RREEF Property Trust Meets Just 32% of Each Stockholder’s July Redemption Requests

RREEF Property Trust Inc., a publicly registered daily net asset value real estate investment trust advised by DWS Group, reported an updated daily net asset value per share of its common stock for July 2024.

In July, the REIT received redemption requests in excess of the 2% monthly limit. As per the latest terms of its share redemption plan, it honored redemption requests on a pro rata basis up to the limitation. As such, each stockholder whose July redemption request was prorated received approximately 31.9% of their request.

The REIT’s board of directors had amended the company’s share redemption plan on June 21 so that as of July 1, stockholders’ monthly requests were effected at a redemption price equal to the NAV per share at least 10 days before redemption. The requests are limited to no more than 2% of the company’s combined NAV per month and no more than 5% of the combined NAV per quarter, with the company’s combined NAV for each limit to be calculated as of the last calendar day of the prior quarter.

Its NAV, as of July 31, was as follows:

Class A shares had a NAV per share of $13.45 on July 31 versus $13.42 June 28, an increase of approximately 0.22%.

Class I shares had a NAV per share of $13.54 on July 31 versus $13.51 June 28, an increase of approximately 0.22%.

Class T shares had a NAV per share of $13.57 on July 31 versus $13.55 June 28, an increase of approximately 0.15%.

Class D shares had a NAV per share of $13.56 on July 31 versus $13.53 June 28, an increase of approximately 0.22%.

Class M-I shares had a NAV per share of $13.46 on July 31 versus $13.43 June 28, an increase of approximately 0.22%.

Class T2 shares had n NAV per share of $13.40 on July 31 versus $13.37 June 28, an increase of approximately 0.22%.

Class N shares had n NAV per share of $13.47 on July 31 versus $13.43 June 28, an increase of approximately 0.3%.

Class A 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 while Class N and T shares are not available for purchase except through the REIT’s distribution reinvestment plan.

The company declared July 2024 gross distributions of approximately $0.07 per share (same as June) with a record date of Aug. 1, payable on Aug. 2.

The REIT invests primarily in income-producing commercial real estate located in the United States, including office, industrial, retail and residential 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 commenced its initial public offering in January 2013 (closed June 2016), its second public offering in July 2016 (closed January 2020), and its third public offering In January 2020 (closed August 2023). On Aug. 10, 2023, the company commenced its fourth public offering of up to $2 billion of common stock.

The company has raised approximately $385.4 million via a series of public and private offerings since January 2013.

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