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

NUVEEN GLOBAL CITIES REIT, INC.

SUPPLEMENT NO. 16 DATED MARCH 17, 2026

TO THE PROSPECTUS DATED APRIL 11, 2025

This prospectus supplement (this “Supplement”) is part of and should be read in conjunction with the prospectus of Nuveen Global Cities REIT, Inc., dated April 11, 2025 (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:

 

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to disclose the acquisition of an industrial property;

 

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to disclose the acquisition of a retail property;

 

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to disclose the transaction price for each class of our common stock as of April 1, 2026;

 

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to disclose the calculation of our February 28, 2026 net asset value (“NAV”) per share for each class of our common stock;

 

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to provide an update on the status of our offering; and

 

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to update the “Experts” section of the Prospectus.

Industrial Property Acquisition

In February 2026, we acquired 235 Hembree Park, an industrial property located in the Roswell submarket of Atlanta. The purchase price was $14.8 million. The 93,363 square foot property is 100% leased.

Retail Property Acquisition

In March 2026, we acquired Elston Plaza, a grocery-anchored retail property located in the Avondale submarket of Chicago. The purchase price was $27.0 million. The 92,911 square foot property is 95.4% leased.

February 28, 2026 Transaction Price

The transaction price for each class of our common stock for subscriptions accepted as of April 1, 2026 (and repurchases as of March 31, 2026) is as follows:

 

		Transaction Price (per share)
Class T		$	11.31
Class S		$	11.17
Class D		$	11.33
Class I		$	11.29

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 February 28, 2026. 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. 

February 28, 2026 NAV Per Share

We calculate our 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

 

		VGN-NREIT-0326P

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 February 28, 2026 ($ and shares in thousands):

 

Components of NAV		February 28, 2026
Investments in real property		$	2,404,284
Investments in commercial mortgage loans			266,088
Investments in real estate debt			153,875
Investments in international affiliated funds			117,660
Investments in real estate-related securities			112,859
Cash and cash equivalents			57,802
Restricted cash			36,406
Other assets			16,022
Debt obligations			(727,210	)
Other liabilities			(92,261	)
Subscriptions received in advance			(35,512	)
Stockholder servicing fees payable the following month(1)			(449	)
Non-controlling interests in joint ventures			(43,030	)
Net Asset Value		$	2,266,534
Net asset value attributable to preferred stock			128
NAV attributable to common stockholders		$	2,266,406
Number of outstanding shares of common stock			200,190

 

(1)

Stockholder servicing fees only apply to Class T, Class S and Class D shares. For purposes of our NAV, we recognize the stockholder servicing fee as a reduction of our 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 February 28, 2026, we have accrued under GAAP approximately $34.3 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 February 28, 2026 ($ 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		$	132,694			$	526,083			$	82,690			$	1,249,144			$	275,795			$	2,266,406
Number of outstanding shares			11,734				47,099				7,297				110,606				23,454				200,190
NAV per share		$	11.31			$	11.17			$	11.33			$	11.29			$	11.76

Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the February 28, 2026 valuations, based on property types.

 

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Property Type		Discount Rate				Exit Capitalization Rate
Industrial			7.03	%			5.91	%
Multifamily			6.82				5.54
Multifamily- International			4.15				3.59
Office			8.06				7.28
Healthcare			7.32				6.46
Retail			6.95				5.92
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				Multifamily- International 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				1.99	%			1.92	%			2.24	%			1.80	%			2.01	%			1.91	%			1.88	%			1.92	%
(weighted average)			0.25% increase				(1.97	)%			(1.87	)%			(1.82	)%			(1.87	)%			(1.85	)%			(1.91	)%			(2.05	)%			(1.84	)%
Exit Capitalization Rate			0.25% decrease				2.85	%			2.87	%			5.68	%			2.16	%			2.57	%			2.63	%			2.74	%			2.87	%
(weighted average)			0.25% increase				(2.66	)%			(2.62	)%			(4.40	)%			(2.01	)%			(2.27	)%			(2.45	)%			(2.74	)%			(2.65	)%

Status of our Current Public Offering

In our prior public offerings we sold 214,628,246 shares of our common stock resulting in gross offering proceeds of $2,604,869,559. Our third public offering was declared effective by the SEC and commenced on November 6, 2024. In our third public offering, we are currently offering on a continuous basis up to $5.0 billion in shares of our common stock, consisting of up to $4.0 billion in shares in our primary offering and up to $1.0 billion in shares pursuant to our distribution reinvestment plan. As of the date hereof, we have issued and sold 51,092,338 shares of our common stock in this offering, resulting in gross offering proceeds of approximately $585,730,569. We intend to continue selling shares in this offering on a monthly basis.

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 February 28, 2026 presented on page 2 of this Supplement in the section entitled “February 28, 2026 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.

 

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