Redemption requests have exceeded plan limits in all but one month since mid-2024, and net asset value remains well short of the $500 million stabilization mark.

July 29, 2026

RREEF Property Trust has registered up to $1.95 billion of common stock for a fifth public offering, extending the continuous life of the DWS-advised daily-NAV REIT and introducing a Class S share for the first time.

The registration covers $1.75 billion in primary shares and $200 million reserved for the distribution reinvestment plan. Seven classes will be offered — Class A, Class I, Class M-I, Class N, Class S, Class T and Class T2 — with Class N and Class T available only through reinvestment. The offering is expected to run three years from effectiveness, terminating in 2028 unless extended. DWS Distributors remains dealer manager on a best-efforts basis, and the minimum initial investment stays at $2,500.

Class S Enters the Lineup

Class S carries an up-front selling commission of up to 3% of NAV per share and an ongoing distribution fee accruing daily at 1/365th of 0.85% of class NAV. Unlike Class A and Class I it bears no dealer manager fee, and unlike Class T2 it carries no up-front dealer manager charge. Shares convert automatically into Class M-I once cumulative underwriting compensation in an account reaches 8.75% of gross investment, the same trigger applied to Class T2. No Class S shares were outstanding at March 31, 2026, and the first will price at the Class A NAV per share plus commissions.

The class also sits on the alternative performance-fee track:

• Class M-I, Class S, Class T2: 12.5% of total return above a 5% annual hurdle, with a full catch-up to 5.715%
• Class A, Class I, Class N, Class T: 10% above a 6% hurdle, with a 25% catch-up to 10%

No performance component was earned in the first quarter or in 2025. As of June 30, 2026, NAV per share stood at $13.16 for Class A, $13.26 for Class I, $13.14 for Class M-I and $13.08 for Class T2.

A Smaller Ask Than Prior Rounds

Successive registered maximums have moved down: $2.5 billion in the January 2013 initial offering, $2.3 billion each in the July 2016 and January 2020 follow-ons, $2 billion in August 2023 and $1.95 billion now. Aggregate proceeds raised across the four prior offerings are not disclosed.

Total NAV was $211.7 million at March 31, 2026, keeping the REIT inside what it defines as its pre-stabilization period — the stretch before NAV reaches $500 million and portfolio allocation targets bind. Reaching that mark also triggers repayment of $5,382,786 in deferred expense support owed to RREEF America, at $250,595 monthly for twelve months and $197,970 monthly for the twelve after.

Sponsor capital arrived earlier this year. Redemption requests on those Class Z shares rank behind all other stockholders’: they are accepted in a given month only after every other request has been filled, and only if they do not push volume past the period cap.

The Redemption Queue

Requests have run past plan limits in nearly every recent month. The REIT reports exceeding its 2% monthly or 5% quarterly ceiling in each month from July 2024 through January 2026 and again from March 2026 through June 2026; February 2026 was the sole month in which all requests were honored in full. Under the prior quarterly-only structure, the ceiling was breached in the fourth quarter of 2022, all four quarters of 2023 and the first quarter of 2024.

The REIT redeemed 3,420,345 shares during 2025 at a weighted average $13.35, or $45.7 million, and 774,894 shares in the first quarter of 2026 at $13.09, or $10.1 million. Funding came from operating cash flow, the Wells Fargo revolver and offering proceeds.

Eight Properties, One Sale in Progress

The portfolio held eight properties totaling 1,473,501 rentable square feet, appraised at $444.8 million and 97.4% leased at March 31, 2026, weighted toward industrial and residential assets alongside three retail properties and one office building. Weighted average remaining commercial lease term was 6.7 years. The securities sleeve has shrunk to common stock of 31 REITs worth $130,562, against guidelines permitting up to 35% of net assets in real estate equity securities and up to 40% in real estate loans; no loan investments have been held since the CMBS certificates were sold in 2024. Value-add exposure is capped at 15% of gross asset value, and none of the current properties were acquired on that basis.

Loudoun Gateway, the single office asset, is under contract to an unaffiliated buyer, conditioned on the buyer obtaining a zoning exception permitting data center conversion. The REIT describes completion as uncertain, with closing unlikely before late 2026 or early 2027. Northrop Grumman leases the entire 102,015-square-foot building through February 2030 but holds a termination option exercisable for any date between September 2027 and August 2028 on six months’ notice.

The asset’s treatment inside the credit facility is stepping down. Its borrowing base contribution, fixed at $12,512,500 through May 2026, declines by $500,000 on the first of each month thereafter — $1,000,000 monthly if the sale is terminated — reaching zero from August 2027. In exchange for keeping Loudoun Gateway in the collateral pool, the REIT converted its limited guaranty into a full repayment guaranty and agreed not to sell or transfer Commerce Corner, The Glenn, Seattle East Industrial, Providence Square or The Flats at Carrs Hill until release.

Distributions and Leverage

Distributions continue to exceed operating cash flow. First-quarter 2026 distributions were covered 42.7% by cash flow from operations and 57.3% by borrowings, against 58.0% and 42.0% for full-year 2025. Cumulative declared distributions since inception reached $121,918,155 versus cumulative FFO of $98,595,662, or 80.9% coverage. An additional $0.09 per share was paid in November 2025 to satisfy REIT distribution requirements.

Debt stood at $236.9 million — $64.25 million drawn on the Wells Fargo revolver at a 5.92% weighted average rate, plus $172.7 million of fixed-rate property mortgages maturing between 2028 and 2030. Maximum revolver capacity was $82.5 million, and the facility matures in April 2028. Target leverage after stabilization is roughly 50% of gross assets.

Accumulated deficit reached $110,403,670 at quarter-end. Estimated organization and offering costs for the new offering total $12,000,500, with the fixed advisory fee running $17.3 million annually if the primary offering sells out.

RREEF America managed approximately $30.1 billion across 314 Americas investments as of March 31, 2026, within a DWS real estate business reporting $69.7 billion. W. Todd Henderson returned to the chief executive role in December 2025 while continuing as chairman.