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RREEF Property Trust Announces Board Resignation and Replacement

3d rendering of two sets of chess figures standing on a wooden desk where a white kind stands near a broken black one. Winning team. Losing strategic competition.

RREEF Property Trust Inc., (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered daily net asset value real estate investment trust advised by DWS Group, announced the election of Gregg A. Gonsalves to the board of directors.

RREEF Property Trust Inc., (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered daily net asset value real estate investment trust advised by DWS Group, announced the resignation of Peter Steil, Jr. from its board of directors, effective November 9, 2022. According to the company, Steil’s resignation was not the result of any disagreement with the company or its advisors.

Following notification of Steil’s resignation, the board temporarily increased the number of directors from five to six until Steil’s resignation, when the number of directors will automatically decrease to five. To fill the new seat, the board elected Gregg A. Gonsalves as an independent director and appointed him to the audit committee.

Gonsalves will serve as a director until the next annual meeting of stockholders and until his successor is elected and duly qualified.

Gonsalves is an advisory partner at Integrated Capital LLC, a hotel-focused, private real estate advisory and investment firm. Prior to joining Integrated Capital LLC in 2013, he was employed by Goldman Sachs & Co., from 1993 to 2013, where he advanced to partner and managing director and was ultimately responsible for Goldman Sachs’ real estate mergers and acquisition business, where he completed more than fifty transactions totaling approximately $100 billion. During his 20-year career at Goldman Sachs, Gonsalves also served as vice president of the investment banking division and oversaw the aerospace and defense sector.

From 1989 to 1991, he was employed by Mobil Oil Corporation where he worked as a sales engineer in the company’s marketing and refining division. Gonsalves serves on the board of directors of several other companies, including Cowen Inc., a publicly traded investment bank (NASD: COWN), and serves on its audit and nominating and corporate governance committees. Since 2020, he has served as a director of RREEF America REIT II, a private REIT sponsored by the company’s sponsor. Until its sale in 2022, Gonsalves served as chairman of the board of Cedar Realty Trust, a publicly traded REIT that owned retail real estate and served on its audit, nominating, corporate governance and compensation committees. He is currently chairman of the board of the Jackie Robinson Foundation. Gonsalves earned a bachelor’s degree in mechanical engineering from Columbia University and an M.B.A. from Harvard Business School.

RREEF Property Trust invests primarily in income-producing commercial real estate located in the United States, including office, industrial, retail and apartment properties. The REIT also invests in the common and preferred stock of REITs and other real estate companies and debt investments backed principally by real estate.

As of the second quarter of 2022, RREEF Property Trust’s real estate portfolio included 15 properties valued at $596.8 million, while its real estate securities portfolio was valued at $28.3 million. The initial public offering was declared effective in January 2013 and has raised $323.4 million in investor equity as of July 2022.

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