RREEF Property Trust Inc.

08/19/2025 | Press release | Distributed by Public on 08/19/2025 12:58

Change in Certifying Accountants (Form 8-K)

Item 4.01 Changes in Registrant's Certifying Accountant
On August 13, 2025, RREEF Property Trust, Inc. (the "Company"), received notice from KPMG LLP ("KPMG"), the independent registered public accounting firm for the Company, that it will not stand for re-election as the Company's principal accountants after its completion of the Company's audit for the year ended December 31, 2025. Due to certain KPMG network firm relationships and mandatory auditor rotation rules in the respective jurisdictions, KPMG will begin a "cooling off" period in 2026 with respect to global affiliates of the Company and accordingly cease to provide audit services to the Company. KPMG's decision not to stand for re-election was not pursuant to a recommendation or approval by the audit committee of the Company's board of directors.
With respect to the years ended December 31, 2024 and December 31, 2023, and the interim periods through August 13, 2025, there were (i) no disagreements between KPMG and the Company on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of such disagreements in its reports on the Company's consolidated financial statements and (ii) no "reportable events" within the meaning of Item 304(a)(1)(v) of Regulation S-K.
Further, KPMG's reports on the Company's consolidated financial statements for the years ended December 31, 2024 and December 31, 2023 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.
In accordance with Item 304(a)(3) of Regulation S-K, the Company provided KPMG with a copy of this Current Report on Form 8-K and requested that KPMG furnish the Company with a letter addressed to the U. S Securities and Exchange Commission ("SEC") stating whether it agrees with the statements made herein and, if not, stating the respects in which it does not agree, as required by SEC rules. A copy of KPMG's letter is attached as Exhibit 16.1 to this Current Report on Form 8-K.
The Company will solicit proposals and conduct an evaluation process to select a new independent registered public accounting firm for the year ended December 31, 2026. The Company will disclose the engagement of the Company's new independent auditor as required by, and in accordance with, the SEC's rules and regulations.
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