RREEF Property Trust (RREEF) Q2 2025 earnings summary

Executive summary

• Owned 11 properties across office, retail, industrial, and residential sectors as of June 30, 2025, with a 97.8% weighted average occupancy rate and a weighted average remaining lease term of 5.9 years (excluding residential leases).

• Real estate equity securities portfolio consisted of publicly traded REIT shares valued at $120,000, with plans to increase allocation as market conditions improve.

• Sold Heritage Parkway office property in February 2025 for $5,000, resulting in a net realized loss of $91.

• Completed a major expansion at Commerce Corner in October 2024, supporting a 15-year lease with Performance Food Group.

Financial highlights

• Total revenues for Q2 2025 were $10,420,000, up slightly from $10,417,000 in Q2 2024; six-month revenues were $20,520,000, up from $20,332,000 year-over-year.

• Net loss for Q2 2025 was $(257,000), compared to $(11,000) in Q2 2024; six-month net loss was $(1,055,000), compared to net income of $54,000 in the prior year.

• Funds from Operations (FFO) for Q2 2025 were $2,714,000, down from $3,151,000 in Q2 2024; Adjusted Funds from Operations (AFFO) were $2,500,000, up from $1,274,000.

• Declared distributions for the six months ended June 30, 2025 totaled $7,213,000, with 63.5% covered by cash flow from operations and 36.5% by borrowings.

• NAV per share as of June 30, 2025 ranged from $13.11 to $13.30 across share classes.

Outlook and guidance

• Management expects to continue raising capital, increasing borrowings, and investing in targeted real estate segments.

• U.S. real estate market fundamentals remain solid, especially in residential, but policy uncertainty and higher interest rates may temper recovery.

• Interest expense is expected to rise due to anticipated acquisitions and higher rates; refinancing of the Wells Fargo Line of Credit is planned before its December 2025 maturity.