Nuveen Global Cities REIT – Securities Investigation

Nuveen Global Cities REIT – Investor Recovery Options

Are you concerned about your investment in Nuveen Global Cities REIT? If so, the securities attorneys at The White Law Group may be able to help you. Many investors in non-traded REITs face challenges with declining valuations, limited redemption opportunities, and high fees, despite initial promises of stability and growth.

About Nuveen Global Cities REIT

Nuveen Global Cities REIT, Inc., sponsored by Nuveen, LLC, is a non-traded real estate investment trust (REIT) that focuses on stabilized, income-producing commercial real estate. While the majority of its portfolio is in the United States, a smaller portion of assets are located in Canada, Europe, and the Asia-Pacific region.

The offering, effective since January 31, 2018, includes Class D, Class S, Class T, and Class I shares, each with varying upfront commissions and ongoing fees. Shares are priced based on the REIT’s net asset value (NAV) plus applicable charges.

According to company filings, the NAVs as of December 31, 2024, were:

• Class T – $11.99
• Class S – $11.86
• Class D – $12.02
• Class I – $11.98

2025 Amended Partnership Agreement

In May 2025, Nuveen Global Cities REIT filed an Amended and Restated Limited Partnership Agreement for its operating partnership, Nuveen Global Cities REIT OP, LP. Notable provisions include:

• Multiple Share Classes: Class D, D-1, I, N, S, S-1, and T units, each with different fee and distribution structures.
• Redemption Rights: Limited redemption opportunities remain in place, subject to caps and restrictions, consistent with ongoing liquidity issues faced by non-traded REITs.
• Conversion Features: Certain share classes (such as Class D-1 and Class S-1) automatically convert into Class I units once capped distribution fees are reached, which may affect long-term returns.
• Broad General Partner Powers: The general partner retains authority over new issuances, valuation methods, and capital contributions.

Declining Fundraising & Market Pressures

Non-traded REITs have struggled in recent years. According to CoStar, fundraising for non-traded REITs declined by two-thirds in 2023 compared to 2022, totaling just $9.8 billion versus $30 billion the prior year. Rising interest rates and falling commercial real estate prices contributed to a reported 12% decline in industry-wide NAVs during the year.

Commercial real estate continues to face headwinds, with office vacancy rates hitting 12.9% in early 2024, surpassing the levels seen during the 2008 financial crisis. For investors, these trends highlight the risks of illiquidity and potential overvaluation in private REIT products like Nuveen Global Cities REIT.

Risks of Investing in Nuveen Global Cities REIT

• Illiquidity: Shares do not trade on public markets and are difficult to sell outside limited redemption programs or secondary markets (often at a discount).
• Valuation Uncertainty: NAVs are internally determined and may not accurately reflect the true market value of underlying assets.
• High Fees: Commissions, advisory fees, and distribution costs can reduce investor returns over time.
• Market Exposure: Concentration in commercial real estate leaves the fund vulnerable to interest rate changes, tenant defaults, and broader economic downturns.

Broker Due Diligence

Financial advisors have a fiduciary duty to ensure investments are suitable for their clients. If your broker failed to disclose the risks of investing in Nuveen Global Cities REIT or misrepresented the investment, you may have grounds for a claim.

Free Consultation with Securities Attorneys

If you are concerned about your investment in Nuveen Global Cities REIT or another non-traded REIT, please contact The White Law Group for a free consultation at 888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, visit whitesecuritieslaw.com.