# EDGAR Filing Document

**Accession Number:** 0001711799
**File Stem:** 0001193125-25-159764
**Filing Date:** 2025-7
**Character Count:** 91771
**Document Hash:** 933d59263fc789c78ecab9a2f172f115
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-159764.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001193125-25-159764

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**EFFECTIVENESS DATE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Global Cities REIT, Inc.
- **CENTRAL INDEX KEY:** 0001711799
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 821419222
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-280368
- **FILM NUMBER:** 251126909

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVENUE
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-490-9000

**MAIL ADDRESS:**
- **STREET 1:** 730 THIRD AVENUE
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**As filed with the Securities and Exchange Commission on July 16, 2025** 

**Registration No. 333-280368** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Post-Effective Amendment No. 12** 

**to** 

**Form S-11** 

***For Registration Under the Securities Act of 1933***

***of Securities of Certain Real Estate Companies***

## NUVEEN GLOBAL CITIES REIT, INC.
**(Exact Name of Registrant as Specified in its Governing Instruments)** 

**730 Third Avenue, 3rd Floor** 

**New York, NY 10017** 

**(212) 490-9000** 

**(Address, Including Zip Code, and Telephone Number, including Area Code, of Registrant's Principal Executive Offices)** 

**Michael J.L. Sales** 

**Nuveen Global Cities REIT, Inc.** 

**730 Third Avenue, 3rd Floor** 

**New York, NY 10017** 

**(212) 490-9000** 

**(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)** 

***With copies to:***

**Jason W. Goode** 

**Alston & Bird LLP** 

**1201 West Peachtree Street** 

**Atlanta, GA 30309-3424** 

**(404) 881-7000** 

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☒ 333-280368

If delivery of the prospectus is expected to be made pursuant to Rule 434, check the following box. ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging Growth Company | ☐ |

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If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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**EXPLANATORY NOTE** 

This Post-Effective Amendment No. 12 to the Registration Statement on Form S-11 (No. 333-280368) is filed pursuant to Rule 462(d) solely to add exhibits not previously filed with respect to such Registration Statement.

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**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 36. *Financial Statements and Exhibits*** 

*(b) Exhibits.* 

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| | |
|:---|:---|
| 10.1\* | [Second Amendment to Amended and Restated Credit Agreement dated August 16, 2024, among Nuveen Global Cities REIT OP LP, Nuveen Global Cities REIT, Inc., Wells Fargo Bank, National Association and certain lenders named therein.](d66393dex101.htm) |
| 10.2 | [Third Amendment to Amended and Restated Credit Agreement dated June 13, 2025, among Nuveen Global Cities REIT OP LP, Nuveen Global Cities REIT, Inc., Wells Fargo Bank, National Association and certain lenders named therein (filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on June 17, 2025 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1711799/000119312525142066/d16842dex101.htm) |
| 10.3\* | [Non-Employee Director Restricted Share Plan.](d66393dex103.htm) |
| 10.4\* | [Non-Employee Director Compensation Policy.](d66393dex104.htm) |
| 23.1\* | [Consent of Independent Valuation Advisor.](d66393dex231.htm) |

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\* Filed herewith.

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**Signatures** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-11 and has duly caused this amended Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Charlotte, in the State of North Carolina, on July 16, 2025.

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| | |
|:---|:---|
|  **Nuveen Global Cities REIT, Inc.** | **Nuveen Global Cities REIT, Inc.** |
| By: | /s/ Robert J. Redican |
|  | Robert J. Redican |
|  | Chief Financial Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this amended Registration Statement has been signed by the following persons in the capacities and on the dates as indicated.

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| \*<br> Michael J.L. Sales | Chief Executive Officer and Chairman of the Board (Principal Executive Officer) | July 16, 2025 |
| /s/ Robert J. Redican<br> Robert J. Redican | Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) | July 16, 2025 |
| \*<br> John L. MacCarthy | Director | July 16, 2025 |
| \*<br> Donna Brandin | Director | July 16, 2025 |
| \*<br> John R. Chandler | Director | July 16, 2025 |
| \*<br> Steven R. Hash | Director | July 16, 2025 |
| \*<br> Robert E. Parsons, Jr. | Director | July 16, 2025 |

---

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| | | | |
|:---|:---|:---|:---|
| \*By: | /s/ Robert J. Redican | Attorney-in-Fact | July 16, 2025 |
|  | Robert J. Redican |  |  |

---

## Exhibit 10.1

**Exhibit 10.1** 

**<u>SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT</u>**

THIS SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of August 9, 2024 (this "<u>Agreement</u>"), is among NUVEEN GLOBAL CITIES REIT OP, LP, a Delaware limited partnership (the "<u>Borrower</u>"), NUVEEN GLOBAL CITIES REIT, INC., a Maryland corporation ("<u>Parent</u>"), the other Loan Parties solely for the purpose of <u>Section</u> <u>IV</u> hereof, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacities, the "<u>Agent</u>"), and each of the Lenders party hereto.

**<u>RECITALS</u>**

WHEREAS, the Borrower, the lenders from time to time party thereto and the Agent are parties to the Amended and Restated Credit Agreement, dated as of September 30, 2021 (as amended, restated, modified or supplemented prior to the date hereof, the "<u>Existing Credit Agreement</u>"; the Existing Credit Agreement, as modified hereby and as further amended from time to time in accordance with the terms thereof, the "<u>Credit Agreement</u>"). Terms used but not defined herein shall have the respective meanings ascribed thereto in the Credit Agreement.

WHEREAS, the Borrower has requested that the Agent and Lenders enter into this Agreement to amend the Existing Credit Agreement as more particularly set forth herein, and the Agent and the Lenders party hereto (constituting Requisite Lenders) have agreed to do so subject to the terms and conditions set forth herein.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

I. <u>AMENDMENTS</u>. Pursuant to Section 13.6 of the Existing Credit Agreement, the parties hereto agree
that, as of the Second Amendment Effective Date, the Existing Credit Agreement is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Section 9.4(d) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

"(d) Within sixty (60) days after the end of each fiscal quarter of the Borrower, a certificate substantially in the form of Exhibit J (an "**Unencumbered Property Certificate**") setting forth the information to be contained therein, including without limitation (i) a calculation of the Net Operating Income of each Unencumbered Property as of the last day of such fiscal quarter, and (ii) for each Property added as an Unencumbered Property during such fiscal quarter (i.e., each Property included in the calculation of Unencumbered Asset Value for such fiscal quarter that was not included in such calculation for the immediately preceding fiscal quarter), an operating summary with respect to such Property, including, without limitation, a quarterly and year-to-date statement of Net Operating Income and a leasing/occupancy status report, including Occupancy Rate, together with a current rent roll for such Property;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Section 9.4(e) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the text "[Reserved];".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Section 9.4(f) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

------

"(f) No later than ninety (90) days after the beginning of each fiscal year of the Borrower, projected balance sheets, operating statements, profit and loss projections and cash flow budgets of the Borrower and its Subsidiaries on a consolidated basis for each quarter of such fiscal year, all itemized in reasonable detail, including in the case of the cash flow budgets, excess operating cash flow, availability under this Agreement, unused availability under committed development loans, unfunded committed equity and any other committed sources of funds, as well as, cash obligations for acquisitions, unfunded development costs, capital expenditures, debt service, overhead, dividends, maturing Property loans, hedge settlements and other anticipated uses of cash. The foregoing shall be accompanied by pro forma calculations, together with detailed assumptions, required to establish whether or not the Borrower, and when appropriate its consolidated Subsidiaries, will be in compliance with the covenants contained in Sections 10.1 and at the end of each fiscal quarter of such fiscal year;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Section 10.1(a) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

"(a) <u>Minimum Net Asset Value</u>. The Parent shall not permit Net Asset Value as of the last day of any fiscal quarter to be less than (i) 75% of the Net Asset Value as of the fiscal quarter most recently ended prior to the Effective Date <u>plus</u> (ii) 75% of the Net Proceeds of all Equity Issuances effected at any time after such fiscal quarter end (with Net Proceeds calculated net of any redemption of shares, units or other ownership interest in the Parent or any of its Subsidiaries during such period, but to be no less than zero) by the Parent or any of its Subsidiaries to any Person other than the Parent or any of its Subsidiaries."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Exhibit J to the Existing Credit Agreement is hereby amended and restated in its entirety as set forth at <u>Annex A</u> hereto.

II. <u>REPRESENTATIONS</u>. The Borrower, on its own behalf and on behalf of the other Loan Parties, makes, on the
effective date of this Agreement, the representations and warranties in <u>Article VII</u> of the Credit Agreement and the other Loan Documents, and confirms that such representations and warranties are true and correct in all material respects
(except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) as of the date hereof, except to the extent any such representation or warranty
relates solely to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date. Additionally, the Borrower represents and warrants that immediately before and after giving effect to this
Agreement on the date hereof, no Default or Event of Default exists.

III. <u>CONDITIONS TO EFFECTIVENESS</u>. This Agreement will become effective on the first date (the " <u>Second Amendment Effective Date</u> ") on which the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Agent shall have received counterparts of this Agreement executed and delivered by the Borrower, the other
Loan Parties, Requisite Lenders and the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Agent shall have received all reasonable fees and other amounts due and payable by the Borrower to the
Agent, the Arranger and the Lenders on or prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all out of pocket expenses required pursuant to the terms of the Credit Agreement to be reimbursed or paid by the
Borrower in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. As of the date hereof, both immediately before and immediately after entering into this Agreement, no Default
or Event of Default exists.

IV. <u>CONFIRMATION OF GUARANTY</u>. Each Loan Party (a) confirms its obligations under the Guaranty,
(b) confirms that its obligations under the Credit Agreement as modified hereby constitute "Obligations" (as defined in the Credit Agreement), (c) confirms its guarantee of the Obligations under the Guaranty, (d) confirms that
its obligations under the Credit Agreement as modified hereby are entitled to the benefits of the guarantee set forth in the Guaranty, and (e) agrees that the Credit Agreement as modified hereby is the Credit Agreement under and for all
purposes of the Guaranty. Each Loan Party, by its execution of this Agreement, hereby confirms that the Obligations shall remain in full force and effect.

------

V. <u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each party hereto agrees, that except as specifically amended hereby, the Loan Documents shall remain
unmodified and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. On and after the date hereof, references in the Credit Agreement or in any other Loan Document to the Loan
Documents shall be deemed to be references to the Loan Documents as amended hereby and as further amended, restated, modified or supplemented from time to time. This Agreement shall constitute a Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one
agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or electronic mail message shall be effective as delivery of a
manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This Agreement shall be construed in accordance with and governed by the law of the State of New York. <u>Section</u> <u>13.4</u> of the Credit Agreement is incorporated herein by reference, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Any provision in this Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction
shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the
provisions of this Agreement are declared to be severable.

[Remainder of page intentionally blank]

------

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the date first above written.

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| | |
|:---|:---|
| **NUVEEN GLOBAL CITIES REIT OP, LP**, as Borrower | **NUVEEN GLOBAL CITIES REIT OP, LP**, as Borrower |
| By: | Nuveen Global Cities REIT, Inc., its general partner |
| By: | Nuveen Real Estate Global Cities |
|  | Advisors, LLC, its advisor |
| By: | /s/ Paul Choi |
|  | Name: Paul Choi |
|  | Title: Authorized Signer |
| **NUVEEN GLOBAL CITIES REIT, INC.**, as Parent | **NUVEEN GLOBAL CITIES REIT, INC.**, as Parent |
| By: | Nuveen Real Estate Global Cities Advisors, LLC, |
|  | its advisor |
| By: | /s/ Paul Choi |
|  | Name: Paul Choi |
|  | Title: Authorized Signer |

---

[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

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| | |
|:---|:---|
| **NUVEEN GLOBAL CITIES REIT, INC.**<br> By: Nuveen Real Estate Global Cities<br> Advisors, LLC, its advisor | **NUVEEN GLOBAL CITIES REIT, INC.**<br> By: Nuveen Real Estate Global Cities<br> Advisors, LLC, its advisor |
| By: | /s/ Paul Choi |
|  | Name: Paul Choi |
|  | Title: Authorized Signer |
| **NR DENVER INDUSTRIAL PORTFOLIO LLC**<br> **NR 844 NORTH LLC**<br> **NR KIRKLAND CROSSING LLC**<br> **NR HENDERSON 215 LLC**<br> **NR DEFOOR HILLS LLC**<br>By: Nuveen Global Citites REIT OP, LP, its member<br> By: Nuveen Global Cities REIT, Inc., its general partner<br> By: Nuveen Real Estate Global Cities<br> Advisors, LLC, its advisor | **NR DENVER INDUSTRIAL PORTFOLIO LLC**<br> **NR 844 NORTH LLC**<br> **NR KIRKLAND CROSSING LLC**<br> **NR HENDERSON 215 LLC**<br> **NR DEFOOR HILLS LLC**<br>By: Nuveen Global Citites REIT OP, LP, its member<br> By: Nuveen Global Cities REIT, Inc., its general partner<br> By: Nuveen Real Estate Global Cities<br> Advisors, LLC, its advisor |
| By: | /s/ Paul Choi |
|  | Name: Paul Choi |
|  | Title: Authorized Signer |
| **NR 1 NATIONAL STREET LLC**<br> **NR EAST SEGO LILY LLC**<br> **NR GLOBE STREET INDUSTRIAL LLC**<br> **NR 9725 DATAPOINT DRIVE LLC**<br> **NR MOB 4600 BILL GARDNER HIGHWAY LLC**<br> **NR MOB 1335 NORTH MILL STREET LLC**<br> **NRNX MOB 2945 WILDERNESS PLACE VENTURE LLC**<br> **NR SAN ANTONIO INDUSTRIAL BUILDING LLC**<br> **NR RESERVE AT STONEBRIDGE LLC**<br> **NR MID CITIES PARKWAY LLC**<br> **NR TRAIN COURT LLC**<br> **NR MOB BUCKS TOWN LLC**<br> **NR MOB BUCKS TOWN MEMBER LLC**<br> **NR MOB BUCKS TOWN II LLC**<br> **NR MOB 1429 HIGHWAY 6 MEMBER LLC**<br> **NR MOB 1429 HIGHWAY 6 LLC**<br> **NR BROOKHILL DC 3 LLC**<br> **NR EASTPORT 8 LLC**<br> **NR PINE FOREST 18 LLC**<br> **NR PINEWAY BUSINESS CENTER LLC**<br> **NR WEST 11TH STREET DC LLC**<br> **NR MOB 620 ROSEVILLE MEMBER LLC**<br> **NR MOB 620 ROSEVILLE LLC**<br> **NR THE CANYONS LLC** | **NR 1 NATIONAL STREET LLC**<br> **NR EAST SEGO LILY LLC**<br> **NR GLOBE STREET INDUSTRIAL LLC**<br> **NR 9725 DATAPOINT DRIVE LLC**<br> **NR MOB 4600 BILL GARDNER HIGHWAY LLC**<br> **NR MOB 1335 NORTH MILL STREET LLC**<br> **NRNX MOB 2945 WILDERNESS PLACE VENTURE LLC**<br> **NR SAN ANTONIO INDUSTRIAL BUILDING LLC**<br> **NR RESERVE AT STONEBRIDGE LLC**<br> **NR MID CITIES PARKWAY LLC**<br> **NR TRAIN COURT LLC**<br> **NR MOB BUCKS TOWN LLC**<br> **NR MOB BUCKS TOWN MEMBER LLC**<br> **NR MOB BUCKS TOWN II LLC**<br> **NR MOB 1429 HIGHWAY 6 MEMBER LLC**<br> **NR MOB 1429 HIGHWAY 6 LLC**<br> **NR BROOKHILL DC 3 LLC**<br> **NR EASTPORT 8 LLC**<br> **NR PINE FOREST 18 LLC**<br> **NR PINEWAY BUSINESS CENTER LLC**<br> **NR WEST 11TH STREET DC LLC**<br> **NR MOB 620 ROSEVILLE MEMBER LLC**<br> **NR MOB 620 ROSEVILLE LLC**<br> **NR THE CANYONS LLC** |
| **NR TAMPA GATEWAY LAKES LLC** | **NR TAMPA GATEWAY LAKES LLC** |
| **NR TAMPA CRENSHAW LLC** | **NR TAMPA CRENSHAW LLC** |
| **NR TAMPA LAKELAND INTERSTATE LLC** | **NR TAMPA LAKELAND INTERSTATE LLC** |

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[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

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| |
|:---|
| **NR 610 JUNCTION LLC** |
| **NR 35 SOUTH BC LLC** |
| **NR MCMULLEN LLC** |
| **NR MLK LLC** |
| **NR TAMPA MEDICAL LLC** |
| **NR FEDERAL NORTH LLC** |
| **NR WILSONVILLE LOGISTICS CENTER LLC** |
| **NR SULLIVAN ATL HOLDCO LLC** |
| **NR SULLIVAN TX HOLDCO LLC** |
| **NR ALLIANCE COMMERCE CENTER LLC** |
| Nuveen Real Estate Global Cities Advisors, LLC, |
| its manager |
| /s/ Paul Choi |
| Name: Paul Choi |
| Title: Authorized Signer |
| **NRNX MOB BUCKS TOWN VENTURE LLC** |
| NR MOB Bucks Town Member LLC, |
| its managing member |
| Nuveen Real Estate Global Cities |
| Advisors, LLC, its manager |
| /s/ Paul Choi |
| Name: Paul Choi |
| Title: Authorized Signer |
| **NRNX MOB BUCKS TOWN II VENTURE LLC** |
| NR MOB Bucks Town Member LLC, |
| its managing member |
| Nuveen Real Estate Global Cities |
| Advisors, LLC, its manager |
| /s/ Paul Choi |
| Name: Paul Choi |
| Title: Authorized Signer |
| **NRNX MOB 1429 HIGHWAY 6 VENTURE LLC** |
| NR MOB 1429 Highway 6 Member LLC, |
| its managing member |
| Nuveen Real Estate Global Cities |
| Advisors, LLC, its manager |
| /s/ Paul Choi |
| Name: Paul Choi |
| Title: Authorized Signer |

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[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

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| | |
|:---|:---|
| **NRNX MOB 620 ROSEVILLE VENTURE LLC** | **NRNX MOB 620 ROSEVILLE VENTURE LLC** |
| By: | NR MOB Roseville Member LLC, |
|  | its managing member |
| By: | Nuveen Real Estate Global Cities |
|  | Advisors, LLC, its manager |
| By: | /s/ Paul Choi |
|  | Name: Paul Choi |
|  | Title: Authorized Signer |
| **NR BROOKSON FLATS LP** | **NR BROOKSON FLATS LP** |
| By: | Nuveen Global Cities REIT Subsidiary GP LLC, |
|  | its general partner |
| By: | Nuveen Real Estate Global Cities |
|  | Advisors, LLC, its manager |
| By: | /s/ Paul Choi |
|  | Name: Paul Choi |
|  | Title: Authorized Signer |
| **NR PERIMETERS EDGE LP** | **NR PERIMETERS EDGE LP** |
| By: | Nuveen Global Cities REIT Subsidiary GP LLC, |
|  | its general partner |
| By: | Nuveen Real Estate Global Cities |
|  | Advisors, LLC, its manager |
| By: | /s/ Paul Choi |
|  | Name: Paul Choi |
|  | Title: Authorized Signer |
| **NR CAMP CREEK I LLC** | **NR CAMP CREEK I LLC** |
| **NR CAMP CREEK II LLC** | **NR CAMP CREEK II LLC** |
| **NR CAMP CREEK III LLC** | **NR CAMP CREEK III LLC** |
| **NR CAMP CREEK IV LLC** | **NR CAMP CREEK IV LLC** |
| By: NR Sullivan ATL Holdco LLC, | By: NR Sullivan ATL Holdco LLC, |
|  | its managing member |
| By: | Nuveen Real Estate Global Cities |
|  | Advisors, LLC, its manager |
| By: | /s/ Paul Choi |
|  | Name: Paul Choi |
|  | Title: Authorized Signer |

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[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

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| |
|:---|
| **NR MCKINNEY POB I LLC** |
| **NR MCKINNEY POB II LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: NR Sullivan TX Holdco LLC, |
| its managing member |
| Nuveen Real Estate Global Cities |
| Advisors, LLC, its manager |
| /s/ Paul Choi |
| Name: Paul Choi |
| Title: Authorized Signer |
| **NR SN FLORIDA A, LLC** |
| **NR SN GEORGIA A, LLC** |
| **NR SN NC A, LLC** |
| **NR SN TENNESSEE A, LLC** |
| **NR SN TEXAS A, LLC** |
| **NR SN ARIZONA A, LLC** |
| NR Sparrow Realty I, LLC, its sole member |
| Global Cities REIT Holding Company LLC, |
| its managing member |
| Nuveen Atlernative Adivsors, LLC, its manager |
| /s/ Paul Choi |
| Name: Paul Choi |
| Title: Authorized Signer |
| **NR MP CP TRS LLC** |
| **GC MP PALM BAY LLC** |
| **GC MP IMPERIAL, LLC** |
| **GC MP ADVANTAGE, LLC** |
| **GC MP BRIGHTON LLC** |
| **GC MP PFLUGERVILLE, LLC** |
| NR MP CP Holding Company LLC, its sole member |
| NR MP CP Venture LLC, its sole member |
| Frigatebird CP Holdings LLC, its manager |
| /s/ Kurt O'Brien |
| Name: Kurt O'Brien |
| Title: Authorized Signatory |

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[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

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| | |
|:---|:---|
| **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as Administrative Agent and as a Lender | **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as Administrative Agent and as a Lender |
| By: | /s/ Rebecca Ghermezi |
|  | Name: Rebecca Ghermezi |
|  | Title: Vice President |

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[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

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| | |
|:---|:---|
| SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG NUVEEN GLOBAL CITIES REIT OP, LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT | SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG NUVEEN GLOBAL CITIES REIT OP, LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT |
| **Name of Institution: Truist Bank**, as a Lender | **Name of Institution: Truist Bank**, as a Lender |
| By: | /s/ Toby Coons |
|  | Name: Toby Coons |
|  | Title: Director |

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[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

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| | |
|:---|:---|
| **Bank of America, N.A.**, as a Lender | **Bank of America, N.A.**, as a Lender |
| By: | /s/ Andrew Gal |
|  | Name: Andrew Gal |
|  | Title: Vice President |

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[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

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| | |
|:---|:---|
| **JPMORGAN CHASE BANK, N.A.**, as a Lender | **JPMORGAN CHASE BANK, N.A.**, as a Lender |
| By: | /s/ Neil Laird Troeger |
|  | Name: Neil Laird Troeger |
|  | Title: Authorized Signatory |

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[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

------

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| | |
|:---|:---|
| **U.S. Bank, National Association**, as a Lender | **U.S. Bank, National Association**, as a Lender |
| By: | /s/ Christopher Coburn |
|  | Name: Christopher Coburn |
|  | Title: Senior Vice President |

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[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

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| | |
|:---|:---|
| SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG NUVEEN GLOBAL CITIES REIT OP, LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT | SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG NUVEEN GLOBAL CITIES REIT OP, LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT |
| **Name of Institution: Capital One, National Association**, as a Lender | **Name of Institution: Capital One, National Association**, as a Lender |
| By: | /s/ Mabel Bernstein |
|  | Name: Mabel Bernstein |
|  | Title: Authorized Signatory |

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[Second Amendment to Amended and Restated Credit Agreement (Global Cities)]

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**<u>ANNEX A</u>**

**Exhibit J to Credit Agreement** 

EXHIBIT J

FORM OF UNENCUMBERED PROPERTY CERTIFICATE

[______ __, 20__]

Reference is made to the Amended and Restated Credit Agreement dated as of September 30, 2021 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), by and among Nuveen Global Cities REIT OP, LP (the "Borrower"), Nuveen Global Cities REIT, Inc. ("Parent"), the financial institutions party thereto (including any financial institution which joined pursuant to Section 2.17 thereof) and their assignees under Section 13.5. thereof (the "Lenders"), Wells Fargo Bank, National Association, as Administrative Agent (the "Administrative Agent"), and the other parties from time to time party thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given to them in the Credit Agreement.

Pursuant to Section **[6.1.(a)(ix)]**<sup>1</sup> **[9.4.(d)]**<sup>2</sup> of the Credit Agreement, the undersigned hereby certifies to the Administrative Agent, the Issuing Bank and the Lenders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Attached hereto as Annex 1 is a true, complete and correct list of all Unencumbered Properties as of the date hereof. The Unencumbered Properties listed on Annex 1 conform and comply with the conditions, terms, representations and warranties, and covenants set forth in the Credit Agreement, including without limitation Section 10.1.(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Attached hereto as Annex 2 is a reasonably detailed calculation of (i) the Unencumbered Asset Value and (ii) the Net Operating Income of each Unencumbered Property, in each case together with supporting information required in connection with the calculation thereof. The information set forth in Annex 2 is true, complete and correct as of the close of business on ____________, 20___ (the "Statement Date") and has been prepared in accordance with the provisions of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Attached hereto as Annex 3 is, for each Property added as an Unencumbered Property during such fiscal quarter (i.e., each Property included in the calculation of Unencumbered Asset Value for such fiscal quarter that was not included in such calculation for the immediately preceding fiscal quarter), an operating summary with respect to such Property, including, without limitation, a quarterly and year-to-date statement of Net Operating Income and a leasing/occupancy status report, including Occupancy Rate, together with a current rent roll for such Property.]<sup>3</sup>

[Signatures on Following Page]

<sup>1</sup> Insert reference for Unencumbered Property Certificate delivered on the Effective Date.

<sup>2</sup> Insert reference for Unencumbered Property Certificates delivered after the Effective Date.

<sup>3</sup> Insert if applicable.

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IN WITNESS WHEREOF, the undersigned has signed this Unencumbered Property Certificate on and as of ___________, 20__.

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| |
|:---|
| NUVEEN GLOBAL CITIES REIT OP, LP |
| By: Nuveen Global Cities REIT, Inc., its general partner |
| By: Nuveen Real Estate Global Cities Advisors, LLC, its Advisor |
| By: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: |

---

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**Annex 1** 

**<u>List of Unencumbered Properties</u>**

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**Annex 2** 

**<u>Calculations</u>**

($ in 000's)

Unless otherwise indicated, the calculations below have been made as of the Statement Date with respect to the most recently ended fiscal quarter.

**(1)** **Unencumbered Asset Value** 

*See calculation at Item 7 of Schedule 2 attached to Exhibit I (Form of Compliance Certificate)* 

**(2)** **Net Operating Income of each Unencumbered Property** 

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| | | |
|:---|:---|:---|
| **Unencumbered Property**: _____________________________<br>Net Operating Income for such Unencumbered Property equals the sum of the following (without duplication and determined on a consistent basis with prior periods): | **Unencumbered Property**: _____________________________<br>Net Operating Income for such Unencumbered Property equals the sum of the following (without duplication and determined on a consistent basis with prior periods): | **Unencumbered Property**: _____________________________<br>Net Operating Income for such Unencumbered Property equals the sum of the following (without duplication and determined on a consistent basis with prior periods): |
| (a) | rents and other revenues received in the ordinary course from such Property (including proceeds from rent loss or business interruption insurance (but not in excess of the actual rent otherwise payable) but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants' obligations for rent) | $______ |
| (b) | <u>minus</u> all expenses paid (excluding interest but including an appropriate accrual for property taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Property, but specifically excluding general overhead expenses of the Parent and its Subsidiaries and any property management fees) | $______ |
| (c) | <u>minus</u> the Reserve for Replacements for such Property as of the end of such period | $______ |
| (d) | <u>minus</u> the greater of (i) the actual property management fee paid during such period with respect to such Property and (ii) an imputed management fee in an amount equal to 3% of the gross revenues for such Property for such period | $______ |
|  | *Net Operating Income:* | $______ |

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| | | |
|:---|:---|:---|
| **Unencumbered Property**: _____________________________<br>Reserve for Replacements with respect to such Unencumbered Property equals: | **Unencumbered Property**: _____________________________<br>Reserve for Replacements with respect to such Unencumbered Property equals: | **Unencumbered Property**: _____________________________<br>Reserve for Replacements with respect to such Unencumbered Property equals: |
| (a) | the amount set forth on Schedule 1.3. to the Credit Agreement by Property type | $______ |
| (b) | the number of days in such period<br>| ______ |
|  | *Reserve for Replacements* [Line (a) x Line (b) ÷ (365)] | $______ |

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**[Annex 3** 

**<u>Operating Summaries]</u>**

## Exhibit 10.3

**Exhibit 10.3** 

**NUVEEN GLOBAL CITIES REIT, INC.** 

**NON-EMPLOYEE DIRECTOR RESTRICTED SHARE PLAN** 

**ARTICLE I** 

**PURPOSE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 <u>Purpose</u>**. The purpose of the Nuveen Global Cities REIT, Inc. Non-Employee Director Restricted Share Plan (the "Plan") is to promote the interests of Nuveen Global Cities REIT, Inc. (the "Company") and its stockholders by granting restricted stock and/or restricted stock units to its Non-Employee Directors in order to: (i) attract and retain Non-Employee Directors by affording them an opportunity to share in the future successes of the Company, (ii) strengthen the mutuality of interests between such Non-Employee Directors and the Company's stockholders, and (iii) provide the Non-Employee Directors with a proprietary interest in maximizing the growth, profitability and overall success of the Company.

**ARTICLE II** 

**DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 <u>Definitions</u>**. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Affiliate" means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Award" means an award of Restricted Stock and/or Restricted Stock Units granted to a Participant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Award Certificate" means a written document, in such form as the Board prescribes from time to time, setting forth the terms and conditions of an Award. Award Certificates may be in the form of individual award agreements or certificates or a program document describing the terms and provisions of an Award or series of Awards under the Plan. The Board may provide for the use of electronic, internet or other non-paper Award Certificates, and the use of electronic, internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Beneficial Owner" shall have the meaning given such term in Rule 13d-3 of the General Rules and Regulations under the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Board" means the Board of Directors of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Change in Control" means and includes the occurrence of any one of the following events but shall specifically exclude a Public Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during any consecutive 12-month period, individuals who, at the beginning of such period, constitute the Board of Directors of the Company (the "Incumbent Directors") cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the beginning of such 12-month period and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; <u>provided</u>, <u>however</u>, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors ("Election Contest") or other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board ("Proxy Contest"), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person becomes a Beneficial Owner, directly or indirectly, of either (A) 50% or more of the then-outstanding shares of common stock of the Company ("Company Common Stock") or (B) securities of the Company representing 50% or more of the combined voting power of the Company's then outstanding securities eligible to vote for the election of directors (the "Company Voting Securities"); <u>provided</u>, <u>however</u>, that for purposes of this subsection (ii), the following acquisitions of Company Common Stock or Company Voting Securities shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary, (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or a Subsidiary (a "Reorganization"), or the sale or other disposition of all or substantially all of the Company's assets (a "Sale") or the acquisition of assets or stock of another corporation or other entity (an "Acquisition"), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Reorganization, Sale or Acquisition (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company's assets or stock either directly or through one or more subsidiaries, the "Surviving Entity") in substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 50% or more of the total common stock or 50% or more of the total voting power of the outstanding voting

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securities eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members of the board of directors of the Surviving Entity were Incumbent Directors at the time of the Board's approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a "Non-Qualifying Transaction").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Charter" means the means the articles of incorporation of the Company, as such articles of incorporation may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Code" means the Internal Revenue Code of 1986, as amended from time to time. For purposes of this Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Company" means Nuveen Global Cities REIT, Inc., a Maryland corporation, or any successor corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Continuous Service" means the absence of any interruption or termination of service as a director of the Company or any Affiliate, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Disability" of a Participant shall mean the inability of the Participant, as reasonably determined by the Company, to perform the essential functions of his or her regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness which has lasted (or can reasonably be expected to last) for a period of six (6) consecutive months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Dividend Equivalent" means a right granted with respect to a Restricted Stock Unit Award pursuant to Article 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Effective Date" has the meaning assigned such term in Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Eligible Participant" means a Non-Employee Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "Grant Date" of an Award means the first date on which all necessary corporate action has been taken to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be provided to the grantee within a reasonable time after the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Non-Employee Director" means a non-employee director of the Company who is not employed by the Company, Nuveen, LLC or any affiliate of Nuveen, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Parent" means a corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Participant" means an Eligible Participant who has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term "Participant" refers to a beneficiary designated pursuant to Section 8.5 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Person" means any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Plan" means this Nuveen Global Cities REIT, Inc. Non-Employee Director Restricted Share Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "Public Offering" means a public offering of any class or series of the Company's equity securities pursuant to a registration statement filed by the Company under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Restricted Stock" means Stock granted to a Participant under Article 6 that is subject to certain restrictions and to risk of forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "Restricted Stock Unit" means the right granted to a Participant under Article 6 to receive shares of Stock (or the equivalent value in cash or other property if the Board so provides) in the future, which right is subject to certain restrictions and to risk of forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "Shares" means shares of the Company's Stock. If there has been an adjustment or substitution with respect to the Shares (whether or not pursuant to Article 9), the term "Shares" shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "Stock" means the $0.01 par value Class I common stock of the Company and such other securities of the Company as may be substituted for Stock pursuant to Article 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "Subsidiary" means any corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "1933 Act" means the Securities Act of 1933, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "1934 Act" means the Securities Exchange Act of 1934, as amended from time to time.

**ARTICLE III** 

**EFFECTIVE TERM OF PLAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 <u>Effective Date</u>**. The Plan will become effective on the date that it is adopted by the Board (the "Effective Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 <u>Term Of Plan</u>**. Unless earlier terminated as provided herein, the Plan shall continue in effect until the tenth anniversary of the Effective Date or, if the stockholders approve an amendment to the Plan that increases the number of Shares subject to the Plan, the tenth anniversary of the date of such approval. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination, which shall continue to be governed by the applicable terms and conditions of the Plan.

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**ARTICLE IV** 

**ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Administrator; Action And Interpretations By The Board</u>**. The Plan shall be administered by the Board. For purposes of administering the Plan, the Board may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Board may deem appropriate. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent it deems necessary to carry out the intent of the Plan. The Board's interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Board with respect to the Plan are final, binding, and conclusive on all parties and shall be given the maximum deference permitted by applicable law. Each member of the Board is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer of the Company or any Affiliate, the Company's or an Affiliate's independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained by the Company or the Board to assist in the administration of the Plan. No member of the Board will be liable for any good faith determination, act or omission in connection with the Plan or any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 <u>Authority Of Board</u>**. The Board has the exclusive power, authority and discretion to: (a) grant Awards; (b) designate Participants; (c) determine the type or types of Awards to be granted to each Participant; (d) determine the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate; (e) determine the terms and conditions of any Award granted under the Plan; (f) prescribe the form of each Award Certificate, which need not be identical for each Participant; (g) decide all other matters that must be determined in connection with an Award; (h) establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to administer the Plan; (i) make all other decisions and determinations that may be required under the Plan or as the Board deems necessary or advisable to administer the Plan; (j) amend the Plan or any Award Certificate as provided herein; and (k) adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of the United States or any non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in the United States or such other jurisdictions and to further the objectives of the Plan.

**ARTICLE V** 

**SHARES SUBJECT TO THE PLAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>Number Of Shares</u>**. Subject to adjustment as provided in Sections 5.2 and Section 9.1, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted under the Plan shall be 500,000. The maximum aggregate number of Shares associated with any Award granted under the Plan in any calendar year to any one Eligible Participant shall be 25,000.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 <u>Share Counting</u>**. Shares covered by an Award shall be subtracted from the Plan share reserve as of the Grant Date, but shall be added back to the Plan share reserve or otherwise treated in accordance with this Section 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or forfeited Shares subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares subject to Awards settled in cash will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the full number of Shares subject to an Award is not issued for any reason, the unissued Shares originally subject to the Award shall count against the number of Shares remaining available for issuance pursuant to Awards granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shares withheld from an Award to satisfy tax withholding requirements shall count against the number of Shares remaining available for issuance pursuant to Awards granted under the Plan, and Shares delivered by a participant to satisfy tax withholding requirements shall not be added to the Plan share reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 <u>Stock Distributed</u>**. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market.

**ARTICLE VI** 

**RESTRICTED STOCK AND RESTRICTED STOCK UNITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 <u>Grant Of Restricted Stock And Restricted Stock Units</u>**. The Board is authorized to make Awards of Restricted Stock or Restricted Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Board and set forth in an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 <u>Issuance And Restrictions</u>**. Restricted Stock or Restricted Stock Units shall be subject to such restrictions on transferability and other restrictions as the Board may impose (including, for example, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, as the Board determines at the time of the grant of the Award or thereafter. Except as otherwise provided in an Award Certificate or any special Plan document governing an Award, a Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units until such time as Shares of Stock are paid in settlement of such Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 <u>Dividends On Restricted Stock</u>**. In the case of Restricted Stock, the Board may provide that ordinary cash dividends declared on the Shares before they are vested (i) will be paid or distributed to the Participant as accrued (in which case, such dividends must be paid or distributed no later than the 15th day of the 3rd month following the later of (A) the calendar

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year in which the corresponding dividends were paid to stockholders, or (B) the first calendar year in which the Participant's right to such dividends is no longer subject to a substantial risk of forfeiture); (ii) will be forfeited; (iii) will be deemed to have been reinvested in additional Shares or otherwise reinvested (subject to Share availability under Section 5.1 hereof and subject to the same vesting provisions as provided for the host Award); or (iv) will be credited by the Company to an account for the Participant and accumulated without interest until the date upon which the host Award becomes vested, and any dividends accrued with respect to forfeited Restricted Stock will be reconveyed to the Company without further consideration or any act or action by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 <u>Forfeiture</u>**. Subject to the terms of the Award Certificate and except as otherwise determined by the Board at the time of the grant of the Award or thereafter, upon termination of Continuous Service during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time subject to restrictions shall be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 <u>Delivery Of Restricted Stock</u>**. Shares of Restricted Stock shall be delivered to the Participant at the Grant Date either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company) designated by the Board, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

**ARTICLE VII** 

**DIVIDEND EQUIVALENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 <u>Grant Of Dividend Equivalents</u>**. The Board is authorized to grant Dividend Equivalents with respect to Restricted Stock Units granted hereunder, subject to such terms and conditions as may be selected by the Board. Dividend Equivalents shall entitle the Participant to receive payments equal to ordinary cash dividends or distributions with respect to all or a portion of the number of Shares subject to Restricted Stock Unit Award, as determined by the Board. The Board may provide that Dividend Equivalents (i) will be paid or distributed to the Participant as accrued (in which case, such Dividend Equivalents must be paid or distributed no later than the 15th day of the 3rd month following the later of (A) the calendar year in which the corresponding dividends were paid to stockholders, or (B) the first calendar year in which the Participant's right to such Dividend Equivalents is no longer subject to a substantial risk of forfeiture), (ii) will be deemed to have been reinvested in additional Shares or otherwise reinvested, which shall be subject to the same vesting provisions as provided for the host Award, or (iii) will be credited by the Company to an account for the Participant and accumulated without interest until the date upon which the host Award becomes vested, and any Dividend Equivalents accrued with respect to forfeited Awards will be reconveyed to the Company without further consideration or any act or action by the Participant.

**ARTICLE VIII** 

**PROVISIONS APPLICABLE TO AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 <u>Eligibility</u>**. Awards may be granted only to Eligible Participants.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 <u>Award Certificates</u>**. Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 <u>Form Of Payment For Awards</u>**. At the discretion of the Board, payment of Awards may be made in cash, Stock, a combination of cash and Stock, or any other form of property as the Board shall determine. In addition, payment of Awards may include such terms, conditions, restrictions and/or limitations, if any, as the Board deems appropriate, including, in the case of Awards paid in the form of Stock, restrictions on transfer and forfeiture provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 <u>Limits On Transfer</u>**. No right or interest of a Participant in any restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party, or shall be subject to any lien, obligation, or liability of such Participant to any other party. No restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution; <u>provided</u>, <u>however</u>, that the Board may (but need not) permit other transfers (other than transfers for value) where the Board concludes that such transferability (i) does not result in accelerated taxation, and (ii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 <u>Beneficiaries</u>**. Notwithstanding Section 8.4, a Participant may, in the manner determined by the Board, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant's death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Board. If no beneficiary has been designated or survives the Participant, any payment due to the Participant shall be made to the Participant's estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant, in the manner provided by the Company, at any time provided the change or revocation is filed with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6 <u>Stock Trading Restrictions</u>**. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as the Board deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Board may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7 <u>Discretion To Accelerate Vesting</u>**. The Board may in its sole discretion at any time determine that all or a part of the restrictions on all or a portion of the Participant's outstanding Awards shall lapse, as of such date as the Board may, in its sole discretion, declare. The Board may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 8.7.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8 <u>Forfeiture Events</u>**. Awards under the Plan shall be subject to any compensation recoupment policy that the Company may adopt from time to time that is applicable by its terms to the Participant. In addition, the Board may specify in an Award Certificate that the Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting conditions of an Award. Such events may include, but shall not be limited to, (i) violation of material Company or Affiliate policies, (ii) breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or (iii) other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate.

**ARTICLE IX** 

**CHANGES IN CAPITAL STRUCTURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 <u>Mandatory Adjustments</u>**. In the event of a nonreciprocal transaction between the Company and its stockholders that causes the per-share value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the Board shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Board may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; and (iii) any other adjustments that the Board determines to be equitable. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the authorization limit under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the necessity for any additional action by the Board, be adjusted proportionately without any change in the aggregate purchase price therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 <u>Discretionary Adjustments</u>**. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described in Section 9.1), the Board may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will become immediately vested and non-forfeitable, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, or (iv) any combination of the foregoing. The Board's determination need not be uniform and may be different for different Participants whether or not such Participants are similarly situated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 <u>General</u>**. Any discretionary adjustments made pursuant to this Article 9 shall be subject to the provisions of Section 10.2.

**ARTICLE X** 

**AMENDMENT, MODIFICATION AND TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 <u>Amendment, Modification And Termination</u>**. The Board or the Board may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; <u>provided</u>, <u>however</u>, that if an amendment to the Plan would, in the reasonable opinion of the Board constitute a material change requiring stockholder approval under applicable laws,

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policies or regulations, then such amendment shall be subject to stockholder approval; and <u>provided</u>, <u>further</u>, that the Board may condition any other amendment or modification on the approval of stockholders of the Company for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 <u>Awards Previously Granted</u>**. At any time and from time to time, the Board may amend, modify or terminate any outstanding Award without approval of the Participant; <u>provided</u>, <u>however</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant's consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be "adversely affected" by a Plan amendment if such amendment would not reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 <u>Compliance Amendments</u>**. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, the Board may amend the Plan or an Award Certificate, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or Award Certificate to any present or future law relating to plans of this or similar nature (including, but not limited to, Section 409A of the Code), and to the administrative regulations and rulings promulgated thereunder. By accepting an Award under this Plan, a Participant agrees to any amendment made pursuant to this Section 10.3 to any Award granted under the Plan without further consideration or action.

**ARTICLE XI** 

**GENERAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 <u>Rights Of Participants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Participant or any Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Board is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made by the Board selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in the Plan, any Award Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant's service as a director, at any time, nor confer upon any Participant any right to continue as a director of the Company or any Affiliate, whether for the duration of a Participant's Award or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company or any Affiliate and, accordingly, subject to Article 10, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Board without giving rise to any liability on the part of the Company or an of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Award gives a Participant any of the rights of a stockholder of the Company unless and until Shares are in fact issued to such person in connection with such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2 <u>Withholding</u>**. The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company or such Affiliate, an amount sufficient to satisfy federal, state, and local taxes (including the Participant's FICA obligation) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. The obligations of the Company under the Plan will be conditioned on such payment or arrangements and the Company or such Affiliate will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Unless otherwise determined by the Board at the time the Award is granted or thereafter, any such withholding requirement may be satisfied, in whole or in part, by withholding from the Award Shares having a fair market value (as determined by the Company) on the date of withholding equal to the amount required to be withheld in accordance with applicable tax requirements (up to the maximum individual statutory rate in the applicable jurisdiction as may be permitted under then-current accounting principles to qualify for equity classification), all in accordance with such procedures as the Board establishes. All such elections shall be subject to any restrictions or limitations that the Board, in its sole discretion, deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3 <u>Special Provisions Related To Section</u> <u>409a Of The Code</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. It is intended that the payments and benefits provided under the Plan and any Award shall either be exempt from the application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers or advisers (other than in his or her capacity as a Participant) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan or any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Definitional Restrictions</u>. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt "deferred compensation" for purposes of Section 409A of the Code ("Non-Exempt Deferred Compensation") would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) of such Non-Exempt Deferred Compensation would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control, or the Participant's Disability or separation from service, such Non-Exempt Deferred Compensation will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control, Disability or separation from service meet any description or definition of "change in control event", "disability" or "separation from service", as the case may be, in Section 409A of the Code and applicable regulations (without giving effect to any elective

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provisions that may be available under such definition). This provision does not affect the dollar amount or prohibit the *vesting* of any Award upon a Change in Control, Disability or separation from service, however defined. If this provision prevents the payment or distribution of any amount or benefit, or the application of a different form of payment of any amount or benefit, such payment or distribution shall be made at the time and in the form that would have applied absent the non-409A-conforming event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4 <u>Unfunded Status Of Awards</u>**. The Plan is intended to be an "unfunded" plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate. In its sole discretion, the Board may authorize the creation of grantor trusts or other arrangements to meet the obligations created under the Plan to deliver Shares or payments in lieu of Shares or with respect to Awards. This Plan is not intended to be subject to ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5 <u>Expenses</u>**. The expenses of administering the Plan shall be borne by the Company and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6 <u>Titles And Headings</u>**. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7 <u>Gender And Number</u>**. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8 <u>Fractional Shares</u>**. No fractional Shares shall be issued and the Board shall determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9 <u>Government And Other Regulations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made (i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of the Plan, if at any time the Board shall determine that the registration, listing or qualification of the Shares covered by an Award upon any securities exchange or under any foreign, federal, state or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the Board. Any Participant receiving

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or purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as the Board may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to the Board's determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10 <u>Governing Law</u>**<u>.</u> To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in accordance with and governed by the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11 <u>Severability</u>**. In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any applicable law, such invalidity or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable provision was not contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12 <u>No Limitations On Rights Of Company</u>**. The grant of any Award shall not in any way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Board so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the Board may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the Board pursuant to the provisions of the Plan.

The foregoing is hereby acknowledged as being the Nuveen Global Cities REIT, Inc. Non-Employee Director Restricted Share Plan, as adopted by the Board on June 27, 2025, which amended and restated that certain Independent Director Restricted Share Plan, which was adopted by the Board on January 23, 2018, and by the Company's sole stockholder on January 23, 2018.

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| | |
|:---|:---|
|  NUVEEN GLOBAL CITIES REIT, INC. | NUVEEN GLOBAL CITIES REIT, INC. |
|  By: | /s/ William M. Miller |
|  | William M. Miller |
|  Its: | Secretary |

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## Exhibit 10.4

**Exhibit 10.4** 

**NUVEEN GLOBAL CITIES REIT, INC.** 

**NON-EMPLOYEE DIRECTOR COMPENSATION POLICY** 

**Effective Date** 

On June 27, 2025, the Board of Directors (the "<u>Board</u>") of Nuveen Global Cities REIT, Inc. (the "<u>Company</u>") adopted this Non-Employee Director Compensation Policy, to be effective on July 1, 2025. This policy supersedes and replaces the Independent Director Compensation Policy dated May 11, 2022, which remains effective until July 1, 2025. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Nuveen Global Cities REIT, Inc. Non-Employee Director Restricted Share Plan (the "<u>Plan</u>").

**Eligibility** 

This policy shall apply to directors of the Company who are not employed by the Company, Nuveen, LLC or any affiliate of Nuveen, LLC (each an "<u>Eligible Director</u>").

**Compensation** 

The following shall remain in effect until changed by the Board (collectively, the "<u>Compensation</u>"):

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| | |
|:---|:---|
|  Annual Retainer: | $100000.0 |
|  Audit Committee Chair Annual Retainer: | $20000.0 |
|  Lead Independent Director Annual Retainer: | $5000.0 |

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**Payment Timing and Form** 

Fifty percent (50%) of the applicable Compensation shall be paid quarterly in cash (or, if so elected by the Eligible Director as provided below, some or all of which may be paid in shares of Class I common stock ("<u>Class</u> <u>I Shares</u>") in arrears, as soon as possible following the end of the calendar quarter to which the Compensation relates, taking into account any required proration as described below, as soon as possible following the end of the calendar quarter to which the Compensation relates (the "<u>Unrestricted Annual Retainer</u>") and fifty percent (50%) shall be paid in the form of Class I Restricted Stock ("<u>Class</u> <u>I Restricted Stock</u>").

*Election to Receive Unrestricted Annual Retainer in Class I Shares* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the election of each Eligible Director, the Unrestricted Annual Retainer for a given year (the
" <u>Plan Year</u> ") may be payable all or in part by a grant on the same day that the Unrestricted Annual Retainer, if payable in cash, would be paid (the " <u>Annual Retainer Stock Grant Date</u> ") of a number of unrestricted
Class I Shares determined by (A) dividing the amount of the Unrestricted Annual Retainer for which the Eligible Director has elected to receive unrestricted Class I Shares, by the then-current offering price of Class I Shares,
and (B) rounding to the nearest whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Eligible Director desires to elect to receive some or all of his or her Unrestricted Annual Retainer in
Class I Shares, the Eligible Director shall deliver a valid Election Form (substantially in the form attached hereto as Exhibit A) to the Secretary of the Company prior to the beginning of a Plan Year, which will be effective as of the first
day of the Plan Year beginning after the Secretary receives the Election Form. The Election Form will be irrevocable for the coming Plan Year. However, prior to the commencement of the following Plan Year, the Eligible Director may change his or her
election for future Plan Years by executing and delivering a new Election Form. If an Eligible Director fails to deliver a new Election Form prior to the commencement of the new Plan Year, his or her Election Form in effect during the previous Plan
Year shall continue in effect during the new Plan Year. If no Election Form is filed or effective, the Unrestricted Annual Retainer shall be paid in cash.

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*Terms and Conditions of Class I Restricted Stock* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class I Restricted Stock shall be granted under, and subject to the terms and conditions of, the Plan, and
the award certificate evidencing such grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Class I Restricted Stock shall be granted on the first (1st) business day following the date that the
annual meeting of stockholders (the " <u>Annual Meeting</u> ") is held (or, if the person becomes an Eligible Director at any time other than at an Annual Meeting, the first business day following the effective date on which the person
becomes an Eligible Director) (in either case, a " <u>Grant Date</u> "). The number of shares of Class I Restricted Stock granted shall be determined by (A) dividing fifty percent (50%) of the Compensation due, taking into account
any required proration as described below, by the then-current offering price of the Class I Shares, and (B) rounding to the nearest whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless and until provided otherwise by the Board, the Class I Restricted Stock granted pursuant to this
Policy shall vest and become non-forfeitable on the one-year anniversary of the Grant Date, or, with respect to the Eligible Director's first Class I
Restricted Stock grant, the one-year anniversary of the Eligible Director's election or appointment to the Board, provided that the Eligible Director is providing services to the Company as a director on
such vesting date. Notwithstanding the foregoing vesting schedule, the shares of Class I Restricted Stock shall become fully vested on the earlier occurrence of: (i) the termination of the Eligible Director's service as a director of
the Company due to his or her death or Disability; or (ii) a Change in Control of the Company. If the Eligible Director's service as a director of the Company terminates other than as described in clause (i) of the foregoing sentence,
then the Eligible Director shall forfeit all of his or her right, title and interest in and to any unvested shares of Class I Restricted Stock as of the date of such termination from the Board and such Class I Restricted Stock shall be
reconveyed to the Company without further consideration or any act or action by the Eligible Director.

*Proration* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a non-employee is newly appointed or elected to the
Board at the Annual Meeting, then his or her Compensation shall be prorated to reflect his or her full calendar months of service (e.g. if the Annual Meeting is in May, then the first quarterly cash payment will be with respect to service during
June of such quarterly service period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Eligible Director is newly appointed or elected to the Board at any time other than at an Annual Meeting,
then (i) his or her first quarterly cash payment will be prorated to reflect the number of full calendar months of service between the effective date of the Eligible Director's appointment or election through the last day of the respective
quarterly calendar period (e.g. if an Eligible Director is appointed to the Board on January 15, then his or her first quarterly cash payment will be with respect to service during February and March of such quarterly calendar period), and
(ii) his or her Class I Restricted Stock grant shall be prorated to reflect the number of calendar months between the date of his or her appointment or election to the Board and the next regularly scheduled Annual Meeting (e.g., if an
Eligible Director is appointed to the Board on January 15, then his or her first Class I Restricted Stock grant shall be prorated to reflect five months of service, assuming an Annual Meeting date in May).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Eligible Director is not newly appointed or re-elected at the
Annual Meeting, then he or she will not receive payment for services during the month of such Annual Meeting.

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**Stock Ownership Policy** 

Each Eligible Director shall be required to own shares of the Company's common stock in an amount not less than three times the Unrestricted Annual Retainer commencing with later of the fifth anniversary of his or her initial appointment to the Board or May 11, 2027.

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<u>Exhibit A</u> 

**Election as to Form of Payment of Unrestricted Annual Retainer** 

Capitalized terms used herein and not otherwise defined have the meanings assigned such terms in the Nuveen Global Cities REIT, Inc. Non-Employee Director Compensation Policy, effective July 1, 2025 (the "Policy").

This constitutes my irrevocable written election under the Policy with respect to fifty percent (50%) of my applicable Compensation (the "Unrestricted Annual Retainer") to be earned for the Plan Year beginning and concluding on<u> </u> (the "20 Plan Year"). I acknowledge that this Election Form is irrevocable for the 20 Plan Year. However, prior to the commencement of any subsequent Plan Year, I may change my election for future Plan Years by executing and delivering a new Election Form indicating different choices. If I fail to deliver a new Election Form prior to the commencement of any subsequent Plan Year, I acknowledge and intend that this Election Form continue in effect during any subsequent Plan Year until I file a new Election Form.

**UNRESTRICTED ANNUAL RETAINER** 

*please check one, as applicable:* 

☐ I hereby elect to receive<u> </u>% of my Unrestricted Annual Retainer in the form of cash payments made quarterly in arrears during the applicable Plan Year. 

☐ I hereby elect to receive<u> </u>% of my Unrestricted Annual Retainer in the form of shares of the Company's Class I common stock, to be granted on the same day that the Annual Retainer would be paid. 

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| |
|:---|
| Executed this<u> </u> day of<u> </u>, 20 . |
| (Name) |

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## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT VALUATION ADVISOR** 

We hereby consent to (1) the reference to our name (including under the heading "Experts") and the description of our role in the amended Registration Statement on Form S-11 (Commission File No. 333-280368) of Nuveen Global Cities REIT, Inc. (the "Company"), the prospectus included therein (the "Prospectus"), and any future amendments or supplements thereto, and (2) the inclusion of our estimated values of the Company's investments in real property and commercial mortgage loans as of June 30, 2025 (presented in the line items "Investments in real property" and "Investments in commercial mortgage loans") in the Supplement to the Prospectus to be filed on the date hereof and in any future amendments or supplements to the Prospectus.

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| |
|:---|
| /s/ SitusAMC Real Estate Valuation Services, LLC |
| SitusAMC Real Estate Valuation Services, LLC |
| West Des Moines, Iowa |

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July 16, 2025