Taxable REIT Subsidiaries (TRSs) are subsidiaries of a Real Estate Investment Trust (REIT) that are taxed separately from the REIT. TRSs are used to conduct activities that are not allowed under the REIT structure, such as owning and operating hotels, providing services to tenants, and investing in non-real estate assets. The income generated by the TRS is taxed at the corporate level, while the REIT itself is not taxed.