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Nuveen Global Cities REIT cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$17.2M in Q2 2026 · $54.1M over twelve months

Operating cash flow$21.9M
Capital spending−$4.7M
Free cash flow+$17.2M
Cash / net income1.8×

Analysis

In Q2 2026, Nuveen Global Cities REIT generated $21.9M of operating cash flow and spent $4.7M on capital projects, leaving free cash flow of $17.2M. That is $2.2M more than in Q2 2025 ($15.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $78.1M; the largest uses were buybacks ($290M), other investing ($162M), real estate bought ($154M); besides operations, cash came from shares issued ($354M), net borrowing (+) / repaid (−) ($130M); the cash balance rose by $7.2M.

Operating cash flow was $21.9M against net income of $12.5M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$21.2M, prepaid and other assets −$4.1M, payables +$3.8M.

Free cash flow

Nuveen Global Cities REIT: free cash flow by quarterNuveen Global Cities REIT: free cash flow by quarter$8.6MQ3 2024$7.9MQ4 2024$13.0MQ1 2025$15.0MQ2 2025$16.1MQ3 2025$8.1MQ4 2025$12.7MQ1 2026$17.2MQ2 2026
Operating cash flow less capital spending.
Nuveen Global Cities REIT: operating cash flow against capital spendingNuveen Global Cities REIT: operating cash flow against capital spendingOperating cash flowCapital spending$15.1M$6.5MQ3 2024$15.1M$7.2MQ4 2024$15.5M$2.6MQ1 2025$21.4M$6.4MQ2 2025$18.8M$2.6MQ3 2025$18.8M$10.7MQ4 2025$18.7M$6.0MQ1 2026$21.9M$4.7MQ2 2026
Latest (Q2 2026): Operating cash flow $21.9M, Capital spending $4.7M.

Capital allocation, year by year

Nuveen Global Cities REIT: where the cash came from (up) and went (down), by fiscal yearNuveen Global Cities REIT: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $20.8MFY2021: Net borrowing $167MFY2021: Shares issued $638MFY2021: Capital spending −$500MFY2021: Buybacks −$2.9MFY2021: Dividends −$29.7M$826MFY2021FY2022: Operating cash flow $89.9MFY2022: Net borrowing −$27.8MFY2022: Shares issued $951MFY2022: Asset sales $10.9MFY2022: Capital spending −$11.1MFY2022: Buybacks −$50.7MFY2022: Dividends −$58.1M$1.1BFY2022FY2023: Operating cash flow $77.8MFY2023: Net borrowing $59.6MFY2023: Shares issued $247MFY2023: Asset sales $50.9MFY2023: Capital spending −$20.6MFY2023: Buybacks −$334MFY2023: Dividends −$65.9M$435MFY2023FY2024: Operating cash flow $68.7MFY2024: Net borrowing $56.4MFY2024: Shares issued $264MFY2024: Asset sales $31.0MFY2024: Capital spending −$24.5MFY2024: Buybacks −$281MFY2024: Dividends −$64.8M$420MFY2024FY2025: Operating cash flow $74.5MFY2025: Net borrowing $111MFY2025: Shares issued $363MFY2025: Asset sales $56.9MFY2025: Capital spending −$22.3MFY2025: Buybacks −$268MFY2025: Dividends −$65.9M$606MFY2025
Over these 5 years operating cash flow totalled $332M; the largest uses were buybacks ($937M) and capital spending ($579M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$50.0M
Debtnone
Net cash$50.0M

Nuveen Global Cities REIT funds itself: free cash flow was $54.1M over the last twelve months, with $50.0M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Nuveen Global Cities REIT: sources (+) and uses (−) of cash, Q2 2026Nuveen Global Cities REIT: sources (+) and uses (−) of cash, Q2 2026Shares issued$66.7MBuybacks−$63.3MOperating cash flow$21.9MDividends−$17.4MReal estate bought−$15.5MNet borrowing (+) / repaid (−)−$15.4MAsset & business sales$15.1MOther investing$9.2MOther financing$8.3MCash drawn (+) / kept (−)−$4.9MCapital spending−$4.7MExchange rates−$65K
Nuveen Global Cities REIT: sources (+) and uses (−) of cash, TTM to Q2 2026Nuveen Global Cities REIT: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$354MBuybacks−$290MOther investing−$162MReal estate bought−$154MNet borrowing (+) / repaid (−)$130MOther financing$79.6MOperating cash flow$78.1MDividends−$67.9MAsset & business sales$63.0MCapital spending−$24.0MCash drawn (+) / kept (−)−$7.2MExchange rates−$202K

From profit to cash

Nuveen Global Cities REIT: net income to operating cash flow, Q2 2026Nuveen Global Cities REIT: net income to operating cash flow, Q2 2026Net income$12.5MDepreciation & amortization$21.2MPayables$3.8MPrepaid and other assets−$4.1MOperating cash flow$21.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$21.9M−$4.7M−$63.3M−$17.4M−$15.4M$66.7M−$4.9M$17.2M
Q1 2026$18.7M−$6.0M−$80.1M−$17.0M$81.3M$58.7M$2.8M$12.7M
Q4 2025$18.8M−$10.7M−$82.4M−$17.1M$52.0M$137M$34.0M$8.1M
Q3 2025$18.8M−$2.6M−$63.8M−$16.4M$11.8M$91.6M−$39.0M$16.1M
Q2 2025$21.4M−$6.4M−$58.3M−$16.2M−$10.4M$78.1M−$7.5M$15.0M
Q1 2025$15.5M−$2.6M−$63.7M−$16.2M$57.9M$56.0M−$8.0M$13.0M
Q4 2024$15.1M−$7.2M−$58.9M−$15.9M$15.0M$93.5M$9.6M$7.9M
Q3 2024$15.1M−$6.5M−$54.0M−$15.9M$4.9M$76.5M−$23.2M$8.6M

Nuveen Global Cities REIT: income statement and cash flow

Nuveen Global Cities REIT, Q2 2026: revenue $56.8M (+7% year over year), operating margin 91.5%. The chart follows the revenue to costs, profit and cash.

Nuveen Global Cities REIT: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.