Angelo, Gordon began investing in commercial real estate in 1993 and has acquired over $13 billion of properties. The firm focuses on a value-added approach through the acquisition of sub-performing real estate properties across a broad range of geographical markets and product types. These assets are often attractively priced due to the lack of operating income, complexity of analysis, and inefficiency of the sales process. With real estate professionals in our offices in New York, Los Angeles, London, Amsterdam, Frankfurt, Hong Kong, Seoul and Tokyo we have a global view of the market, with a strong emphasis on the United States and Asia. We manage real estate assets in two distinct disciplines. Our opportunistic real estate strategy focuses on properties where a great deal of repositioning and renovation is usually required to stabilize the asset and which target a higher rate of return than our more conservative core plus real estate strategy. Our core plus real estate strategy focuses on higher quality assets, which, despite their sub-performance, generate significant current income from operations. Generally, we will work in tandem with one of many local operating partners to source real estate deals and correct the asset's under-performance. Our real estate team's experience encompasses all aspects of real estate investment and management, including acquisition, financing, disposition, leasing, and construction management. Our real estate investment professionals have hands-on operational real estate expertise that has proved to be critical to our success in acquiring and repositioning assets.