Document:

EX-10.2

 Exhibit 10.2 

VALUATION SERVICES AGREEMENT 

This VALUATION SERVICES AGREEMENT (“Agreement”) is made by and between RERC, LLC, a Situs Company, an Iowa Limited
Liability Company (“RERC”) and the Nuveen Global Cities REIT, Inc., a Maryland Corporation (“Client”). 

WHEREAS, the Client intends to conduct a public offering pursuant to a registration statement on Form S-11, as amended and supplemented from
time to time (the “Registration Statement”), of five classes of shares of the Client’s common stock at prices that, on any given day, will be based on the net asset value (“NAV”) per share for
each class of shares being offered; and 
 WHEREAS, the Client desires that RERC perform real estate appraisals (“Property
Appraisals”) of properties that the Client owns or may in the future acquire (the “Subject Properties”), as well as valuations of the mortgage payable (“Debt Valuations”) that encumbers Subject
Properties and other mortgage receivables (“Debt Valuations”), in order to form the basis for the valuation of the Client’s NAV described in the Registration Statement. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows:

 1.     SERVICES. RERC will perform services set for below in accordance with the Client’s
valuation guidelines adopted by the board of directors (the “Board”), as amended from time to time (the “Valuation Guidelines”): 

(a)     Perform Property Appraisals and Debt Valuations for each of the Subject Properties (Mortgage Payables) and Debt
Valuations for each Mortgage Receivable on a staggered basis such that (i) the timing of the Property Appraisals and Debt Valuations will be approximately evenly distributed throughout each quarter and each year and (ii) each Subject
Property, Mortgage Payable and Mortgage Receivable will be valued at least once per calendar quarter, and (iii) each Subject Property will be visited at least once each year. Property Appraisals and Debt Valuations will be delivered to TH Real
Estate Global Cities Advisors, LLC, the external advisor to the Client, or any replacement advisor as provided for in written notice to RERC by the Client (the “Advisor”), promptly after such valuations becomes available. All
Property Appraisals will be performed in accordance with the Code of Ethics & Standards of Professional Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice (“USPAP”) of
the Appraisal Foundation. Each Property Appraisal must be reviewed, approved and signed by an MAI designated member of the Appraisal Institute (“MAl”). The professional staff members assigned to this engagement must be
appropriately qualified to perform the work, and their work must be reviewed by other qualified MAIs. The resumes of professionals working on the engagement have been provided to the Client prior to the date hereof and shall be provided prior to
each subsequent renewal of the term of this Agreement or upon any proposed change in such professionals working on the engagement. 

 (b)     Independently assemble and maintain Argus, Excel or other models to
ensure that property-specific information provided by the Client is accurately reflected in the Property Appraisal and/or Debt Valuation. 

(c)    Deliver the following items to the Client within an agreed upon time frame: 

i. Draft and final real estate appraisal reports for each Subject Property; 

ii. Final Argus models developed by RERC; 

iii. Draft and final debt valuation reports for each mortgage payable position; 

iv. Draft and final debt valuation reports for each mortgage receivable position; 

v. Portfolio-level analytics report detailing key information used to determine property values, including the following for
each Subject Property: property name, property type, property location, square feet owned, current value conclusion, previous value conclusion, discount rate, cap rates, cash-on-cash yields, occupancy, rent per square foot owned, market rent, market
rent growth and any other pertinent statistics; 
 vi. Explanation of current value conclusions compared to previous values;

 vii. Explanations of outlying property conclusions compared to similar properties in the Client’s portfolio or the
general market. 
 (d)     Provide interim Property Appraisals and Debt Valuations of the Subject Properties (Mortgage
Payables) and Debt Valuations of Mortgage Receivables outside the quarterly valuation cycle if (i) the Advisor or Client notifies RERC of a property- or loan-specific material event and RERC in its judgment, believes that the value for the
Subject Property or Mortgage Receivable has changed materially as a result of the property- or loan-specific material event, (ii) as requested by the Advisor or in the judgment of RERC, as a result of a capital market material event, or
(iii) RERC determines it necessary to confirm any Property Appraisal or Debt Valuation previously communicated to the Advisor. RERC shall perform and deliver the new valuation to the Client within three business days of the material event
unless RERC and the Advisor agree that additional time is necessary. 
 (e)     With respect to the Property Appraisals
and Debt Valuations involving the Subject Properties and Mortgage Receivables, provide the Board with periodic valuation reports in connection with regularly scheduled Board meetings, or at such other times as may be requested by the Board. 

  
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 (f)     Monitor, together with the Advisor, overall market conditions and
communicate conditions RERC believes could materially impact any of the Client’s values (Property Appraisals or Debt Valuations). 

(g)     Meet with the Board and/or the Advisor at least once per year, or more frequently as requested by the Board or the
Advisor, to review the Valuation Guidelines and discuss the services provided by RERC to the Client. 
 2. PAYMENT FOR
SERVICES. To receive compensation for the services rendered by RERC, RERC shall submit an invoice to Client and shall receive the amounts set forth in Exhibit A in accordance with the terms and conditions set forth therein. Such
amounts shall be paid quarterly, in arrears, with 30 business days after receipt by the Client of each invoice. 
 3. REPRESENTATIONS
AND WARRANTIES. 
 (a)    Representations and Warranties of Client. The Client represents
and warrants to RERC that: 
 i.    It has been duly authorized by proper corporate action to enter into
this Agreement and perform its obligations hereunder. 
 ii.     The execution, delivery and performance
of this Agreement will not materially violate any provision of applicable law or any agreement or instrument to which it is bound. 

iii.     It has obtained and will maintain any and all necessary approvals, orders, consents,
authorizations, certificates, licenses, permits, or validations of, or exemptions or other actions by, or recordings or registrations with any federal, state and local governmental or regulatory or supervisory authority, or any self-regulatory
organization (each, a “Governmental Entity”) having jurisdiction over it that is or will be necessary in connection with the execution and delivery of this Agreement, or its performance of or compliance with the terms and
conditions of this Agreement. 
 iv.    There is no action, suits, proceedings, or to the knowledge of
the Client, threatened against which could reasonably be expected to have a material adverse effect on the ability of such party to comply with the terms of this Agreement. 

v.    The Client or its agents will supply RERC with the property-specific information reasonably necessary
to enable RERC to perform its duties pursuant to this Agreement. This information may include, but not be limited to: rent rolls, annual operating statements and budgets, leases or lease abstracts, access to the property and the property managers if
necessary, engineering reports, environmental reports, updates regarding tenant activities if necessary, capital expenditures and budgets, and acquisition or disposition activity. 

  
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 vi.     The Client or its agents will promptly notify RERC of
any material event of which it is reasonably aware that could impact the real estate or debt value related to one or more of the Subject Properties. 

(b)    Representations and Warranties of RERC. RERC represents and warrants to Client that: 

i.    It has been duly authorized by proper corporate action to enter into this Agreement and perform its
obligations hereunder. 
 ii.     The execution, delivery and performance of this Agreement will not
materially violate any provision of applicable law or any agreement or instrument to which it is bound. 

iii.     It has obtained and will maintain any and all necessary approvals, orders, consents,
authorizations, certificates, licenses, permits, or validations of, or exemptions or other actions by, or recordings or registrations with any federal, state and local governmental or regulatory or supervisory authority, or any self-regulatory
organization (each, a “Governmental Entity”) having jurisdiction over it that is or will be necessary in connection with the execution and delivery of this Agreement, or its performance of or compliance with the terms and
conditions of this Agreement. 
 iv.     There is no action, suits, proceedings, or to the knowledge of
the Client, threatened against which could reasonably be expected to have a material adverse effect on the ability of such party to comply with the terms of this Agreement. 

v.    It will perform services in a professional and workmanlike manner. 

vi.     It will maintain professional liability and errors and omissions insurance coverage. 

4. EFFECTIVE DATE. This Agreement shall be effective as of the date hereof (the “Effective
Date”). 
 5. CONFIDENTIALITY. 

(a)     Confidentiality Obligations. Neither party will disclose to any third party without the
prior written consent of the other party any confidential information which is received from the other party for the purposes of providing or receiving services pursuant to this Agreement which (i) if disclosed in tangible form, is marked
confidential, (ii) if disclosed in any other manner, is confirmed in writing as being confidential or (iii) if disclosed in tangible form or otherwise, is manifestly confidential; it being understood that the reports prepared by RERC for
Client shall be considered confidential information. Each party agrees that any confidential information received from the other party shall only be used for the purposes of providing or receiving the services under this Agreement or any other
contract between the parties. 

  
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 (b)     Exceptions to Restrictions. The
restrictions set forth in this Section 5 will not apply to any information which (i) is or becomes generally available to the public other than as a result of a breach of an obligation by the receiving party, (ii) is acquired from a
third party who, to the recipient’s knowledge, owes no obligation of confidence with respect to the information or (iii) is or has been independently developed by the recipient. 

(c)    Permitted Disclosure. Notwithstanding paragraphs (a) and (b) of this Section 5,
either party will be entitled to disclose confidential information of the other party to (i) the disclosing party’s insurers or legal advisors or (ii) a third party to the extent that such disclosure is required by any court of
competent jurisdiction or a governmental or regulatory authority or where there is a legal right, duty or requirement to disclose (as determined in the good faith discretion of the disclosing party); provided, however, that where reasonably
practicable (and without breaching any legal or regulatory requirement), prompt notice in writing shall first be given to the other party. 

(d)     Term of Confidentiality. The parties’ respective confidential obligations will
terminate two years after the expiration or termination of this Agreement. 
 6.    
ACKNOWLEDGEMENT. RERC acknowledges that (i) its valuations will be used or incorporated into the Client’s Registration Statement and periodic filings with the U.S. Securities and Exchange Commission (the
“SEC”), (ii) RERC will be named as an expert in the Registration Statement, (iii) in connection with the foregoing subsection (ii), RERC will provide a consent in a form satisfactory to RERC and Client to be attached as
an exhibit to the Registration Statement, (iv) RERC’s provision of the aforementioned consent is subject to the Client’s providing RERC a commercially reasonable opportunity to review and consent to references to RERC in any
regulatory filing which require RERC to be named as an expert, and (v) this Agreement will be filed with the SEC. 
 7. WORK
PRODUCT. 
 (a)    Permitted Disclosure. Client agrees to treat the RERC work product with the
utmost confidentiality and shall not disseminate, distribute, make available or otherwise publish the RERC work product to any third party except to (i) any third party service provider (such as Client’s attorneys, accountants,
consultants) using the RERC work product in the course of providing services for the sole benefit of Client, (ii) as required by statute, government regulation, legal process or judicial decree, provided that RERC is informed of such disclosure
(if permitted by law) so that RERC may object or limit such disclosure or (iii) as otherwise permitted under this Agreement (including pursuant to Section 5 hereof). 

  
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 (b)    Client Responsibilities. RERC will rely on information
provided by Client, will not verify the accuracy of such information, and RERC shall not be responsible for any inaccuracy in such information. 

(c)    Intended Use. Client agrees and understands that the quarterly Property Appraisal and Debt Valuation
reports will be subject to RERC’s standard Assumptions and Limiting Conditions attached as Exhibit B, which will be incorporated into the report. All users of the quarterly Property Appraisal and Debt Valuation reports are specifically
cautioned to understand the Assumptions and Limiting Conditions as well as any extraordinary assumptions and hypothetical conditions which may be employed by RERC and incorporated into the report. Moreover, all users should consider the report as
only one factor together with its independent investment considerations and underwriting criteria in its overall investment decision. 

(d)    Intended User. RERC is performing the Services for Client’s sole use and not for any other
purpose. Client acknowledges that any third parties who obtain access to the quarterly Property Appraisal and Debt Valuation reports are not authorized to use or rely upon it unless they are expressly permitted to rely thereon pursuant to this
Agreement or a separate reliance or consent letter issued by RERC at its sole discretion. 
 8.     TERM OF
AGREEMENT. This Agreement shall continue in force for a period of three years from the Effective Date (“Initial Term”), with three successive one-year renewals. The renewal terms will automatically commence unless
this Agreement is terminated by either party with 90 days’ notice prior to the end of each respective term. Notwithstanding the foregoing, this Agreement may be terminated by either party upon 60 days prior written notice to the other party or
immediately upon a material breach of this Agreement by the other party or in the event that Client determines not to proceed with registration with the U.S. Securities and Exchange Commission or otherwise discontinues the public offering of
Client’s securities; provided, however, that in the case of breach the breaching Party has the opportunity to cure such breach, if curable within a 30-day period. The parties’ obligations under Sections 5, 6, 7, 10, 11 of this Agreement
shall survive termination of this Agreement. Except as set forth herein or as otherwise required by law, upon expiration or termination hereof, RERC shall have no further obligations under this Agreement including, without limitation, any obligation
to update any quarterly Property Appraisal and Debt Valuation reports or related information. 
 9.    
INDEPENDENT ADVISOR. The parties agree that RERC is being retained as an independent contractor to perform the Services and nothing in this Agreement shall be deemed to create any other relationship between RERC and Client. RERC
shall be solely responsible for the actions and inactions of itself and of its affiliates, and their respective members, officers, directors, employees, advisors, legal counsel, contractors, and agents (“RERC
Representatives”). RERC shall not, and is not authorized to, enter into contracts or agreements on behalf of Client or to otherwise create obligations of Client to third parties. 

  
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 10. INDEMNIFICATION. 

(a) Client agrees to indemnify and hold harmless RERC, its members, employees, directors and officers (collectively, the
“Indemnified Parties”), from and against any losses, claims, damages, demands, and liabilities (“Damages”), joint or several, related to or arising in any manner out of (i) any transaction
contemplated by this Agreement or in connection with this Agreement or the performance of Services under this Agreement by RERC (ii) any actual or alleged untrue statement of material fact, or the actual or alleged failure to state a material
fact necessary to make a statement not misleading in light of the circumstances under which it was made with respect to all the information furnished to RERC or made available to a prospective party to a transaction, or (iii) an actual or
alleged violation of applicable law by Client (including without limitation, securities laws) or the negligence or intentional acts or omissions of Client (including the failure to perform any duty imposed by law) (the “Indemnified
Activities”). Notwithstanding the foregoing, Client shall not be liable in respect of any Damages that a court of competent jurisdiction shall have determined by final non-appealable judgment resulted solely from the gross negligence,
fraud or willful misconduct of an Indemnified Party. 
 (b) RERC agrees to indemnify and hold harmless Client, its members, employees,
directors and officers, from and against any Damages, joint or several, related to or arising in any manner out of RERC’s gross negligence, fraud, or willful misconduct. 

(c) The indemnifying party agrees not to enter into any waiver, release or settlement of any threatened or pending investigative,
administrative, judicial or regulatory claim, action, proceeding or investigation arising in any manner out of any Indemnified Activities (collectively “Proceedings”) which would be binding on the Indemnified Party (whether
or not any Indemnified Party is a formal party to such Proceeding) without prior written consent of the Indemnified Party (which consent not to be unreasonably withheld), unless such waiver, release or settlement includes and unconditional release
of the applicable Indemnified Parties from all liability arising out of such Proceeding. 
 (d) This Section 10 shall remain operative
and in full force and effect regardless of any withdrawal, termination, or failure to initiate or consummate any transaction contemplated by this Agreement. 

11. LIMITATION OF LIABILITY. ANYTHING IN THE AGREEMENT TO THE CONTRARY NOTWITHSTANDING, UNDER NO CIRCUMSTANCES WHATSOEVER SHALL
EITHER PARTY BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, OR INCIDENTAL DAMAGES OF ANY KIND WHATSOEVER. IN NO EVENT WHATSOEVER SHALL RERC’S (OR ANY OF ITS AFFILIATES OR RESPECTIVE OFFICERS OR EMPLOYEES) TOTAL LIABILITY TO
CLIENT, OR ANY OTHER PARTY ENTITLED TO MAKE A CLAIM, FOR DIRECT DAMAGES WITH RESPECT TO THIS AGREEMENT OR THE SERVICES PROVIDED HEREIN, OR ANY OTHER DAMAGES WHATSOEVER, 

  
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EXCEED IN THE TOTAL SUM OF FEES (EXCLUSIVE OF REIMBURSED EXPENSES) RECEIVED BY RERC UNDER THIS AGREEMENT OVER THE TWELVE MONTHS PRECEEDING THE CLAIM; PROVIDED THAT THE FOREGOING SHALL IN NO WAY
LIMIT RERC’S LIABILITY FOR DIRECT DAMAGES IF AND TO THE EXTENT SUCH CLAIMS ARE COVERED BY THE INSURANCE REQUIRED TO BE CARRIED PURSUANT TO THIS AGREEMENT. 

12. INSURANCE. RERC agrees to obtain and maintain and keep in full force and effect, at RERC’s expense, the forms of
insurance with the minimum limits of insurance stated in this Section 12. Each insurance policy will be maintained with an insurer having a rating of at least an “A-” in the most currently available Best’s Insurance Reports. RERC
will provide for at least thirty (30) days’ prior written notice to Client in the event of any cancellation or material reduction in limits. RERC will annually furnish Client with certificates of insurance in satisfactory form, evidencing
its compliance with these provisions. RERC will maintain at least the following: 
  

	 	(a)	Statutory workers’ compensation covering all state and local requirements; 

  

	 	(b)	Employer’s liability with a limit of $1,000,000 for one or more claims arising from each accident; 

  

	 	(c)	Commercial general liability, written on an occurrence basis, with a minimum per occurrence combined single limit of $1,000,000 and a minimum aggregate combined single limit of $2,000,000; 

 

	 	(d)	Umbrella / Excess Liability Insurance with limits of no less than $10,000,000 per occurrence and in the aggregate; 

  

	 	(e)	Errors and Omissions insurance with limits of no less than $10,000,000 per occurrence and $10,000,000 in the aggregate which includes coverage for third party claims arising out of the negligent act, error or omission
of RERC; and 

  

	 	(f)	fidelity bond (AKA crime insurance) at $5,000,000 per occurrence and aggregate, including third party liability or client coverage. 

13. PUBLICATION. Subject to Section 6 and except as otherwise permitted in this Agreement, the quarterly Property Appraisal
and Debt Valuation reports or RERC name may not be used in any offering memoranda or other investment material without the prior written consent of RERC, which may be given at RERC’s sole discretion. Any such consent, if given, shall be
conditioned upon RERC’s receipt of an indemnification agreement from a party satisfactory to RERC in a form satisfactory to RERC. Furthermore, Client agrees to pay the fees of RERC’s legal counsel for the review of the material which is
the subject of the requested consent. RERC expressly disclaims any and all liability with regard to the appraisal prepared pursuant to this Agreement to any party other than the Client. 

  
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 14. COLLECTION. If it becomes necessary to place collection of the fees and
expenses due RERC in the hands of a collection agent and/or an attorney (whether or not a legal action is filed) Client agrees to pay all fees and expenses including attorney’s fees incurred by RERC in connection with the collection or
attempted collection thereof. 
 15. USE OF CLIENT NAME. Unless informed to the contrary by Client in writing, RERC may use
the name of Client in promotional materials, provided no reference is made to the services performed or properties involved. 
 16.
THIRD PARTY BENEFICIARIES. Client acknowledges that RERC, in connection with its engagement hereunder, is acting as an independent contractor with duties owing solely to Client and that nothing in this Agreement is intended to confer
upon any other person (other than the Indemnified Persons) any rights, benefits or remedies hereunder or by reason hereof. 
 17.
NOTICES. All notices, requests, instructions, or documents required hereunder shall be in writing and delivered personally or via a recognized overnight delivery service mailed to the following: 

 

			
	 To Client:
  

Nuveen Global Cities REIT, Inc.

730 Third Avenue
 New
York, NY 10017
 Attn: Nadir Settles
  

With a copy to:
  

Nuveen Global Cities REIT, Inc.

8625 Andrew Carnegie Blvd E1-S6

Charlotte, NC 28262
 Attn:
James Sinople
  
 And copy to:

 
 Nuveen Global Cities REIT, Inc.

4675 MacArthur Court, Suite 1100

Newport Beach, CA 92660

Attn: William Miller
	  	 To RERC:
 6600 Westown Parkway #260,

West Des Moines, IA 50266
 Attn: Brian Velky

 
 With a copy to:

5065 Westheimer Road, Suite 700E,
 Houston, Texas 77056

Attn: Legal Department
  

And copy to:
 150 E. 52nd St., Suite 4002
 New York, NY 10022

Attn: General Counsel

  
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 18. AMENDMENT; ASSIGNMENT; OTHER MATTERS. 

(a)     Governing Law; Exclusive Jurisdiction; Jury Trial. The parties hereto (a) irrevocably
consent to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan of the City of New York in any action, suit or proceeding arising out of or relating to this Agreement, and (b) irrevocably consent that
any process or notice or motion or other application to the court or judge thereof may be served within or outside of the State of New York by registered or certified mail or nationally-recognized overnight delivery service, or by personal service,
provided a reasonable time for appearance is allowed. EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING, WHETHER AT LAW OR EQUITY, BROUGHT BY ANY OF THEM ARISING OUT OF OR RELATING TO THIS
AGREEMENT. 
 (b)     Entire Agreement. This Agreement (including exhibits hereto) contains
the entire agreement and understanding of the parties with respect to the subject matter hereof. This Agreement supersedes all prior oral and written agreements, if any, between the parties. This Agreement shall be binding upon and inure to the
benefit of Client, RERC, the other Indemnified Parties and their respective successors and assigns. 
 (c)    
Counterparts. This Agreement may be executed in two or more counterparts and may be delivered by e-mail or facsimile, each of which shall be deemed to be an original, but all of which shall constitute one and the same Agreement.

 (d)     No Joint Venture. The parties are independent contractors and nothing in this Agreement
shall be construed to create a partnership, joint venture, agency relationship or other joint enterprise between them. 

(e)     Severability. If one or more provisions of this Agreement shall be determined to be invalid
or ineffective for any reason, such determination shall not affect the validity and enforceability of the remaining provisions. 

(f)    Amendment. No change, modification or alteration of this Agreement shall be effective unless in
writing and signed by both parties. 
 (g)    Assignment. Neither party may assign its rights and/or
obligations hereunder without the prior written consent of the other party. 
 (h)    
Severability. The provisions of this Agreement are independent and severable from each other. If any term, clause or provision of this Agreement is deemed invalid or unenforceable for any reason, the remainder of this Agreement
shall remain valid and enforceable in accordance with its terms. 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Valuation Services
Agreement as of the date set forth above. 
  

											
		 	RERC, LLC	 	NUVEEN GLOBAL CITIES REIT, INC.
				
		 	/s/ Brian T. Velky	 		 	/s/ Nadir Settles
						
		 	By:	 	Brian T. Velky	 		 	By:	 	Nadir Settles (authorize signatory)
		 	Its:	 	Managing Director	 		 	Its:	 	Director
		 	Date:	 	12/14/17	 		 	Date:	 	12/14/17

  
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 EXHIBIT A 

FEES 
 RERC’s fees and expenses for the
Initial Term (commencing on the Effective Date) are set forth in below. After the Initial Term the parties will annually negotiate changes in fees. 
  

													
	Property Appraisal Fees1	 
				
	 	  	Summary Report
(Annually)	 	  	Limited Scope Report
(Quarterly Update)	 	  	Aggregate Annual	 
	 Year 1
	  	$	4,800	 	  	$	2,700	 	  	$	12,900	 
	 Year 2
	  	$	4,900	 	  	$	2,800	 	  	$	13,300	 
	 Year 3
	  	$	5,000	 	  	$	2,900	 	  	$	13,700	 

  

													
	Debt Valuation (Mortgage Payable) Fees1,2	 
				
	 	  	Summary Report
(Annually)	 	  	Limited Scope Report
(Quarterly Update)	 	  	Aggregate Annual	 
	 Year 1
	  	$	1,000	 	  	$	500	 	  	$	2,500	 
	 Year 2
	  	$	1,050	 	  	$	550	 	  	$	2,700	 
	 Year 3
	  	$	1,100	 	  	$	600	 	  	$	2,900	 

  

													
	Debt Valuation (Mortgage Receivables) Fees1,2,3	 
				
	 	  	Summary Report
(Annually)	 	  	Limited Scope Report
(Quarterly Update)	 	  	Aggregate Annual	 
	 Year 1
	  	$	1,000	 	  	$	500	 	  	$	2,500	 
	 Year 2
	  	$	1,050	 	  	$	550	 	  	$	2,700	 
	 Year 3
	  	$	1,100	 	  	$	600	 	  	$	2,900	 

  

	1 	Interim (non-recurring) Property Appraisals and Debt Valuations required as a result of a reported material even are subject to 50% of Limited Scope Report Fees 

	2 	Professional fees do not apply to debt positions not fair valued (i.e. marked to par) 

	3 	Prices are quoted for Debt Valuations done on senior stabilized loans. Subordinated and transitional loans may be priced $200 higher per valuation than the quoted prices depending on the complexity of the loan(s) being
valued. 

  
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	*	Minimum Quarterly Fee: 

 To account for platform costs associated with providing the services (e.g. setup and
maintenance of the RERC web-based valuation reporting system, management of the appraisal process, estimated time for communication with the Client), Client agrees to a Minimum Quarterly Fee of $37,500
(an estimated breakpoint of approximately 10 properties) commencing in the third quarter following the date hereof. 
 Expenses: 

The above fees do not include out-of-pocket expenses. With the exception of any lodging or travel expenses that RERC incurs in connection with annual site
visits or attendance at Board meetings, pre-approval by the Client or the Advisor will be required. 

  
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 EXHIBIT B 

ASSUMPTIONS AND LIMITING CONDITIONS 
 The
quarterly report has been based on, and is subject to, the following general assumptions and limiting conditions: 
  

	 	•	 	The conclusions and recommendations reported are only applicable to the purpose, function, and terms stated in this report, and shall not be used for any other purpose. 

 

	 	•	 	RERC has assumed that the reader(s) of this report is well-versed in real estate and is a sophisticated and knowledgeable business person(s). 

 

	 	•	 	No responsibility is assumed for the legal description provided or for matters pertaining to legal or title considerations. Titles to the properties are assumed to be good and marketable unless otherwise stated. It is
assumed that the use of the land and improvements are confined within the boundaries or property lines of the properties described, and that there are no encroachments or trespassing unless noted in the report. The report will not constitute a
survey of the property analyzed. 

  

	 	•	 	Responsible ownership and competent property management are assumed. 

  

	 	•	 	All statements of fact in the report which are used as the basis of the RERC’s analyses, opinions, and conclusions are taken to be true and correct to RERC’s actual knowledge and belief. RERC does not make any
representation or warranty, express or implied, as to the accuracy or completeness of the information or the condition of the property furnished to RERC by Client or others. The conclusions and any permitted reliance on and use of the report shall
be subject to the assumptions, limitations, and qualifying statements contained herein. 

  

	 	•	 	RERC shall have no responsibility for legal matters, including zoning, or questions of survey or title, soil or subsoil conditions, engineering or other similar technical matters. All engineering studies, if provided,
are assumed to be correct. The plot plans and illustrative material in this report are included only to help the reader visualize the property. 

  

	 	•	 	It is assumed that there are no hidden or unapparent conditions of the properties, subsoil, or structures that render it more or less valuable. No responsibility is assumed for detecting such conditions or for obtaining
the engineering or environmental studies that may be required to discover them. 

  

	 	•	 	 It is assumed that the properties are in full compliance with all applicable federal, state, and local
environmental regulations and laws, unless the appraiser has been informed of 

  
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such lack of compliance and it is stated, described, and considered in the report. It is assumed that all required licenses, certificates of occupancy, consents, and other legislative or
administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the conclusions contained in this report is based. 

 

	 	•	 	It is assumed that the properties conform to all applicable zoning and use regulations and restrictions unless nonconformity has been disclosed to RERC, identified, described, and considered in the report.

  

	 	•	 	RERC shall not be required to give testimony as a witness or to appear in any capacity in any legal or administrative hearing or procedure, or to have any continued service responsibility unless compensated in advance
by the engager of this report according to their fee schedule then in effect. 

  

	 	•	 	Unless otherwise stated in this report, RERC will not be considering the possible existence of asbestos, urea-formaldehyde foam insulation, PCB transformer, or other toxic, hazardous, or contaminated substances and/or
underground storage tanks (collectively “Hazardous Materials”) on or affecting the property, or the cost or encapsulation or removal thereof. RERC is not qualified to detect Hazardous Materials and, unless otherwise stated,
RERC has not been informed of any major or significant deferred maintenance of the property that would require the expertise of a professional cost estimator or contractor. If such repairs are needed, the estimates are prepared by others. The
conclusions are predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover
them. The Client is urged to retain an expert in this field, if such expertise is desired. 

  

	 	•	 	In the event the Client intends to use the report in connection with a tax matter, Client acknowledges that RERC provides no warranty, representation, or prediction as to the outcome of such tax matter. RERC has no
responsibility or liability to the Client or any other party for any such taxes, interests, penalties, or fees that may be incurred. 

  

	 	•	 	RERC’s personnel are not engineers, professional building contractors, or environmental consultants. Such additional expertise is not covered in the report and the Client agrees that, if such additional expertise
is required, it shall be provided by others at the direction and discretion of the Client. No warranties are made by references to physical property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk,
obsolescence, etc., and no liability is assumed for any engineering-related issues. 

  
 Page 15 of 16 

	 	•	 	Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by anyone other than the person to whom it is addressed, without the written consent of RERC. 

 

	 	•	 	The liability of RERC, and its affiliates, employees, officers, directors, and agents, is limited to the Client and the Advisor. This report was prepared specifically for our Client and the Advisor, to whom this report
is addressed. 

  

	 	•	 	The Client acknowledges that RERC is a limited liability company and agrees that any claim made by the Client arising out of any act or omission of any director, officer, agent, or employee of RERC, in the execution or
performance of its contractual or professional responsibilities shall be made solely against RERC and not against any such director, officer, agent, or employee. 

  

	 	•	 	Cash flow projections are forecasts of estimated future operating characteristics and are predicated on the information and assumptions contained within the appraisal report. The achievement of the financial projections
will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may well vary from the projections contained herein. RERC does not warrant that these forecasts will occur.
Projections may be affected by circumstances beyond the current realm of knowledge or control of RERC. RERC is not trying to forecast the future, but rather is attempting to replicate techniques utilized by market participants for properties similar
to the subject. 

  

	 	•	 	The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of the properties to determine whether or not they are in conformity with the
various detailed requirements of the ADA. It is possible that a compliance survey of the properties, together with a detailed analysis of the requirements for the ADA, could reveal that the properties are not in compliance with one or more of the
requirements of the ADA. If so, this fact could have a negative effect upon the value of the property. Since we have no direct evidence relating to this issue, we did not consider possible non-compliance with the requirements of the ADA in
estimating the value of the properties. 

  
 Page 16 of 16EX-10.3

 Exhibit 10.3 

FORM OF INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the
            day of                     , 2017, by and between Nuveen Global Cities REIT,
Inc., a Maryland corporation (the “Company”), and                     (“Indemnitee”). 

WHEREAS, at the request of the Company, Indemnitee currently serves as a director or officer of the Company and may, therefore, be subjected
to claims, suits or proceedings arising as a result of such service; 
 WHEREAS, as an inducement to Indemnitee to serve or continue to
serve in such capacity, the Company has agreed to indemnify Indemnitee and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings; and 

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses; 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree
as follows: 
 Section 1. Definitions. For purposes of this Agreement: 

(a) “Applicable Legal Rate” means a fixed rate of interest equal to the applicable federal rate for mid-term debt instruments as of
the day that it is determined that Indemnitee must repay any advanced expenses. 
 (b) “Change in Control” means a change in
control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or
form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in
Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors
without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of
assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such
transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals (A) who were directors as of the Effective Date or
(B) whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least two-thirds of the directors then in office who were directors as of the Effective Date
or whose election or nomination for election was previously so approved. 

 (c) “Corporate Status” means the status of a person as a present or former director,
officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Company,
service by Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership,
limited liability company, joint venture, trust or other enterprise (1) of which a majority of the voting power or equity interest is or was owned directly or indirectly by the Company or (2) the management of which is controlled directly
or indirectly by the Company and (ii) if, as a result of Indemnitee’s service to the Company or any of its affiliated entities, Indemnitee is subject to duties by, or required to perform services for, an employee benefit plan or its
participants or beneficiaries, including as a deemed fiduciary thereof. 
 (d) “Disinterested Director” means a director of the
Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee. 

(e) “Effective Date” means the date set forth in the first paragraph of this Agreement. 

(f) “Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, arbitration
and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as
a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium
for, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent. 
 (g)
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any
matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the
Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

  
 -2- 

 (h) “Proceeding” means any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and
whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless
otherwise specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding. 

Section 2. Services by Indemnitee. Indemnitee will serve as a director or officer of the Company. However, this Agreement shall
not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee. 

Section 3. General. Subject to the limitations in Section 5, the Company shall indemnify, and advance Expenses to, Indemnitee
(a) as provided in this Agreement and (b) as otherwise permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the
benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. Subject to the limitations in Section 5, the rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights
set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (the “MGCL”). 

Section 4. Standard for Indemnification. Subject to the limitations in Section 5, if, by reason of Indemnitee’s
Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established by clear and convincing evidence that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding
and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of any criminal
Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 
 Section 5. Certain Limits on
Indemnification. Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to: 

(a) indemnification for any loss or liability unless all of the following conditions are met: (i) Indemnitee has determined, in good
faith, that the course of conduct that caused the loss or liability was in the best interests of the Company; (ii) Indemnitee was acting on behalf of or performing services for the Company; (iii) such loss or liability was not the result

  
 -3- 

 
of negligence or misconduct, or, if Indemnitee is an independent director, gross negligence or willful misconduct; and (iv) such indemnification is recoverable only out of the Company’s
net assets and not from the Company’s stockholders; 
 (b) indemnification for any loss or liability arising from an alleged violation
of federal or state securities laws unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to Indemnitee;
(ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee and finds that
indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state
securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws; 

(c) indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication
of the Proceeding not subject to further appeal, to be liable to the Company; 
 (d) indemnification hereunder if Indemnitee is adjudged, in
a final adjudication of the Proceeding not subject to further appeal, to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in
Indemnitee’s Corporate Status; or 
 (e) indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee,
unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or Bylaws, a
resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. 

Section 6. Court-Ordered Indemnification. Subject to the limitations in Section 5(a) and (b), a court of appropriate
jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances: 

(a) if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order
indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or 
 (b) if such court
determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or
(ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper without regard to any limitation on such court-ordered
indemnification contemplated by Section 2-418(d)(2)(ii) of the MGCL. 

  
 -4- 

 Section 7. Indemnification for Expenses of an Indemnitee Who is Wholly or Partially
Successful. Subject to the limitations in Section 5, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the
merits or otherwise, in the defense of such Proceeding, the Company shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7, and without limitation, the termination
of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 8. Advance of Expenses for Indemnitee. If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is
threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of
Indemnitee in connection with (a) such Proceeding which is initiated by a third party who is not a stockholder of the Company or (b) such Proceeding which is initiated by a stockholder of the Company acting in his or her capacity as such
and for which a court of competent jurisdiction specifically approves such advancement, and which relates to acts or omissions with respect to the performance of duties or services on behalf of the Company. The Company shall make such advance or
advances within ten days after the receipt by the Company of a statement or statements requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding and may be in the form of, in the reasonable
discretion of Indemnitee (but without duplication), (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement
to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee and a
written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof. To the extent that Expenses
advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general
obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. 

Section 9. Indemnification and Advance of Expenses as a Witness or Other Participant. Subject to the limitations in
Section 5, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other person, and to which
Indemnitee is not a party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after the
receipt by the Company of a statement or 

  
 -5- 

 
statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence
the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee to provide an affirmation and undertaking substantially in the form attached hereto as Exhibit A. 

Section 10. Procedure for Determination of Entitlement to Indemnification. 

(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests
from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification,
advise the Board of Directors in writing that Indemnitee has requested indemnification. 
 (b) Upon written request by Indemnitee for
indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has occurred, by
Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors in accordance with
Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by a majority vote of the Disinterested Directors or by the majority vote of a group of
Disinterested Directors designated by the Disinterested Directors to make the determination, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by
Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by the Board of Directors,
by the stockholders of the Company, other than directors or officers who are parties to the Proceeding. If it is so determined that Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee within ten days after such
determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance
request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board of Directors or
Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of
the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. 

(c) The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed. 

  
 -6- 

 Section 11. Presumptions and Effect of Certain Proceedings. 

(a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden
of overcoming that presumption in connection with the making of any determination contrary to that presumption. 
 (b) The termination of
any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that
Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 
 (c) The knowledge and/or actions, or
failure to act, of any other director, officer, employee or agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement. 

Section 12. Remedies of Indemnitee. 

(a) If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this
Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 or 9 of this Agreement within ten days after receipt by the Company of a written
request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination has been made that Indemnitee is entitled to
indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification or advance of
Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence
a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause
shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply
to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 
 (b)
In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of 

  
 -7- 

 
Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be.
If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final determination is
made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company
is bound by all of the provisions of this Agreement. 
 (c) If a determination shall have been made pursuant to Section 10(b) of this
Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact,
or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification. 

(d) In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in
arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and
reasonably incurred by Indemnitee in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of
Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 

(e) Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial
Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in
accordance with Section 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement to indemnification under
Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company. 

Section 13. Defense of the Underlying Proceeding. 

(a) Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment,
request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts
underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the

  
 -8- 

 
Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is
thereby actually so prejudiced. 
 (b) Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c)
below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days
following receipt of notice of any such Proceeding under Section 13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment
against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of
such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding
brought by Indemnitee under Section 12 of this Agreement. 
 (c) Notwithstanding the provisions of Section 13(b) above, if in a
Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or
delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of
counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company
fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be
unreasonably withheld or delayed, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this
Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject
to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter. 

Section 14. Non-Exclusivity; Survival of Rights; Subrogation. 

(a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to
which Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or
otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the charter or Bylaws of the Company, this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in
respect of any 

  
 -9- 

 
action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or
inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to
every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or
remedy. 
 (b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 

Section 15. Insurance. 

(a) The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed
appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of Indemnitee’s Corporate Status and covering the Company for any indemnification or advance of Expenses made
by the Company to Indemnitee for any claims made against Indemnitee by reason of Indemnitee’s Corporate Status. In the event of a Change in Control, the Company shall maintain in force any and all directors and officers liability insurance
policies that were maintained by the Company immediately prior to the Change in Control for a period of six years with the insurance carrier or carriers and through the insurance broker in place at the time of the Change in Control; provided,
however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and amount shall be obtained and (ii) if any replacement insurance carrier is necessary to
obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of the existing insurance carrier; provided, further, however, in no event shall the
Company be required to expend in the aggregate in excess of 250% of the annual premium or premiums paid by the Company for directors and officers liability insurance in effect on the date of the Change in Control. In the event that 250% of the
annual premium paid by the Company for such existing directors and officers liability insurance is insufficient for such coverage, the Company shall spend up to that amount to purchase such lesser coverage as may be obtained with such amount. 

(b) Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by
Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage
of any insurance referred to in Section 15(a). The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as
expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of the Company under 

  
 -10- 

 
any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise), the Company
has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. 

(c) Indemnitee shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding. 

Section 16. Coordination of Payments. The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

Section 17. Contribution. If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid
to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, with respect to any Proceeding in which the Company is jointly liable with
Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by
Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any
right of contribution it may have at any time against Indemnitee. 
 Section 18. Reports to Stockholders. To the extent required
by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the
notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting. 

Section 19. Duration of Agreement; Binding Effect. 

(a) This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a
director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that Indemnitee is no longer subject to any actual or
possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement). 

(b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, 

  
 -11- 

 
merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or
agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan
or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal
representatives. 
 (c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if no such succession had taken place. 
 (d) The Company and
Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties
hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific
performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining
orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of
Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking. 
 Section 20.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of
this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give
the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

Section 21. Counterparts. This Agreement may be executed in one or more counterparts (delivery of which may be by facsimile or via
e-mail as a portable document format (.pdf) or other electronic format), each of which will be deemed to be an original, and it will not 

  
 -12- 

 
be necessary in making proof of this Agreement or the terms of this Agreement to produce or account for more than one such counterpart. One such counterpart signed by the party against whom
enforceability is sought shall be sufficient to evidence the existence of this Agreement. 
 Section 22. Headings. The headings
of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

Section 23. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated, shall such
waiver constitute a continuing waiver. 
 Section 24. Notices. All notices, requests, demands and other communications hereunder
shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by
certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 
  

	 	(a)	If to Indemnitee, to the address set forth on the signature page hereto. 

  

	 	(b)	If to the Company, to: 

 Nuveen Global Cities REIT, Inc. 

730 Third Avenue, 3rd Floor 

New York, New York 10017 
 Attn:
[General Counsel] 
 or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the
case may be. 
 Section 25. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with,
the laws of the State of Maryland, without regard to its conflicts of laws rules. 
 [SIGNATURE PAGE FOLLOWS] 

  
 -13- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written. 
  

			
	NUVEEN GLOBAL CITIES REIT, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	
	INDEMNITEE
		
	 	 	 
	Name:	 	
	Address:	 	

  
 -14- 

 Exhibit 10.3 

EXHIBIT A 
 AFFIRMATION AND
UNDERTAKING TO REPAY EXPENSES ADVANCED 
 To: The Board of Directors of Nuveen Global Cities REIT, Inc. 

Re: Affirmation and Undertaking 
 Ladies and Gentlemen: 

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement, dated the
            day of                     , 2017, by and between Nuveen Global Cities REIT,
Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the
“Proceeding”). 
 Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

 I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I
hereby affirm my good faith belief that at all times, insofar as I was involved as a director or officer of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate
dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. 

In consideration of the advance by the Company for Expenses incurred by me in connection with the Proceeding (the “Advanced
Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the
result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was
unlawful, then I shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of interest thereon, relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been
established. 
 IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this
            day of             , 20            . 

 

			
		
	 	 	 
	Name:

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