-average shares of common stock outstanding, basic and diluted145,099,003 55,021,598 129,962,367 49,432,630 
The accompanying notes are an integral part of these consolidated financial statements.
3


Nuveen Global Cities REIT, Inc.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net (loss) income$(24,840)$3,906 $(32,624)$6,736 
Other comprehensive (loss) income:
Foreign currency translation adjustment(4,468)326 (6,434)(935)
Comprehensive (loss) income (29,308)4,232 (39,058)5,801 
Comprehensive loss attributable to non-controlling interest in third party joint venture(41) (22) 
Comprehensive income attributable to preferred stock4 3 8 11 
Comprehensive (loss) income attributable to common stockholders$(29,271)$4,229 $(39,044)$5,790 
The accompanying notes are an integral part of these consolidated financial statements.
4


Nuveen Global Cities REIT, Inc.
Consolidated Statements of Changes in Equity (unaudited)
(in thousands, except share data)
Three Months Ended June 30, 2022
Preferred
Stock
Par ValueAdditional
Paid-in
Capital
Accumulated
Deficit and
Cumulative
Distributions
Accumulated Other Comprehensive Income (Loss) Total Stockholders' EquityNon-Controlling Interest Attributable to Third Party Joint VentureTotal
Equity
Common
Stock
Class T
Common Stock Class SCommon
Stock
Class D
Common
Stock
Class I
Common
Stock
Class N
Balance at March 31, 2022$126 $119 $310 $62 $439 $297 $1,329,491 $(90,787)$(2,205)$1,237,852 $854 $1,238,706 
Issuance of 30,638,194 shares of common stock (net of $330 of offering costs)
— 28 79 11 187 — 385,178 — — 385,483 — 385,483 
Distribution reinvestment—  
(a)
2 1 4 — 8,637 — — 8,644 — 8,644 
Common stock repurchased—  
(a)
(3)(1)(3)— (8,152)— — (8,159)— (8,159)
Amortization of restricted stock grants— — — — — — (54)— — (54)— (54)
Net income (loss)4 — — — — — — (24,803)— (24,799)(41)(24,840)
Distributions on common stock— — — — — — — (24,803)— (24,803)— (24,803)
Distribution on preferred stock(4)— — — — — — — — (4)— (4)
Foreign currency translation adjustment— — — — — — — — (4,468)(4,468)— (4,468)
Allocation to redeemable non-controlling interest— — — — — — (308)— — (308)— (308)
Balance at June 30, 2022$126 $147 $388 $73 $627 $297 $1,714,792 $(140,393)$(6,673)$1,569,384 $813 $1,570,197 
(a)Amount is not presented due to rounding; see Note 17.
5


Three Months Ended June 30, 2021
Par ValueAdditional
Paid-in
Capital
Accumulated
Deficit and
Cumulative
Distributions
Accumulated Other Comprehensive IncomeTotal Stockholders' EquityNon-Controlling Interest Attributable to Third Party Joint VentureTotal
Equity

Preferred
Stock
Common
Stock
Class T
Common Stock Class SCommon
Stock
Class D
Common
Stock
Class I
Common
Stock
Class N
Balance at March 31, 2021$129 $39 $47 $16 $61 $297 $459,893 $(46,130)$907 $415,259 $— $415,259 
Issuance of 13,448,464 shares of common stock (net of $234 of offering costs)
— 16 48 8 61 — 140,818 — — 140,951 — 140,951 
Distribution reinvestment—  
(a)
1  
(a)
1 — 1,190 — — 1,192 — 1,192 
Common stock repurchased—  
(a)
 
(a)
 
(a)
(1)— (868)— — (869)— (869)
Amortization of restricted stock grants— — — — — — 17 — — 17 — 17 
Net income3 — — — — — — 3,903 — 3,906 — 3,906 
Distributions on common stock— — — — — — — (8,313)— (8,313)— (8,313)
Distribution on preferred stock(3)— — — — — — — — (3)— (3)
Foreign currency translation adjustment— — — — — — — — 326 326 — 326 
Balance at June 30, 2021$129 $55 $96 $24 $122 $297 $601,050 $(50,540)$1,233 $552,466 $ $552,466 
(a)Amount is not presented due to rounding; see Note 17.
6


Six Months Ended June 30, 2022
Preferred
Stock
Par ValueAdditional
Paid-in
Capital
Accumulated
Deficit and
Cumulative
Distributions
Accumulated Other Comprehensive LossTotal Stockholders' EquityNon-Controlling Interest Attributable to Third Party Joint VentureTotal
Equity
Common
Stock
Class T
Common Stock Class SCommon
Stock
Class D
Common
Stock
Class I
Common
Stock
Class N
Balance at December 31, 2021$126 $92 $238 $46 $316 $297 $1,043,073 $(63,958)$(239)$979,991 $835 $980,826 
Issuance of 54,326,072 shares of common stock (net of $524 of offering costs)
— 54 149 27 309 — 667,709 — — 668,248 — 668,248 
Distribution reinvestment
— 1 4 1 6 — 14,506 — — 14,518 — 14,518 
Common stock repurchased—  (a)(3)(1)(4)— (10,209)— — (10,217)— (10,217)
Amortization of restricted stock grants— — — — — — 39 — — 39 — 39 
Net income (loss)8 — — — — — — (32,610)— (32,602)(22)(32,624)
Distributions on common stock— — — — — — — (43,825)— (43,825)— (43,825)
Distribution on preferred stock(8)— — — — — — — — (8)— (8)
Foreign currency translation adjustment— — — — — — — — (6,434)(6,434)— (6,434)
Allocation to redeemable non-controlling interest— — — — — — (326)— — (326)— (326)
Balance at June 30, 2022$126 $147 $388 $73 $627 $297 $1,714,792 $(140,393)$(6,673)$1,569,384 $813 $1,570,197 

(a)Amount is not presented due to rounding; see Note 17.
7


Six Months Ended June 30, 2021
Par ValueAdditional
Paid-in
Capital
Accumulated
Deficit and
Cumulative
Distributions
Accumulated Other Comprehensive IncomeTotal Stockholders' EquityNon-Controlling Interest Attributable to Third Party Joint VentureTotal
Equity

Preferred
Stock
Common
Stock
Class T
Common Stock Class SCommon
Stock
Class D
Common
Stock
Class I
Common
Stock
Class N
Balance at December 31, 2020$250 $33 $28 $13 $46 $297 $416,348 $(42,406)$2,168 $376,777 $— $376,777 
Issuance of 17,678,466 shares of common stock (net of $400 of offering costs)
— 22 67 11 76 — 183,840 — — $184,016 $— $184,016 
Distribution reinvestment—  (a)1  (a)1 — 1,986 — — $1,988 $— $1,988 
Preferred stock redemption(125)— — — — — — — — $(125)$— $(125)
Amortization of restricted stock grants— — — — — — 34 — — $34 $— $34 
Common stock repurchased—  (a) (a) (a)(1)— (1,158)— — $(1,159)$— $(1,159)
Net income11 — — — — — — 6,725 — $6,736 $— $6,736 
Distributions on common stock— — — — — — — (14,859)— $(14,859)$— $(14,859)
Distribution on preferred stock(7)— — — — — — — — $(7)$— $(7)
Foreign currency translation adjustment— — — — — — — — (935)$(935)$— $(935)
Balance at June 30, 2021$129 $55 $96 $24 $122 $297 $