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Nuveen Global Cities REIT Nuveen Global Cities REIT GCREIT 2020 Annual Report Dear GCREIT Stockholders, March 26, 2021 Nuveen Global Cities REIT, Inc.’s strategy continues to focus on durable income, diversification across global cities and property sectors, and achieving long-term appreciation through active investment and asset management. Performance highlights (all data as of December 31, 2020) • Nuveen Global Cities REIT’s Class I shares total net return for 2020 was 3.59% and since inception return was 6.57%.1,2 • The positive total returns for 2020 were driven primarily by increased property valuations and property level income. • Current monthly distribution rate is 5.36% (Class I shares).3 • The portfolio has grown to $639m in gross asset value, consisting of direct and indirect investments in 44 properties located across leading global cities.4,5 • We achieved these returns all while conservatively managing risk in the portfolio, with year end leverage of 27.73%.6 Portfolio update As we enter 2021, continued economic recovery is anticipated, however, the pace of recovery will vary across sectors and industries. We continue to believe certain real estate sectors such as industrial, technology, and medical-related properties will benefit from macroeconomic trends such as ecommerce growth and increased reliance on technology and healthcare. Nuveen Global Cities REIT’s portfolio consists of a combined 49% allocation to industrial and medical office in the United States, as of December 31, 2020. In terms of operations, the REIT’s U.S. portfolio is now 99% leased8 and rent collections have rebounded with 98% of rent collected in December. The operational stability supports the important features of the Nuveen Global Cities REIT: stable, tax-efficient yields and strong relative value. Additionally, the portfolio continues to benefit from moderate leverage, which equates to less volatility and less downside risk10; high occupancy rates; very limited lease expirations over the next 12 months; overweighting industrial with an underweighting to retail and office; no material exposure to hospitality, gaming, leisure, or senior housing, which are anticipated to be the most negatively affected sectors in the near term; and disciplined city selection, which improves liquidity and resiliency through cycles. Nuveen Global Cities REIT, Inc.’s strategy continues to focus on durable income, diversification across global cities and property sectors, and achieving long-term appreciation through active investment and asset management. Nuveen Real Estate, remains fully capable of investing and supporting all of its client portfolios and is committed to the welfare of its employees and clients. We have the benefit of the resources, preparations, and strategy across Nuveen Real Estate and its parent, TIAA, a 100-year-old company with more than $1 trillion of assets under management as of 31 December 2020. TIAA’s $300 million investment into the Nuveen Global Cities REIT remains a key feature, providing true co-alignment and attention from Nuveen Real Estate and its leadership team. We believe that the Nuveen Global Cities REIT’s commitment to quality, diversification, and strategic portfolio construction will continue to offer investors a competitive advantage and value for stockholders. Sincerely, Michael Sales Michaelih l Perry Richard Kimble Chairman of the Board and CEO, Director, Board of Directors, Lead Portfolio Manager, Global Cities REIT Global Cities REIT Global Cities REIT EVP and CEO, Executive Vice President and Head of U.S. Managing Director, Nuveen Real Estate and Real Assets Advisory Services, Nuveen Portfolio Management, Americas Nuveen Real Estate Nuveen Global Cities REIT 2020 Wrap Up (all data as of December 31, 2020) Key 2020 Acquisitions Portfolio statistics Total asset value ($ Million)1 $639.33 Net asset value ($ Million)2 $446.74 Number of properties5 (REIT and International Affiliated Funds) 44 Leverage ratio6 27.73% NORTH AMERICA Inception date7 January 2018 One National Occupancy rate8 99% Location: Boston, MA Sector: Industrial Portfolio allocation (%) Size: 300,000 sq. ft. Date acquired: November 2020 ASIA PACIFIC By region (%) By sector9 (%) Japan residential portfolio z North America 85 z Industrial 37 Location: Tokyo & Osaka, Japan z Europe 5 z Multifamily 19 Sector: Multifamily housing Size: 232,350 sq. ft. z Asia-Pacific 3 z Grocery Anchored Retail 16 Date acquired: February 2020 z RE debt - z Office 16 z RE securities 6 z Medical/Life Science 12 Key 2020 Highlights • 68% allocated to industrial, multifamily, medical office, and life science • 96% rent average collection in 20208 • Largest tenant in the portfolio is leading e-commerce company NORTH AMERICA • Only two tenants vacated due to COVID-19 Wilderness Place • Limited near term lease expirations with only 4% of leases expiring in 2021 and only 15% through 20238 Location: Boulder, CO • Five new acquisitions awarded or closed in Q4 2020, totaling $100M Sector: Life sciences • Disciplined city selection - 100% invested in top 2% of global cities Size: 30,887 sq. ft. • No material exposure to hospitality, gaming, leisure, or senior housing, which Date acquired: January 2021 are anticipated to be the most negatively affected sectors in the near term Nuveen Global Cities REIT 2020 Performance Summary (all data as of December 31, 2020) Returns by share class Distribution rate3 Net Total Returns1, 2 Inception Since Monthly YTD 1 year Class I 5.36% Date Inception Class I 01 May 2018 1.29% 3.59% 3.59% 6.57% Class D 5.13% Class T 4.58% Class D 01 Jun 2018 1.28% 3.36% 3.36% 6.38% Class S 4.59% Class T (no sales load) 01 Jan 2019 1.23% 2.78% 2.78% 6.24% Class T (with sales load) 01 Jan 2019 -2.27% -0.80% -0.80% 4.39% Class S (no sales load) 01 Dec 2019 1.24% 2.80% 2.80% 3.56% Class S (with sales load) 01 Dec 2019 -2.26% -0.78% -0.78% 0.25% Monthly NAV2 For transaction date: Class I Class D Class T Class S 01 Feb 2021 NAV per share $10.63 $10.61 $10.53 $10.50 ASIA PACIFIC NORTH AMERICA NORTH AMERICA Uiwang Logistics 9725 Datapoint Defoor Hills Location: Seoul, South Korea Location: San Antonio, TX Location: Atlanta, GA Sector: Industrial Sector: Medical office Sector: Office Size: 907,300 sq. ft. Size: 203,762 sq. ft. Size: 90,820 sq. ft. Date acquired: September 2020 Date acquired: December 2019 Date acquired: June 2018 NORTH AMERICA EUROPE NORTH AMERICA Kirkland Crossing Cube Berlin Denver Industrial Portfolio Location: Chicago, IL Location: Berlin, Germany Location: Denver, CO Sector: Multifamily Sector: Office Sector: Industrial Size: 303,952 sq. ft. Size: 200,000 sq. ft. Size: 485,9840 sq. ft. Date acquired: December 2017 Date acquired: June 2020 Date acquired: December 2017 Nuveen Global Cities REIT 2021 Investment Themes Nuveen Global Cities REIT allocates to high quality assets across core private real estate sectors. But our strategic focus is on the most dynamic segments of the market: industrial, housing, and alternative real estate, namely alternative housing, health care, and technology. We believe that a number of themes will drive long-term outperformance in these property types. Below are three examples of themes that drive our allocation. Industrial Migration to the Health care 1. power 2. Sun Belt 3. transformation ASIA PACIFIC NORTH AMERICA NORTH AMERICA Odawara Logistics1 Tacara Steiner Ranch Locust Grove Location: Tokyo, Japan Location: Austin, TX Location: Atlanta, GA Acquired: August 2019 Acquired: June 2018 Acquired: November 2020 During the past decade, warehouse In the U.S., the trend toward the Health care is the fastest-growing facilities have experienced growing Sun Belt cities has long been in sector in the U.S. economy and demand because they serve multiple place, but the pace was accelerated accounts for nearly one-fifth of purposes in the modern, digital by COVID-19. Increasingly this GDP, according to OECD Health economy. Nuveen believes that southward migration is supported Statistics 2019. We believe health numerous drivers will continue to by major employers relocating their care-centric real estate will continue fuel the growth in this sector: offices from higher priced cities to to grow in importance during the continued growth of e-commerce, more affordable options in the Sun coming decades, particularly in rerouting of goods as global Belt. This shift will have light of COVID-19. These properties production shifts to new locations, implications for real estate values in include life science facilities focused warehousing demand for many sectors, including housing, on medical research and medical construction and building office, industrial and technology offices where patients seek materials, and the repatriation of centers. outpatient care. manufacturing, just to name a few. 1 This property is owned by Asia Pacific Cities Fund (APCF), in which Nuveen Global Cities REIT (REIT) has made a $20 million investment and has made an additional commitment of $10 million as of 30 Sep 2020. APCF has $728 million in gross asset value as of 30 Sep 2020 excluding purchases post quarter end. Nuveen Global Cities REIT End Notes Certain information contained in this letter constitutes “forward-looking statements” Financial Condition and Results of Operation—NAV Per Share” section of our within the meaning of the federal securities laws and the Private Securities annual and quarterly reports filed with the SEC, which are available at Litigation Reform Act of 1995. These forward-looking statements can be identified www.nuveen.com/gcreit. For information on how we calculate NAV, see the by the use of forward-looking terminology, such as “believes,” “expects,” “potential,” “Net Asset Value Calculation and Valuation Guidelines” section of our “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” prospectus. “estimates,” “anticipates,” “likely,” or the negative versions of these words or other 3. Distribution rate reflects the most recently approved monthly annualized comparable words thereof.
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