Supplemental Prospectus - Form 424B3

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-252077

NUVEEN GLOBAL CITIES REIT, INC.

SUPPLEMENT NO. 7 DATED SEPTEMBER 16, 2024

TO THE PROSPECTUS DATED APRIL 11, 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 April 11, 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 October 1, 2024;

•

to disclose the calculation of our August 31, 2024 net asset value ("NAV") per share for each class of our common stock;

•

to provide an update on the status of our offering;

•

to update the "Experts" section of the Prospectus; and

•

to update the "Management-Directors and Executive Officers" section of the Prospectus.

October 1, 2024 Transaction Price

The transaction price for each class of our common stock for subscriptions accepted as of October 1, 2024 (and repurchases as of September 30, 2024) is as follows:

		Transaction Price (per share)
Class T		$	11.72
Class S		$	11.58
Class D		$	11.75
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 August 31, 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.

August 31, 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.

VGN-NREIT-0924P

The following table provides a breakdown of the major components of our NAV as of August 31, 2024 ($ and shares in thousands):

Components of NAV		August 31, 2024
Investments in real property		$	2,196,832
Investments in commercial mortgage loans			192,748
Investments in international affiliated funds			111,488
Investments in real estate-related securities			104,335
Investments in real estate debt			81,457
Cash and cash equivalents			28,159
Restricted cash			32,775
Other assets			11,274
Debt obligations			(548,312	)
Other liabilities			(67,668	)
Subscriptions received in advance			(31,851	)
Stockholder servicing fees payable the following month(1)			(544	)
Non-controlling interests in joint ventures			(5,532	)
Net Asset Value		$	2,105,161
Net asset value attributable to preferred stock			128
NAV attributable to common stockholders		$	2,105,033
Number of outstanding shares of common stock			179,055

(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 August 31, 2024, we have accrued under GAAP approximately $44.5 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 August 31, 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		$	191,804			$	520,313			$	83,484			$	947,280			$	362,152			$	2,105,033
Number of outstanding shares			16,363				44,919				7,106				80,936				29,731				179,055
NAV per share		$	11.72			$	11.58			$	11.75			$	11.70			$	12.18

Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the August 31, 2024 valuations, based on property types.

Property Type		Discount Rate			Exit Capitalization Rate
Industrial			6.88	%			5.81	%
Multifamily			6.66				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			1.93	%			1.91	%			1.81	%			1.98	%			1.96	%			1.79	%			2.05	%
(weighted average)		0.25% increase			(2.00	)%			(1.89	)%			(2.00	)%			(1.89	)%			(1.92	)%			(2.11	)%			(1.90	)%
Exit Capitalization Rate		0.25% decrease			2.94	%			2.90	%			2.19	%			2.62	%			2.81	%			2.44	%			2.96	%
(weighted average)		0.25% increase			(2.78	)%			(2.70	)%			(2.09	)%			(2.39	)%			(2.56	)%			(2.76	)%			(2.75	)%

Status of our Current Public Offering

In our initial public offering, which terminated on July 2, 2021, we sold 36,357,402 shares of our common stock resulting in gross offering proceeds of $394,406,639. Our follow-on offering was declared effective by the SEC and commenced on July 2, 2021. In our follow-on offering, we are currently offering on a continuous basis up to $5.0 billion in shares of 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 169,518,021 shares of our common stock in this offering, resulting in gross offering proceeds of approximately $2,106,810,962. 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 August 31, 2024 presented on page 2 of this Supplement under the section "August 31, 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.

Management-Directors and Executive Officers

Carly Tripp has resigned from her position at Nuveen Real Estate and as one of our executive officers. Disclosure of her biography in the Prospectus is deleted.