Although short-term performance of real estate is “likely to continue to be materially impacted by economic cycles, over a longer period, performance will be influenced by the impact of such megatrends,” according to the registration statement. “Consequently, understanding long-term structural trends will be key to value preservation and growth.”

TH Real Estate believes the impact of these megatrends will be “much more pronounced at the individual city level, as opposed to a country level,” Nuveen Global Cities REIT says in its SEC filing. “This approach is consistent with the way in which tenants and residents are perceived to select rental properties. A cities-focused approach may also help ensure that compelling city-level opportunities are not overlooked due to negative country-level perception.”

To date, the REIT has made two acquisitions totaling more than $70 million, according to its SEC filing. The first was Kirkland Crossing, a 266-unit apartment property in the Chicago suburb of Aurora, IL, followed by a 264,981-square-foot industrial property in Phoenix. Both took place earlier this month.

Citing a report from Robert A. Stanger & Co., CoStar Group reported Tuesday that non-traded REITs were expected to end 2017 with a total of $4.2 billion in fundraising, a decline of nearly 79% from the sector's 2013 peak of $19.6 billion. However, Stanger projects that non-traded REIT fundraising will increase by more than a third to $5.6 billion in 2018, due mainly to the number of institutional players entering the space, CoStar reported.