RREEF Property Trust Posts Daily NAVs for March 2021 and 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 valuation and rent collections 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 March 2021, the REIT’s NAV per share increased approximately 0.2 percent – 0.3 percent for each share class. The company said that the increase is primarily attributable to an approximate 2.8 percent increase in the value of its real estate equity securities portfolio.

Class A shares had an NAV per share of $14.55 on March 1st and were valued at $14.59 on March 31st.

Class I shares had an NAV per share of $14.64 on March 1st and were valued at $14.67 on March 31st.

Class T shares had an NAV per share of $14.59 on March 1st and were valued at $14.62 on March 31st.

Class D shares had an NAV per share of $14.62 on March 1st and were valued at $14.62 on March 31st.

Class N shares had an NAV per share of $14.59 on March 1st and were valued at $14.62 on March 31st.

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.

The portfolio remains stable with collections of 99.8 percent, 98.8 percent and 99.8 percent of contractual rental revenues for January, February and March 2021, respectively.

For March 2021:

• 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 99.5 percent collected

As of March 31, 2021, the weighted average remaining lease term for the commercial properties was 4.5 years.

During the month of March, RREEF Property Trust said that it entered into one new agreement with a tenant that included an immaterial amount of abatement of rent.

From the beginning of the pandemic through March 31, 2021, the REIT entered into agreements with nine tenants that included rent abatement amounting to approximately 0.2 percent of the annual contractual rent for the entire property portfolio, and/or deferred rent of approximately 1.1 percent.

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 March 31, 2021 has been paid, the company said.

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 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.

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