RREEF Property Trust, Inc.

Property · Location · Rentable Square Feet · Number of Leases/Units · Acquisition Date · Leased(1)

Office Properties

Loudoun Gateway · Sterling, VA · 102,015 · 1 · December 21, 2015 · 100.0

Office Total · 102,015 · 1 · 100.0

Retail Properties

Wallingford Plaza(2) · Seattle, WA · 30,761 · 4 · December 18, 2013 · 90.9

Terra Nova Plaza · Chula Vista, CA · 96,114 · 2 · October 2, 2014 · 100.0

Elston Plaza(3) · Chicago, IL · 92,911 · 12 · December 31, 2018 · 97.3

Providence Square(4) · Marietta, GA · 222,805 · 26 · September 16, 2019 · 99.3

Retail Total · 442,591 · 44 · 98.3

Industrial Properties

Commerce Corner · Logan Township, NJ · 400,901 · 2 · April 11, 2014 · 100.0

Seattle East Industrial · Redmond, WA · 210,321 · 1 · December 17, 2019 · 100.0

Industrial Total · 611,222 · 3 · 100.0

Residential Properties

The Flats at Carrs Hill · Athens, GA · 135,896 · 138 · September 30, 2015 · 96.5

The Glenn · Centennial, CO · 274,688 · 306 · November 19, 2021 · 93.4

Residential Total · 410,584 · 444 · 94.4

Grand Total · 1,566,412 · 48/444 · 97.8

____________

(1) Leased percentage is based on executed leases as of December 31, 2025 (including those which have not taken effect as of December 31, 2025), is calculated based on square footage for a single property and is weighted by relative property value when calculated for more than one property together.

(2) Wallingford Plaza is ground floor retail plus two floors of office space.

(3) The total square footage for Elston Plaza includes a freestanding bank branch of 4,860 square feet that is subject to a ground lease to a single tenant.

(4) The total square footage for Providence Square includes a freestanding restaurant of 5,779 square feet that is subject to a ground lease to a single tenant.

Lease Expiration Table

The following table summarizes the lease expirations for each of the next ten years and thereafter for leases in effect at the commercial properties we owned as of December 31, 2025. The table does not include any of the leases from our residential properties, totaling approximately $11,559 in annualized base rent as of December 31, 2025. As of December 31, 2025, the weighted average remaining lease term for active leases at our commercial properties based on rentable square footage was 6.5 years.

Year of Expiration · Number of Leases Expiring · Total ExpiringSquare Feet · Percent ofPortfolioSquareFeetExpiring · AnnualizedRentalRevenue (1) · Percent ofPortfolio AnnualizedRental Revenue Expiring

2026 · 4 · 21,874 · 1.9 · 582 · 2.8

2027 · 5 · 117,740 · 10.2 · 1,806 · 8.7

2028 · 11 · 349,757 · 30.4 · 6,019 · 29.0

2029 · 5 · 110,030 · 9.6 · 874 · 4.2

2030 · 8 · 121,970 · 10.6 · 4,036 · 19.5

2031 · 2 · 7,862 · 0.7 · 208 · 1.0

2032 · 1 · 28,914 · 2.5 · 420 · 2.0

2033 · 1 · 1,050 · 0.1 · 36 · 0.2

2034 · 2 · 13,165 · 1.1 · 502 · 2.4

2035 · 4 · 5,956 · 0.5 · 229 · 1.1

Thereafter · 5 · 370,740 · 32.4 · 6,020 · 29.1

Total · 48 · 1,149,058 · 100.0 · 20,732 · 100.0

____________

(1) Annualized Rental Revenue represents the annualized monthly base rent of executed leases that were in effect as of December 31, 2025.

Tenant Information

The following table describes the tenants with leases in effect at our commercial properties as of December 31, 2025. The table does not include any of the leases from our residential properties, totaling approximately $11,559 in annualized base rent as of December 31, 2025.

Tenant · SquareFeet · Percentof TotalPortfolioSquareFeet · AnnualizedRentalRevenue (1) · Percent ofPortfolioAnnualizedRentalRevenue · Lease Expiration

Performance Food Group · 300,618 · 26.2 · 4,335 · 20.9 · Oct 2039

FedEx Ground Package System, Inc. · 210,321 · 18.3 · 4,085 · 19.7 · Jul 2028

Northrop Grumman Systems Corporation(2) · 102,015 · 8.9 · 3,339 · 16.1 · Feb 2030

Dick's Sporting Goods(3) · 44,477 · 3.9 · 1,027 · 5.0 · Feb 2027

Floor and Decor Outlets of America, Inc. · 51,637 · 4.5 · 852 · 4.1 · Jun 2040

Home Depot · 67,613 · 5.9 · 627 · 3.0 · Jun 2027

Jewel-Osco · 55,024 · 4.8 · 598 · 2.9 · Sep 2028

TJX Companies · 54,809 · 4.8 · 540 · 2.6 · Jan 2028

Mission Produce · 100,283 · 8.7 · 525 · 2.5 · Jan 2029

Walgreen Co. · 12,674 · 1.1 · 490 · 2.4 · Mar 2037

Sprouts Farmers Market · 28,914 · 2.5 · 420 · 2.0 · Jan 2032

Chase Bank · 4,860 · 0.4 · 346 · 1.7 · May 2039

O'Reilly Auto Parts(4) · 10,010 · 0.9 · 266 · 1.3 · May 2026

Three Chicks, LLC · 2,800 · 0.2 · 263 · 1.3 · Mar 2034

GSRE, LLC · 10,365 · 0.9 · 239 · 1.2 · Nov 2034

Subtotal - Top 15 Tenants by Annualized Rental Revenue · 1,056,420 · 92.0 · 17,952 · 86.7

Remaining 33 tenants · 92,638 · 8.0 · 2,780 · 13.3 · May 2026 - Jun 2040

Total · 1,149,058 · 100.0 · 20,732 · 100.0

________________

(1) Annualized Rental Revenue represents the annualized monthly base rent of executed leases that were in effect as of December 31, 2025.

(2) Northrop Grumman leases 100% of Loudoun Gateway and has a termination option exercisable at its discretion to be effective on a date of its choice between September 2027 and August 2028 by providing at least six months prior notice.

(3) In February 2026, Dick's Sporting Goods exercised its renewal option, thereby extending the lease maturity to February 2032.

(4) In January 2026, O'Reilly Auto Parts signed a lease renewal that extended the lease maturity to May 2031.

Acquisitions

• The purchase and redemption price of shares of our common stock is based on our NAV and not on any public trading market.
• Valuations and appraisals of our properties and real estate-related assets are estimates of fair value and may not necessarily correspond to realizable value.
• Our NAV per share may suddenly change if the appraised values of our properties materially change from prior appraisals or the actual operating results for a particular month differ from what we originally budgeted for that month.
• It may be difficult to fully and accurately reflect material events that may impact our daily NAV.
• NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
• Due to daily fluctuations in our NAV, the price at which your purchase is executed could be higher than our NAV per share at the time you submit your purchase order, and the price at which your redemption is executed could be lower than our NAV per share at the time you submit your redemption request.
• Changes in the real estate market could have a negative impact on the performance of our investment portfolio.
• Uncertainty and volatility in the credit markets may make it difficult for us to refinance our existing line of credit or otherwise find debt financing on reasonable terms, or at all, and may impact our ability to fund property acquisitions or to fund tenant improvements.
• We depend on our advisor and our dealer manager to conduct our operations and our offerings, and we may not be able to secure suitable replacements in the event that we fail to retain their services.
• If we are unable to raise substantial funds, we will be limited in the number and type of additional investments we make, and the value of your investment in us will fluctuate with the performance of the specific assets we acquire.
• Our portfolio may be subject to geographic or tenant risk, particularly if we are unable to raise substantial funds in our offerings.
• The success of our continuous public offering is dependent, in part, on the ability of our dealer manager to retain key employees and to successfully operate and maintain a network of participating broker-dealers.
• We may change our investment and operational policies without stockholder consent.
• Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in our public offering, which would harm our ability to achieve our investment objectives.
• Risks Related to Conflicts of Interest
• The fees we pay to our dealer manager and our advisor in connection with our offerings and our investments were not determined on an arm’s-length basis; therefore, we do not have the benefit of arm’s-length negotiations of the type normally conducted between unrelated parties.
• Our advisor may face a conflict of interest with respect to the allocation of investment opportunities and competition for tenants between us and other real estate programs that it advises.
• Our advisor faces a conflict of interest because the fees it receives for services performed are based on our NAV, which is calculated by BNY under the supervision of our advisor.
• Our advisor’s inability to retain the services of key real estate professionals could hurt our performance.
• Our executive officers, our affiliated directors and the key real estate professionals acting on behalf of our advisor face conflicts of interest related to their positions or interests in affiliates of our advisor, which could hinder our ability to implement our business strategy and to generate returns to our stockholders.
• Risks Related to Our Public Offering and Our Corporate Structure
• The limits on the percentage of shares of our common stock that any person may own may discourage a takeover or business combination that could otherwise benefit our stockholders.
• Our charter permits our board of directors to issue stock with terms that may subordinate the rights of the holders of our common stock or discourage a third party from acquiring us in a manner that could result in a premium price to our stockholders.
• Maryland law and our organizational documents limit our rights and the rights of our stockholders to recover claims against our directors and officers, which could reduce your and our recovery against them if they cause us to incur losses.
• Certain provisions of Maryland law could inhibit transactions or changes of control under circumstances that could otherwise provide stockholders with the opportunity to realize a premium.
• Our UPREIT structure may result in potential conflicts of interest with limited partners in our operating partnership whose interests may not be aligned with those of our stockholders.
• Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
• Risks Related to Investments in Real Estate
• Our operating results will be affected by economic and regulatory changes that impact the real estate market in general.
• Adverse economic conditions in the regions and metropolitan markets where our assets are located may adversely affect our ability to lease our properties and our ability to increase lease prices.
• We may have difficulty selling our properties, which may limit our flexibility and ability to pay distributions and fulfill redemption requests.
• We face risks associated with property acquisitions.
• Competition in acquiring properties may reduce our profitability and the return on your investment.
• Properties that incur vacancies could be difficult and costly to sell or re-lease.
• Potential losses or damage to our properties may not be covered by insurance.
• Our properties face significant competition.
• Our properties may be leased at below-market rates under long-term leases.
• Our retail tenants will face competition from numerous retail channels.
• Our industrial tenants may be adversely affected by a decline in manufacturing activity in the United States.
• We face risks associated with our student-oriented residential communities.
• If any credit market disruptions or economic slowdowns occur, any investments in residential properties may face increased competition from single-family homes and condominiums for rent, which could limit our ability to retain residents, lease residential units or increase or maintain rents.
• Our medical office buildings and our tenants may be subject to competition.
• Our office properties may be adversely affected by trends in the office real estate industry.
• We rely on third-party property managers to operate our properties and leasing agents to lease vacancies in our properties.
• Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of co-venturers and disputes between us and our co-venturers.
• Costs of complying with governmental laws and regulations may reduce our net income and the cash available for distributions to our stockholders.
• We could become subject to liability for environmental contamination, regardless of whether we caused such contamination.
• Certain of our investments may be subject to review by and approval from CFIUS, which may prevent us from taking advantage of investment opportunities that would otherwise be advantageous to our stockholders.
• Our business may be subject to certain U.S. and German regulatory regimes applicable to Deutsche Bank and DWS, including applicable financial industry rules, which may impact our ability to implement our business strategy and to generate returns to our stockholders.
• Your investment return may be reduced if the Board of Governors of the Federal Reserve System (the “FRB”) concludes that we do not satisfy the applicable requirements for exclusion from the definition of “covered fund” under the Volcker Rule.
• Risks Related to Investments in Real Estate-Related Assets
• The real estate equity securities in which we invest are subject to specific risks relating to the particular issuer of the securities and can be subject to the risks of investing in real estate securities.
• The value of the real estate securities in which we invest may be volatile.
• Our investments in real estate-related assets are subject to the risks related to the underlying real estate.
• The mezzanine loans in which we may invest would involve greater risks of loss than senior loans secured by income-producing real properties, which may result in losses to us.
• Commercial mortgage-backed securities, or CMBS, in which we may invest, are subject to several types of risks that may adversely impact our performance.
• We expect a portion of our portfolio of real estate-related assets to be illiquid, and we may not be able to adjust our portfolio in response to changes in economic and other conditions.
• Interest rate and related risks may cause the value of our real estate-related assets to be reduced.
• If we liquidate prior to the maturity of our real estate-related assets, we may be forced to sell those investments on unfavorable terms or at a loss.
• Risks Related to Debt Financing
• We have incurred mortgage indebtedness and other borrowings and expect to incur additional debt, which may increase our business risks, could hinder our ability to make distributions and could decrease the value of your investment in our shares.
• If we draw on a line of credit to fund redemptions or for any other reason, our financial leverage ratio could increase beyond our target range.
• Increases in interest rates could increase the amount of our loan payments and adversely affect our ability to make distributions to our stockholders.
• Lenders may require us to enter into restrictive covenants relating to our operations or mandatory commitment reductions, which could reduce our available financing and limit our ability to make distributions.
• If we enter into financing arrangements involving balloon payment obligations, it may adversely affect our ability to make distributions to our stockholders.
• Failure to hedge effectively against interest rate changes may materially adversely affect our ability to achieve our investment objectives.
• Federal Income Tax Risks
• Failure to maintain our REIT status would have significant adverse consequences to us.