Investments in International Affiliated Funds

9 Months Ended

Sep. 30, 2025

Investments in International Affiliated Funds

Investment in ECF:

ECF was launched in March 2016 as an open-end, Euro-denominated fund that seeks to build a diversified portfolio of high quality and stabilized commercial real estate with good fundamentals (i.e., core real estate) located in or around certain investment cities in Europe selected for their resilience, potential for long-term structural performance and ability to deliver an attractive and stable distribution yield.

The Company invested $79 million (€70 million) and had a 6.6% ownership in ECF as of September 30, 2025.

As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While the Company has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner.

The following table summarizes the Investments in International Affiliated Funds from ECF ($ in thousands):


	September 30, 2025
Beginning balance as of December 31, 2024	$	58,596

Income distributions	(1,556)
Income from equity investment in unconsolidated international affiliated fund	2,107
Foreign currency translation adjustment	8,877
Ending balance as of September 30, 2025	$	68,024

Income from Investments in International Affiliated Funds from ECF for the three and nine months ended September 30, 2025 was $0.9 million and $2.1 million, respectively. Loss from Equity Investments in Unconsolidated International Affiliated Funds from ECF for the three and nine months ended September 30, 2024 was $(0.2) million and $(3.4) million, respectively.

Investment in APCF:

APCF was launched in November 2018 as an open-end, U.S. dollar-denominated fund that seeks durable income and capital appreciation from a balanced and diversified portfolio of real estate investments in a defined list of investment cities in the Asia-Pacific region.

The Company invested $50 million and had a 4.2% ownership in APCF as of September 30, 2025. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets.

The following table summarizes the Company’s Investments in International Affiliated Funds from APCF ($ in thousands):


	September 30, 2025
Beginning balance as of December 31, 2024	$	50,460

Income distributions	(880)
Loss from equity investment in unconsolidated international affiliated fund	(424)

Ending balance as of September 30, 2025	$	49,156

Income (Loss) from Investments in International Affiliated Funds from APCF for the three and nine months ended September 30, 2025 was $2.5 million and $(0.4) million, respectively. Loss from Investments in International Affiliated Funds from APCF for the three and nine months ended September 30, 2024, was $(1.4) million and $(0.9) million, respectively.

Nuveen Global Cities REIT, Inc. 10-Q