TPG Real Estate Partners (TREP) is TPG’s dedicated opportunistic real estate equity investment platform. Today, TREP has approximately $5.6 billion of assets under management. Since inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. The foundation of TREP’s investment strategy is a research and data-driven approach to investment theme generation, allowing us to be highly selective in identifying the most compelling opportunities in specific sectors and geographies. During TREP’s ownership, our value creation strategies focus on driving returns across three critical dimensions: the optimization of property-level performance, the aggregation and curation of strategically aligned portfolios, and the enhancement of platform capabilities. These strategies are frequently pursued in partnership with dedicated management teams.