FPA Real Estate Advisers Group, LLC is a Delaware limited liability company established in March 2017.
FPA Real Estate Advisors, LLC, a Delaware limited liability company, and FPA Real Estate Advisors V,
LLC, also a Delaware limited liability company, are affiliated entities and relying advisors of FPA Real
Estate Advisors Group, LLC. The Gregory A. Fowler Living Trust, Gregory A Fowler, Trustee, is the sole
member of all three entities. FPA Real Estate Advisors Group, LLC and the relying advisors are
collectively referred to as “FPA REAG” or “we”, “our” or “us” throughout this document.
FPA REAG and its affiliates comprise a vertically integrated Real Estate investment organization with
expertise in acquisitions, dispositions, finance, property management and construction/renovation.
FPA REAG provides discretionary investment advisory services exclusively to privately offered pooled
investment vehicles (the “REIT-Owner Funds”) that invest in Real Estate Investment Trusts (REITs)
managed by FPA REAG. Each REIT-Owner Fund owns 100% of the voting stock in the REIT in which it
invests. FPA REAG also provides certain administrative, management and advisory services with
respect to the ongoing management and operations of the affiliated REITs, other privately offered
pooled vehicles (the “Non-REIT Funds”) and limited liability companies (“HoldCos”), each of whose
sole investment consists of an interest in a single Non-REIT Fund. The REIT-Owner Funds, the Non-
REIT Funds and the HoldCos are
jointly referred to below as the “Funds”. Investments in the HoldCos
are held by managers and employees of FPA REAG and its affiliates and by certain other persons who
are not qualified to invest directly in a Non-REIT Fund.
The Non-REIT Funds invest, as joint managing members with the REITs, in limited liability companies
(the “Sole Owners”); in turn, the Sole Owners invest substantially all of their assets, through wholly
owned, single-member limited liability companies (the “Property-Owning LLCs”), in 100% fee simple
interests in real property, primarily multifamily real estate suitable for the average blue-collar,
workforce renter in target markets throughout the United States. Because they hold managing
interests in the Sole Owners and each Sole Owner is the 100% owner and manager of the applicable
Property-Owning LLC, the Non-REIT Funds do not invest in securities. The advice provided by FPA
REAG to each Fund is based on the investment objectives and strategies described in that Fund’s
private placement memorandum. Investment restrictions, if any, are also contained in the private
placement memoranda. See Item 8. Methods of Analysis, Investment Strategies and Risk of Loss.
Properties are managed on a discretionary basis. As of December 31, 2023, FPA REAG had gross assets
under management of $10,493,134,971, which was the fair market value, as determined by FPA REAG,
of the various portfolios and properties held by the Property-Owning LLCs.