Company Quick10K Filing
TPG Real Estate Finance Trust
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-07-29
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-24
8-K 2020-05-11 Earnings, Exhibits
8-K 2020-03-18 Earnings, Regulation FD, Exhibits
8-K 2020-02-18 Earnings, Exhibits
8-K 2019-10-28 Earnings, Exhibits
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-05-21 Shareholder Vote
8-K 2019-04-29 Earnings, Exhibits
8-K 2019-03-14 Other Events, Exhibits
8-K 2019-03-07 Other Events, Exhibits
8-K 2019-02-25 Earnings, Exhibits
8-K 2018-11-29 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-08-07 Other Events, Exhibits
8-K 2018-08-06 Earnings, Exhibits
8-K 2018-06-15 Off-BS Arrangement
8-K 2018-05-23 Shareholder Vote
8-K 2018-05-07 Earnings, Exhibits
8-K 2018-02-26 Earnings, Exhibits
8-K 2018-02-14 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits

TPG Real Estate Finance Trust Financials

TRTX Metrics, Comps, Filings

Quarterly | Annual

Business

TPG RE Finance Trust, Inc. is a Maryland corporation that was incorporated on October 24, 2014 and which commenced operations on December 18, 2014. We are externally managed by TPG RE Finance Trust Management, L.P., an affiliate of TPG. Our principal executive offices are located at 888 Seventh Avenue, 35th Floor, New York, New York 10106. We are organized as a holding company and conduct our operations primarily through our various subsidiaries. As of December 31, 2018, the Company conducted substantially all of its operations through a Delaware limited liability company, TPG RE Finance Trust Holdco, LLC ("Holdco"), and the Company's other wholly-owned subsidiaries.

We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exemption or exclusion from registration under the Investment Company Act. We operate our business as one segment, which directly originates and acquires a diversified portfolio of commercial real estate-related assets consisting primarily of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States and, to a lesser extent, commercial mortgage-backed securities ("CMBS").

We are externally managed and advised by our Manager, which is responsible for administering our business activities, day-to-day operations, and providing us the services of our executive management team, investment team, and appropriate support personnel. TPG Real Estate, TPG's real estate platform, includes TPG Real Estate Partners, TPG's real estate equity investment platform, and us, currently TPG's dedicated real estate debt investment platform. Collectively, TPG Real Estate managed more than $10 billion in real estate and real estate-related assets at September 30, 2018. TPG Real Estate's teams work across TPG's New York, San Francisco, Chicago, and London offices, and have 21 and 35 employees, respectively, between TPG's real estate debt investment platform and TPG's real estate equity platform.


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Equity

Income Statement ($BB Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($BB Quarterly)

Ops, Inv, Fin

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Alexander & Baldwin (ALEX) 1,774 0% -21.3 -8% 2,122 985 627 0 -178 -117 2,499
Chesapeake Lodging Trust (CHSP) 1,757 0% 13.7 5% 1,947 918 592 0 93 177 2,426
Alexanders (ALX) 1,749 0% 17.8 4% 1,283 1,021 228 0 56 80 1,435
Global Net Lease (GNL) 1,735 68% 7.9 1% 3,609 1,983 301 205 34 180 1,425
New York Mortgage Trust (NYMT) 1,586 2.7 1% 19,759 17,912 0 0 118 635 1,746
Easterly Government Properties (DEA) 1,552 61% 31.4 0% 2,224 1,040 209 127 7 76 2,385
Tanger Factory Outlet Centers (SKT) 1,547 0% 11.9 5% 2,324 1,826 485 0 126 265 3,149
Tier REIT (TIER) 1,544 47% 31.4 -2% 1,544 762 106 50 -28 70 2,193
Arbor Realty Trust (ABR) 1,528 4.4 3% 5,396 4,197 0 0 160 332 1,458
TPG Real Estate Finance Trust (TRTX) 1,508 6.2 2% 5,863 4,397 0 0 93 228 1,408
Uniti Group (UNIT) 1,499 0% 10.2 1% 5,031 6,468 1,060 0 37 642 6,531
American Finance Trust (AFIN) 1,481 0% 9.6 -0% 3,457 1,771 299 0 -8 144 1,384
Universal Health Realty Income Trust (UHT) 1,399 0% 37.5 4% 484 299 77 0 18 37 1,393
Kite Realty (KRG) 1,399 0% 25.3 -2% 2,714 1,366 327 0 -47 101 2,547
Industrial Logistics Properties Trust (ILPT) 1,386 9.8 2% 2,468 1,462 0 0 59 139 1,363
Monmouth Real Estate Investment (MNR) 1,381 18.7 2% 1,872 861 0 0 30 113 2,114
Brookfield Property REIT (BPR) 1,315 0% 1.7 -1% 19,171 15,457 1,526 0 -222 623 1,077
Independence Realty Trust (IRT) 1,303 72% 21.6 2% 1,653 1,049 202 146 37 105 2,273
Saul Centers (BFS) 1,253 56% 17.2 4% 1,647 1,101 233 131 61 129 2,224
Summit Hotel Properties (INN) 1,219 0% 10.9 4% 2,149 952 548 0 79 183 1,992

Balance Sheet ($MM)2017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash2016576754346415670100
Accounts Receivable0000000000
Inventory
PP&E
Assets2,5873,0433,3553,8424,1234,3024,5275,1195,8255,863
Accounts Payable
Long-Term Debt2,2011,537
Liabilities1,5831,8352,1542,6492,9312,9733,2003,6764,3604,397
Stockholders' Equity1,0041,2081,2011,1931,1921,3291,3271,4441,4651,466
Income Statement ($MM)2017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Revenue
Cost of Revenue
Gross Profit
R&D
SG&A111111122
Tax-0000-00000
Net Income252125252627283233
Cash Flow ($MM)2017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash Operating15242329262735
Cash Investing-590-301-481-315-590-6786
Cash Financing440287456255579666-12