TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA 4

What Happened

• Teachers Insurance & Annuity Association of America (TIAA), reported as a 10% owner (via its subsidiary TIAA GCREIT Holdings LLC), disposed of 425,894.378 shares of Nuveen Global Cities REIT on 2026-02-02. The shares were repurchased by the issuer at $11.74 per share for a total of $5,000,000. This was a sale/repurchase (code S) rather than an open-market purchase.

Key Details

• Transaction date and price: 2026-02-02 at $11.74 per share (total $5,000,000).
• Repurchase submission: Holder submitted the shares for repurchase on January 30, 2026 (footnote).
• Price basis: Repurchase price equals net asset value per share as of 12/31/2025 (footnote).
• Ownership structure: Shares are held indirectly by TIAA and directly by its wholly owned subsidiary, TIAA GCREIT Holdings LLC (footnote).
• Shares owned after transaction: Not disclosed in the provided filing.
• Timeliness: Report filed 2026-02-04 for a 2026-02-02 transaction (filed within the standard 2-business-day window).

Context

• This filing reflects an institutional holder exercising pre-agreed repurchase rights with the issuer, not an individual executive sale; such transactions are typically contractual and tied to NAV-based terms rather than a signal of management sentiment.
• Because the price was set to the REIT’s NAV as of 12/31/2025, the transaction reflects the holder redeeming part of its position at the agreed valuation rather than a market-driven trade.