RREEF Property Trust, Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX, ZRPTMX, ZRPTUX), a publicly registered, daily NAV REIT that is advised by DWS through an affiliate, has acquired a 100 percent interest in the Class D Certificate (“Class D” or “B Piece”) and the related interest-only securities of a fixed rate Freddie Mac Multifamily CMBS Securitization known as FREMF 2021-K150 (“K150”) for a total investment of approximately $30.9 million.

K150 comprises a $1.2 billion pool of 52 multifamily commercial mortgages in diverse markets with a weighted average loan-to-value and debt yield of 57.9 percent and 8.2 percent, respectively, as of October 2022. As of the closing of the investment, the largest concentrations of the underlying properties were in Florida (14% of the unpaid principal balance, or “UPB”), California (15% of the UPB), Texas (12% of the UPB), New Hampshire (10% of the UPB) and Utah (9% of the UPB). In addition, as of the closing, the underlying properties represent various multifamily subtypes with 73% of the properties being garden-style.

“We continue to remain constructive on the multifamily sector as we believe strong residential market fundamentals in the U.S. will persist as the result of low current vacancy rates, low housing supply and a disciplined construction pipeline,” said Todd Henderson, Chairman of the Board of RREEF Property Trust and Head of Real Estate, Americas at DWS. “The investment in K150 underscores our ability to invest across the real estate capital stack in order to achieve the REIT’s objectives of providing investors with attractive current income, capital preservation and NAV appreciation.”

About RREEF Property Trust

RREEF Property Trust is a real estate investment fund investing primarily in institutional quality core real estate properties across the United States, and to a lesser extent, real estate related securities and real estate related loans.

About DWS

DWS is one of the world's leading asset managers with $817bn of assets under management (as of 30 September 2022). Building on more than 60 years of experience, DWS has expertise in active, passive and alternatives solutions across Germany, Europe, the Americas and Asia.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made, including related to the performance of the investment in K150 described above. Although RREEF Property Trust believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. RREEF Property Trust undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the company's expectations.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities.

An investment in RREEF Property Trust is not a direct investment in real estate.

No assurance can be made that the stated investment objectives will be achieved.

This sales and advertising literature is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus. This literature must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in conjunction with any offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the Securities and Exchange Commission, the Attorney-General of the State of New York nor any other state securities regulator has approved or disapproved of our securities or determined if our prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities are offered through DWS Distributors, Inc. (member FINRA/SIPC).

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the fund and its investments.

Important risk information: RREEF Property Trust (“RPT”) is a speculative security and, as such, involves a high degree of risk. An investment in RPT involves the same risks associated with an investment in real estate, such as market risk, interest rate risk, risks related to property diversification, tenant turnover and the use of leverage. There is no guarantee that any real estate strategy, including RPT’s, will be successful. There is no public market for RPT’s shares of common stock. RPT’s shares should be considered as having only limited liquidity and at times may be illiquid. RPT’s redemption of shares will likely be the only way for you to dispose of your shares, and RPT’s redemption plan contains limitations on the number of shares RPT will redeem in any calendar quarter. RPT’s board of directors may modify or suspend RPT’s redemption plan, as well as its investment policies without stockholder approval, which could alter the nature of your investment. The purchase price and redemption price for RPT’s shares is based on RPT’s NAV, which may not accurately reflect the actual price at which its assets could be liquidated on any given day because valuation of properties is inherently subjective. RPT’s failure to remain qualified as a REIT would have an adverse effect on its operations and its ability to make distributions to its stockholders. Distributions are not guaranteed, are made at the discretion of RPT’s board of directors and may be paid from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings or offering proceeds, and RPT has no limits on the amounts it may pay from such sources. RPT is dependent upon its advisor to conduct its operations, and RPT’s advisor will face conflicts of interest as a result of, among other things, time constraints, allocation of investment opportunities and the substantial fees RPT will pay to its advisor. The value of RPT’s shares will fluctuate with the portfolio of the underlying real estate properties. Shares sold will be at a price which may be more or less than the original price paid for the shares by the investor. Investors may be subject to adverse tax consequences if RPT does not qualify as a REIT for federal tax purposes. In addition, distributions from current or accumulated earnings and profits are taxed as ordinary income. Data provided by RREEF America, the advisor to RREEF Property Trust.

Investment products: No bank guarantee | Not FDIC insured | May lose value

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

© 2022 DWS Group GmbH & Co. KGaA. All rights reserved. R-093501 (11/22)

Published by the Communications Department of DWS Group GmbH & Co. KGaA

http://www.dws.com

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