The distributions an investor receives may not be indicative of profitability. We have paid, and likely will continue to pay, distributions and fund redemptions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings or offering proceeds, and we have no limits on the amounts we may pay from such sources.

NAV is calculated in accordance with the valuation guidelines approved by our board of directors. NAV is not a measure used under generally accepted accounting principles in the United States (“GAAP”), and you should not consider NAV to be equivalent to stockholders' equity or any other GAAP measure. As of 12/31/23, our NAV per share was $13.77, $13.60, $13.65, $13.75, $13.74, $13.66 and $13.66 per Class T, Class T2, Class A, Class D, Class I, Class M-I and Class N, respectively, and total stockholders' equity was $7.05, $6.95, $6.98, $7.03, $7.03, $6.99 and $6.99 for Class T, Class T2, Class A, Class D, Class I, Class M-I and Class N share, respectively. For a full reconciliation of NAV to stockholders' equity and a discussion of the limitations and risks associated with our valuation methodology, please see the “Management's Discussion and Analysis of Financial Condition and Results of Operation --NAV Per Share” section of our annual and quarterly reports filed with the SEC, which are available at www.rreefpropertytrust.com. For information on how we calculate NAV, see the “Net Asset Value Calculation and Valuation Guidelines” section of our prospectus. It may be difficult to fully and accurately reflect material events that may impact our daily NAV. In particular, the NAV per share of each class of our common stock as published on any given day may not reflect changes in values of our properties resulting from the ongoing coronavirus pandemic, as this impact is occurring rapidly and is not immediately quantifiable. Accordingly, our NAV and the price paid by new investors for shares of our common stock may not reflect the adverse impact on the value of our properties resulting from the coronavirus pandemic.

^*As of 12/31/23. The distributions and income that we pay are uncertain and not guaranteed. The timing and amount of distributions is determined by our board of directors. For the year ended 12/31/23, our distributions were covered 57.9% by cash flow from operations and 42.1% by borrowings. For distributions paid for periods after 12/31/23, the sources of those distributions will be included in the public filings we make with the Securities and Exchange Commission covering such periods. For the latest filing information, please visit www.rreefpropertytrust.com/Investor-Relations/SEC-Filings. From inception through 12/31/15, our expenses were supported by expense support payments from our advisor, which are subject to repayment in future periods and will reduce cash flows during those periods. If our advisor had not made the expense support payments, a greater proportion of the distributions paid through 12/31/15 would have been funded from offering proceeds or borrowings. Distributions paid from sources other than cash flow from operations may not be sustainable.

Properties pictured are owned by RREEF Property Trust. Not intended to represent all assets currently held in portfolio. No assurance can be made that any investment currently held in the portfolio will ever be part of a future invested portfolio. For illustrative purposes only.