RREEF Property Trust Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered daily NAV REIT advised by DWS Group, has provided a share valuation overview and rent collections update in a filing with the Securities and Exchange Commission.
During April 2021, the NAV per share increased approximately 1.2 percent to 1.4 percent for each share class. This increase is primarily attributable to an approximate 0.4 percent increase in the value of the real estate property portfolio combined with an approximate 7.3 percent increase in the value of the real estate equity securities portfolio.
Class A shares had an NAV per share of $14.61 on April 1st and were valued at $14.77 on April 30th.
Class I shares had an NAV per share of $14.70 on April 1st and were valued at $14.86 on April 30th.
Class T shares had an NAV per share of $14.65 on April 1st and were valued at $14.81 on April 30th.
Class D shares had an NAV per share of $14.67 on April 1st and were valued at $14.84 on April 30th.
Class N shares had an NAV per share of $14.65 on April 1st and were valued at $14.80 on April 30th.
Class A and Class T shares are available to the general public, and Class I are available through fee-based programs and to institutional investors. Class D shares are currently being offered through a private placement offering, and Class N shares are not available for purchase except through the REIT’s distribution reinvestment plan.
The REIT’s property portfolio is diversified across the four primary sectors of commercial real estate: office, industrial, retail and apartment. The retail properties are grocery-anchored and contain a number of tenants that are considered essential.
- Office – 94 percent occupied and 100 percent collected
- Industrial – 100 percent occupied and 100 percent collected
- Retail – 97 percent occupied and 99.6 percent collected
- Apartment – 99 percent occupied and 99.6 percent collected
As of April 30, 2021, the weighted average remaining lease term for the commercial properties was 4.4 years.
From the beginning of the pandemic through April 30, 2021, the REIT entered into agreements with nine tenants that included abatement of rent amounting to approximately 0.2 percent of the annual contractual rent for the entire property portfolio, and/or deferral of rent amounting to approximately 1.1 percent of the annual contractual rent for the entire property portfolio.
Tenants that deferred past due rent are scheduled to be fully paid by July 2021. All deferred rent that has become due under the agreements as of April 30, 2021 has been paid, the company said.
As of the fourth quarter of 2020, the REIT’s real estate portfolio included 14 properties totaling nearly 1.7 million square feet and valued at $400.6 million. The REIT’s real estate securities portfolio consisted of publicly traded common stock of 38 REITs with a value of $20.3 million, approximately 25.8 percent more than their historical cost.