Nuveen Global Cities REIT, Inc.

Nuveen Global Cities REIT, Inc. reported a net loss of $9.6 million for FY 2025 ending December 31, 2025, worsening from $1.6 million in 2024, primarily due to $9.1 million unrealized loss on commercial mortgage loans and higher total expenses of $185.8 million versus $180.0 million prior year. Total revenues grew 2.8% YoY to $212.0 million, driven by rental revenue increase to $185.3 million from $175.5 million amid acquisitions like Mountain View Industrial ($30.0M) and Henderson Square ($34.5M), offset by $4.0 million drop in commercial mortgage loan income to $26.7 million from payoffs. Other income/expense swung to -$35.9 million from -$27.8 million due to market conditions. Balance sheet strengthened with total assets at $2.73B, equity $1.71B, and liquidity $558.4M including $271.0M undrawn credit. Operating cash flow rose to $74.5M from $68.7M. Distributions totaled $118.5M, funded 63% from operations. Forward outlook emphasizes diversification across sectors (92% occupancy), DST Program ($26.6M raised), and leverage at 36% of gross assets, targeting stable yields amid stabilizing real estate values.

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