Nuveen Global Cities REIT (NUVEEN) 424B3 Prospectus supplement

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-280368

NUVEEN GLOBAL CITIES REIT, INC.

SUPPLEMENT NO. 1 DATED NOVEMBER 7, 2024

TO THE PROSPECTUS DATED NOVEMBER 6, 2024

This prospectus supplement (this “Supplement”) is part of and should be read in conjunction with the prospectus of Nuveen Global Cities REIT, Inc., dated November 6, 2024 (the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are as follows:

• to disclose the transaction price for each class of our common stock as of November 1, 2024;

• to disclose the calculation of our September 30, 2024 net asset value (“NAV”) per share for each class of our common stock; and

• to update the “Experts” section of the Prospectus.

November 1, 2024 Transaction Price

The transaction price for each class of our common stock for subscriptions accepted as of November 1, 2024 (and repurchases as of October 31, 2024) is as follows:

	Transaction Price (per share)
Class T	$	11.72
Class S	$	11.58
Class D	$	11.74
Class I	$	11.70

The transaction price for each of our Class T, Class S, Class D and Class I shares is equal to such class’s NAV per share as of September 30, 2024. A detailed presentation of the NAV per share is set forth below.

The purchase price of our common stock for each class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. 

September 30, 2024 NAV Per Share

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.nuveenglobalreit.com. Please refer to “Net Asset Value Calculation and Valuation Guidelines” in the Prospectus for information on how our NAV is determined. The Advisor is ultimately responsible for determining our NAV. Our properties have been appraised and our commercial mortgage loans have been valued in accordance with our valuation guidelines and such appraisals and valuations were prepared by our independent valuation advisor.

The following table provides a breakdown of the major components of our NAV as of September 30, 2024 ($ and shares in thousands):

Components of NAV	September 30, 2024
Investments in real property	$	2,198,657
Investments in commercial mortgage loans		193,030
Investments in international affiliated funds		111,773
Investments in real estate-related securities		106,493
Investments in real estate debt		93,083
Cash and cash equivalents		33,154
Restricted cash		30,744
Other assets		11,890

VGN-NREIT-1124P

Components of NAV	September 30, 2024
Debt obligations		(544,330	)
Other liabilities		(71,674	)
Subscriptions received in advance		(29,842	)
Stockholder servicing fees payable the following month(1)		(521	)
Non-controlling interests in joint ventures		(5,564	)
Net Asset Value	$	2,126,893
Net asset value attributable to preferred stock		129
NAV attributable to common stockholders	$	2,126,764
Number of outstanding shares of common stock		181,004

(1) Stockholder servicing fees only apply to Class T, Class S and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class T, Class S and Class D shares. As of September 30, 2024, we have accrued under GAAP approximately $44.3 million of stockholder servicing fees payable to the Dealer Manager related to the Class T, Class S and Class D shares sold.

The following table provides a breakdown of our total NAV and NAV per share of common stock by share class as of September 30, 2024 ($ and shares in thousands, except per-share data):

	Class T Shares		Class S Shares		Class D Shares		Class I Shares		Class N Shares		Total
Net asset value attributable to common stockholders	$	190,584	$	522,934	$	83,393	$	967,875	$	361,978	$	2,126,764
Number of outstanding shares		16,267		45,167		7,102		82,737		29,731		181,004
NAV per share	$	11.72	$	11.58	$	11.74	$	11.70	$	12.18

Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the September 30, 2024 valuations, based on property types.

Property Type	Discount Rate			Exit Capitalization Rate
Industrial		6.91	%		5.83	%
Multifamily		6.65			5.48
Office		7.80			7.10
Healthcare		7.36			6.48
Retail		6.58			5.75
Self-Storage		7.29			5.68
Single-Family Housing		7.25			5.50

These assumptions are determined by our independent valuation advisor. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remained unchanged, the changes listed below would result in the following effects on our investment values:

Input	Hypothetical Change	Industrial Investment Values			Multifamily Investment Values			Office Investment Values			Healthcare Investment Values			Retail Investment Values			Self- Storage Investment Values			Single- Family Housing Investment Values
Discount Rate	0.25% decrease		1.95	%		1.91	%		1.80	%		2.02	%		1.96	%		1.79	%		2.01	%
(weighted average)	0.25% increase		(1.98	)%		(1.91	)%		(1.99	)%		(1.86	)%		(1.92	)%		(1.95	)%		(1.87	)%
Exit Capitalization Rate	0.25% decrease		2.94	%		2.91	%		2.18	%		2.61	%		2.81	%		2.61	%		2.87	%
(weighted average)	0.25% increase		(2.73	)%		(2.72	)%		(2.09	)%		(2.35	)%		(2.56	)%		(2.77	)%		(2.58	)%

Experts

The following disclosure is added to the “Experts” section of the Prospectus.

The estimated market values of our investments in real property and investments in commercial mortgage loans as of September 30, 2024 presented on page 2 of this Supplement under the section “September 30, 2024 NAV Per Share” have been prepared by SitusAMC Real Estate Valuation Services, LLC, an independent valuation firm, and are included in this Supplement given the authority of such firm as experts in property valuations and appraisals. SitusAMC Real Estate Valuation Services, LLC will not calculate or be responsible for our NAV per share for any class of our shares.