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RREEF Property Trust Redemptions Gated in Fourth Quarter

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RREEF Property Trust Inc., (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered daily net asset value real estate investment trust advised by DWS Group, has announced an excess of redemptions for the fourth quarter and reported a daily share valuation overview for November 2022 in separate filings with the Securities and Exchange Commission.

As of Dec. 16, 2022, RREEF received an excess of the 5% limit of share redemption requests, based on the company’s combined net asset value, during the fourth quarter of 2022. According to a filing with the SEC, all redemption requests received during the quarter prior to Dec. 16, 2022, were satisfied on a first-come, first-served basis. Redemption requests received on Dec. 16, 2022, were satisfied on a pro rata basis without regard to share class.

The company announced that due to reaching the quarterly redemption limit under the share redemption plan, they will no longer accept additional redemption requests until Jan. 1, 2023.

According to the filing, unsatisfied redemption requests received during the quarter ending Dec. 31, 2022, must be resubmitted on or after Jan. 1, 2023, to be accepted.

Prior to this announcement, RREEF modified their redemption policy. Previously, the company limited redemptions to 5% of its combined NAV every quarter, but the company allowed unmet redemptions to roll into the next quarter, allowing redemptions to equal as much as 10% of NAV in a given quarter. However, their board of directors modified the share redemption plan to limit redemptions during the fourth quarter of 2022 to 5% of the company’s combined NAV as of Sept. 30, 2022.

As The DI Wire reported, Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), and Starwood Real Estate Income Trust, a publicly registered non-traded real estate investment trust sponsored by Starwood Capital Group, received an excess of redemptions in the fourth quarter as well.

RREEF also reported a daily share valuation overview for November 2022.

Class A shares had an NAV per share of $17.16 on Nov. 1 and $17.07 on Nov. 30.

Class I shares had an NAV per share of $17.25 on Nov. 1 and $17.15 on Nov. 30.

Class T shares had an NAV per share of $17.22 on Nov. 1 and $17.15 on Nov. 30.

Class D shares had an NAV per share of $17.26 on Nov. 1 and $17.16 on Nov. 30.

Class M-I shares had an NAV per share of $17.11 on Nov. 1 and $16.99 on Nov. 30.

Class T2 shares had an NAV per share of $17.09 on Nov. 1 and $16.96 on Nov. 30.

Class N shares had an NAV per share of $17.17 on Nov. 1 and $17.07 on Nov. 30.

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.

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.

The company launched its initial public offering in January 2013 and has since launched a series of public follow-on and private offerings that have raised a total of approximately $360.8 million in investor equity as of Sept. 30, 2022.

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