RREAF Holdings 2021 Year in Review

RREAF Investors, Employees, Partners, and Friends,

      As we reflect back on 2021, a year that was marked mostly by the continued global effort to contain the COVID19 outbreak, RREAF Holdings experienced its strongest year yet. 2021 was our most productive year in history, with both acquisitions and dispositions seeing record-setting metrics thanks to our nationwide employees, investors, and partners. On the acquisitions front, RREAF added more than 4,200 units across 23 properties to our multifamily and hospitality platforms. RREAF acquired over 3,600 acres of land for development projects planned for the coming years. RREAF's continued growth is fueled by our rapidly expanding base of investors, providing the equity to transact on more than $750 million in assets during 2021. RREAF also reached a milestone of 22 assets exited in 2021, with an average IRR of 20%, continuing to outperform the real estate market average. Last year, we welcomed dozens of new employees in our corporate office, as well as in our various communities around the country. We continue to add talent, experience, and motivated team members, providing superior training and guidance to our ranks. Between RREAF’s five main business platforms, 2021 saw us surpass $1.14B in transaction volume. We added over 165 members to the RREAF Family of Companies and launched RREAF Construction Services, a best-in-class general contracting company and RREAF Development Services, to better serve our investors as well as third-party clients. We continue to remain net buyers in the multifamily and hospitality sectors heading into 2022 so keep an eye out for RREAF in the commercial real estate market in the months ahead. Our deepest gratitude to our partners that have worked with us to make 2021 the best year yet and we look forward to partnering with you all for many years to come.

All five of RREAF’s main platforms saw unprecedented growth in 2021. Some highlights include;

RREAF's Multifamily Platform

• Transacted over $1 Billion in deal volume in 2021
• Acquired 21 properties in 7 states totaling over 4,000 units with a capital stack in excess of $589MM
• Sold 22 properties in 6 states totaling over 4,200 units at more than $389MM generating an average 20% IRR to our equity investors and a better than 1.85X Equity Multiple

RREAF’s Beachfront Hospitality & Resort Platform

• Acquired Hutchinson Island Plaza Hotel and Suites on Hutchinson Island in Fort Pierce, Florida
• Acquired Holiday Inn Oceanfront at Surfside Beach on Surfside Beach near Myrtle Beach, South Carolina
• Added 203 hotel rooms to our portfolio with a total capitalization in excess of $42.7MM
• Completed the renovations of the guest rooms at our Sea Palms Resort on St. Simon Island and broke ground on a new hotel in Pensacola Beach

RREAF Development

• Broke ground on two Multifamily developments in central Texas
• Acquired 95 acres on Galveston Beach for a full-service high-end resort property. Construction anticipated to start in late 2022
• Acquired 205 Acres in Kerrville for a mixed use development – Multifamily, BTR, Single Family and Commercial Development – Construction to begin in Q4 ‘22
• Successfully contracted 2.4 Acres on Myrtle Beach, SC to build a full-service high-end resort property

RREAF Communities

• Acquired 3,268 Acres in Midlothian, Texas for a highly amenitized mixed use community with 8,500 single family homes, 1,500 Multifamily homes, two schools, and town center

RREAF Extended Stay Ground Up Development

• Completed the ground up development of the Woodspring Suites hotel in Missoula, Montana
• Acquired a site for an Extended Stay America hotel in Boise, Idaho
• Placed three additional sites under Contract in Salt Lake City – to build three Woodspring hotels
• Placed site under Contract in Smyrna, Tennessee, near Nashville, for the development of an Extended Stay America hotel

We look forward to 2022, as we plan to continue our mission and improve the quality of life for our residents, our guests, and our team members, across all 5 of RREAF's verticals. Wishing you all a safe and prosperous 2022.

Kip Sowden,

Founder and CEO

RREAF Holdings