RREEF Property Trust Posts Daily NAVs for February 2021, Provides Rent Update
RREEF Property Trust Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered daily NAV REIT advised by DWS Group, has provided a pandemic-related property portfolio and valuation update in a filing with the Securities and Exchange Commission.
RREEF Property Trust Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered daily NAV REIT advised by DWS Group, has provided a pandemic-related valuation and rent collections update in a filing with the Securities and Exchange Commission.
During February 2021, the REIT’s NAV per share increased approximately 1.0 percent for each share class. The company said that the increase is primarily attributable to a 0.5 percent increase in the overall value of its real estate property portfolio, as well as by a 5.0 percent increase in the value of its real estate equity securities portfolio.
Class A shares had an NAV per share of $14.42 on February 1st and were valued at $14.54 on February 26th.
Class I shares had an NAV per share of $14.51 at the beginning of February and closed the month at $14.63.
Class T shares had an NAV per share of $14.46 at the beginning of February and closed the month at $14.58.
Class D shares had an NAV per share of $14.49 at the beginning of February and closed the month at $14.61.
The REIT’s property portfolio is diversified across the office, industrial, retail and apartment sectors. The retail properties owned by the REIT are grocery-anchored and contain a number of tenants that are considered essential, the company said.
For the months of January and February 2021, approximately 99 percent of rental revenues were collected for the entire property portfolio.
January 2021:
- Office – 94 percent occupied and 100 percent collected
- Industrial – 100 percent occupied and 100 percent collected
- Retail – 97 percent occupied and 97.4 percent collected
- Apartment – 99.7 percent occupied and 99.4 percent collected
February 2021:
- Office – 94 percent occupied and 100 percent collected
- Industrial – 100 percent occupied and 100 percent collected
- Retail – 97 percent occupied and 96.6 percent collected
- Apartment – 99.7 percent occupied and 99.2 percent collected
As of February 28, 2021, the weighted average remaining lease term for its commercial properties was 4.6 years. During the month of February 2021, the REIT said that it had no new agreements with tenants that included abatement or deferral of rent.
From the beginning of the pandemic through February 28, 2021, the REIT entered into agreements with seven tenants that included abatement of rent amounting to approximately 0.1 percent of the annual rent for the entire property portfolio, and deferral of rent amounting to approximately 1.1 percent of the annual contractual rent for the entire property portfolio.
“For tenants with whom we have agreed to deferral of past due rent, such deferred rent is scheduled to be fully paid by July 2021, and all such deferred rent that has become due under the deferral agreements as of February 28, 2021 has been paid,” the REIT stated in the SEC filing.
RREEF Property Trust commenced its $2.5 billion initial public offering in January 2013 and a $2.3 billion follow-on offering in July 2016. In June 2019, the company filed a registration statement for a second follow-on offering of $2.3 billion shares of common stock, which was declared effective in January 2020.
As of the third quarter of 2020, the REIT’s real estate portfolio included 14 properties totaling nearly 1.7 million square feet and valued at $401.1 million. The REIT’s real estate securities portfolio consisted of publicly traded common stock of 30 REITs with a value of $18.5 million.
For more DWS news, please visit their directory page.
