Filed Pursuant to Rule 424(b)(3)
Registration No. 333-232425
RREEF PROPERTY TRUST, INC.
SUPPLEMENT NO. 3 DATED JUNE 4, 2021
TO THE PROSPECTUS DATED APRIL 23, 2021
This document supplements, and should be read in conjunction with, our prospectus dated April 23, 2021, as supplemented by Supplement No. 1 dated May 6, 2021 and Supplement No. 2 dated May 14, 2021. Unless otherwise defined herein, capitalized terms shall have the same meanings as set forth in the prospectus. The purpose of this supplement is to disclose:
•our daily net asset value, or NAV, per share for our common stock for the month of May 2021; and
•updates on the impact of COVID-19 on our operations.
Historical NAV per Share
The following table sets forth the NAV per share for the Class A, Class I, Class T, Class D, Class M-I, Class N and Class T2 shares of our common stock on each business day for the month of May 2021. There were no Class S shares of our common stock outstanding during this period.
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| Date | | NAV per Class A Share | | NAV per Class I Share | | NAV per Class T Share | | NAV per Class D Share* | | NAV per Class M-I Share | | NAV per Class T2 Share | | NAV per Class N Share** |
| May 3, 2021 | | $14.77 | | $14.86 | | $14.81 | | $14.84 | | | | | | $14.80 |
| May 4, 2021 | | $14.76 | | $14.85 | | $14.80 | | $14.83 | | | | | | $14.79 |
| May 5, 2021 | | $14.74 | | $14.82 | | $14.77 | | $14.80 | | | | | | $14.77 |
| May 6, 2021 | | $14.75 | | $14.84 | | $14.79 | | $14.82 | | $14.84 | | | | $14.78 |
| May 7, 2021 | | $14.77 | | $14.86 | | $14.81 | | $14.84 | | $14.86 | | | | $14.80 |
| May 10, 2021 | | $14.77 | | $14.86 | | $14.81 | | $14.84 | | $14.86 | | | | $14.80 |
| May 11, 2021 | | $14.75 | | $14.84 | | $14.79 | | $14.82 | | $14.84 | | | | $14.79 |
| May 12, 2021 | | $14.72 | | $14.81 | | $14.76 | | $14.78 | | $14.80 | | | | $14.75 |
| May 13, 2021 | | $14.74 | | $14.82 | | $14.78 | | $14.80 | | $14.83 | | | | $14.77 |
| May 14, 2021 | | $14.76 | | $14.84 | | $14.79 | | $14.82 | | $14.84 | | | | $14.79 |
| May 17, 2021 | | $14.75 | | $14.84 | | $14.79 | | $14.82 | | $14.84 | | | | $14.78 |
| May 18, 2021 | | $14.76 | | $14.84 | | $14.79 | | $14.82 | | $14.84 | | | | $14.79 |
| May 19, 2021 | | $14.75 | | $14.84 | | $14.79 | | $14.81 | | $14.84 | | | | $14.78 |
| May 20, 2021 | | $14.76 | | $14.85 | | $14.80 | | $14.82 | | $14.85 | | | | $14.79 |
| May 21, 2021 | | $14.76 | | $14.85 | | $14.80 | | $14.82 | | $14.85 | | | | $14.79 |
| May 24, 2021 | | $14.78 | | $14.87 | | $14.82 | | $14.84 | | $14.87 | | $14.82 | | $14.81 |
| May 25, 2021 | | $14.78 | | $14.86 | | $14.82 | | $14.84 | | $14.87 | | $14.82 | | $14.81 |
| May 26, 2021 | | $14.79 | | $14.87 | | $14.82 | | $14.85 | | $14.87 | | $14.83 | | $14.82 |
| May 27, 2021 | | $14.78 | | $14.87 | | $14.82 | | $14.85 | | $14.87 | | $14.82 | | $14.81 |
| May 28, 2021 | | $15.02 | | $15.11 | | $15.06 | | $15.10 | | $15.11 | | $15.07 | | $15.06 |
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*Class D shares are currently being offered pursuant to a private placement offering.
**Class N shares are not available for purchase except through our distribution reinvestment plan.
***The table above includes the NAV per share for our Class M-I and Class T2 shares beginning on May 6, 2021 and May 24, 2021, respectively, the dates our first Class M-I and Class T2 shares were purchased, respectively.
Purchases and redemptions of shares of our common stock are made in accordance with our policies as set forth in our prospectus. Our NAV per share is posted daily on our website at www.rreefpropertytrust.com and is made available on our toll-free, automated telephone line at (855) 285-0508.
Please refer to “Net Asset Value Calculation and Valuation Guidelines” in our prospectus for important information about how our NAV is determined.
Impact of COVID-19
We continue to closely monitor the impact of the coronavirus (COVID-19) pandemic on all aspects of our investments and operations, including how it will impact our tenants and business partners. While we have not incurred significant disruptions in our operations from the coronavirus since it began in March 2020, the extent to which the coronavirus impacts our investments and operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence.
During May 2021, our NAV per share increased approximately 1.7% - 1.8% for each share class which had outstanding shares for the entire month. This increase is primarily attributable to an approximate 1.1% increase in the value of our real estate property portfolio combined with an approximate 2.1% increase in the value of our real estate equity securities portfolio.
Our entire property portfolio remains stable with strong collections. Occupancy as of April 30, 2021 and May 31, 2021 and collections during the months of April and May 2021, by property type, are as follows:
April 2021:
•Office – 94% occupied and 100.0% collected
•Industrial – 100% occupied and 100.0% collected
•Retail – 97% occupied and 99.6% collected
•Apartment – 99.0% occupied and 99.6% collected
May 2021:
•Office – 94% occupied and 100.0% collected
•Industrial – 100% occupied and 100.0% collected
•Retail – 97% occupied and 99.6% collected
•Apartment – 99.0% occupied and 99.5% collected
Our commercial properties (office, industrial and retail) are occupied by a diverse mix of tenants. As of May 31, 2021, our weighted average remaining lease term for our commercial properties was 4.3 years. With respect to our commercial and residential tenants who have been affected by COVID-19 and who did not pay rent, we continue to work with them to recoup such rent and bring their leases current. From the beginning of the pandemic through May 31, 2021, we entered into agreements with nine of our tenants that included abatement of rent amounting to approximately 0.2% of the annual contractual rent for the entire property portfolio, and/or deferral of rent amounting to approximately 1.1% of the annual contractual rent for the entire property portfolio. For tenants with whom we have agreed to deferral of past due rent, such deferred rent is scheduled to be fully paid by July 2021, and all such deferred rent that has become due under the deferral agreements as of May 31, 2021 has been paid.
