RREEF Property Trust Fully Satisfies July Redemptions After June’s Cap-Constrained Stall
RREEF Property Trust fulfilled 100% of stockholder redemption requests in July, marking a reversal from June when redemption demand exceeded the nontraded real estate investment trust’s monthly and quarterly caps and stockholders received just 67.6% of what they asked to redeem.
The company disclosed fulfillment rates for each of the first seven months of 2026 under the fund’s share redemption plan, which caps monthly redemptions at 2% of combined net asset value and quarterly redemptions at 5%. Stockholders received 71.3% of January requests, 100% of February requests – the first month the fund cleared its full redemption queue since 2024 – then 79.4% in March, 95.6% in April, 97.5% in May, and 67.6% in June, before July requests fell back below the 2% monthly limit and were honored in full a second time.
Fulfillment rates have moved up and down each month this year. February’s full clearance followed a $15 million capital injection from RREEF Fund Holding LLC, an affiliate of the fund’s adviser, into unregistered Class Z shares. The company disclosed no comparable capital infusion in connection with July’s clearance, attributing it only to July’s redemption requests falling below the plan’s monthly threshold before any proration was triggered.
RREEF’s real estate holdings were valued at approximately $448.4 million as of June 30, up slightly from the $444.8 million reported as of March 31. The fund’s total net asset value stood at $203.1 million as of June 30, with Class A shares priced at $13.16. That was unchanged from the price AltsWire reported for Class A shares at the close of June.
The fund sold Elston Plaza on March 17 for $27 million, realizing a $231,000 gain. Proceeds were used to fully repay a loan from State Farm Life Insurance Company and pay down the fund’s Wells Fargo line of credit, which carried an outstanding balance of $75.3 million as of June 30 alongside $172.6 million in mortgage loans payable. The fund reported approximately $16.4 million in available liquidity (cash, real estate securities, and remaining borrowing capacity on the credit line) as of the same date.
More recently, the company sold a second property, Terra Nova Plaza, on Aug. 7 for $30.4 million before closing costs, with proceeds again directed to pay down the Wells Fargo line of credit. That sale brings the fund’s portfolio to seven properties, one fewer than the eight it held at quarter-end.
RREEF Property Trust is advised by RREEF America LLC, an affiliate of DWS Group. The fund has been a recurring example of nontraded REIT liquidity constraints, with fulfillment rates ranging from as low as 17% during 2025’s liquidity strain to the full clearances seen in February and now July of this year.
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