11th Fiscal Period Results(from Jan.1, 2008 to Jun.30, 2008)

TGR Investment Inc.

Sep. 2008

http://www.tgr-inv.co.jp/eng/

1

Table of Contents
Section 1:

Section 2:

Highlights for 11th Fiscal Period
Performance(P.3)

Financial Statements for11th Fiscal Period- Summary of 11th Fiscal Period- Historical Operating Results- Financial Metrics- Forecast for 12th Fiscal Period- Income Statement- Balance Sheet- Cash Flow Statement/ Distribution Statement

Section 3:
Operating Resultsfor 11th Fiscal Period(P.9)

Section 4:
Operation Strategies(P.27)(P.15)- Portfolio Overview- Portfolio Diversification- Portfolio Occupancy of 11th Fiscal Period- Portfolio MAP- Assets Acquired during 11th Fiscal Period(2 Parking Lots for Cars)- Assets Sold during 11th Fiscal Period(1 Residence)- Overview of Interest-Bearing Debt
- Overview of Unitholders- Where is TGR heading?
- Basic Policy- External Growth Strategies- Investing in Parking Lots
■Disclaimer(Appendix)- Performance by Properties
in 11th Fiscal Period- Appraisal Values & Book Value- Portfolio List

2

Section 1th Fiscal Period
Highlights for 11th
Performance3

Summary of 11th Fiscal Period 1)

External Growth*駐輪場含む■ Acquired 2 Parking Lots (total acquisition price: JPY 310 mn)■ Sold 1 Residence (Sale price: JPY 307 mn)

11th Fiscal Period Portfolio Occupancy

Internal Growth（Jan. 31, 2008）

Weighted
Average

Period End

97.1 %

96.6 %（Jun.30, 2007：97.0 ％）Reached Record-High

Period Beginning(Mar. 31,2008)

97.8 %

95.6 %■ LTV as of the end of 11th Fiscal Period 58.5 %Financial Position■ Fixed interest rate as of the end of 11th Fiscal Period 22.3 %Distributions
per unit

Initial Forecast

Revised to

ActualJPY 7,558

JPY 9,000(Mar.28, 2008)(Jun.5, 2008)

JPY 9,800

Revised to(Disposition)

JPY 7,330

4

Summary of 11th Fiscal Period 2)
11th Fiscal Period Results against Forecasts and Historical Results
10th Period(Actual) 1)

11th Period(Forecast) 2)

11th Period(Actual) 3)(Six months
ended Dec.31,
2007)(Six months
ended Jun.30,
2008)(Six months
ended Jun.30,
2008)

Days of
Operation

184

Operating
Revenues(ths JPY )1,664,747

Operating
Income(ths JPY)

744,750

Recurring
Profit(ths JPY)

Amount12th Period(Forecast)

Variance toForecast 3)- 2)

Variance to Prior
Period 3)- 1)(%)

Amount(Six months
ended Dec.31,
2008)

(%)

182

-2

-

-

1,710,981 1,787,281

122,534

7.4

76,299685,352

810,390

65,6408.8

125,037 18.2

770,769

485,804

397,272

530,388

44,5849.2

133,116 33.5

488,288

Net Income(ths JPY)

481,522395,087

528,226

46,7039.7

133,138 33.7

486,109

Distribution
per Unit
(JPY)

8,934

7,330

9,800

866

9.7

2,470 33.7

9,018

182

-

184

4.5 1,774,101* Figures are rounded down to thousand JPY (except for “Distribution per Unit”) and percentages are rounded to one decimal place5

Historical Operating Results
Distribution per Unit: JPY 9,800
Compared to 10th Fiscal Period: JPY 866 increase (9.7 % up)

12,453 11,924

8th

FFO per Unit: JPY 15,390
Compared to 10th Fiscal Period: JPY 732 increase (5.0 % up)

25,051

16,525

11,150
8,934

7th

NOI per Unit: JPY 24,247
Compared to 10th Fiscal Period: JPY 1,186 increase (5.1 % up)

9th

10th

20,844 19,572

9,800

11th

Operating Revenues: JPY 1,787,281 ths
Compared to 10th Fiscal Period

23,061

24,247

14,658
11,178

7th

8th

9th

10th

11th

7th

8th

15,39012,886

9th

10th

11th

Net Income: JPY 528,226 ths
Compared to 10th Fiscal Period: JPY 46,703 ths increase (9.7 % up): JPY 122,534 ths increase (7.4% up)

1,787,281

1,721,817
1,664,747
1,637,306

642,689

600,982

528,226

481,522

1,103,630
359,882*1) Figures rounded down to the indicated units,
percentages rounded to the nearest first decimalplace*2) NOI per Unit and FFO per Unit are rounded tothe indicated units

7th

8th

9th

10th

11th

7th

8th

9th

10th

11th

6

Financial Metrics(thousand JPY)
th

Items
Return on Asset (ROA)
annualized
Rerturn on Equity (ROE)
annualized

th

th

th

th

7 fiscal period 8 fiscal period 9 fiscal period 10 fiscal period 11 fiscal period(Six months(Six months(Six months(Six months(Six months
ended Jun.2006) ended Dec.2006) ended Jun.2007) ended Dec.2007) ended Jun.2008)
1.4%
1.6%
1.4%
1.0%
1.1%
2.8%

3.1%

2.9%

2.0%

2.2%

3.2%

3.3%

3.1%

2.4%

2.7%

6.5%

6.5%

6.2%

4.9%

5.4%

Loan-to-Value (LTV 1)

56.0%

52.1%

52.0%

58.8%

58.5%

Loan-to-Value (LTV 2)

53.1%

49.8%

49.7%

56.3%

55.9%

Capital-to-asset ratio (fiscal year-end)

43.1%

47.2%

47.3%

40.4%

40.8%

Debt Service Coverage Ratio (DSCR)

6.7x

4.9X

5.2X

4.1X

4.0X

Net Operating Income

723,951

1,038,510

1,054,893

1,242,957

1,306,908

annualized yield

6.5%

5.7%

5.6%

5.7%

5.9%

Depreciation Expenses

213,489

278,234

278,036

308,501

318,362

Funds from Operation (FFO)

477,567

602,492

694,566

790,024

829,502

6.0%

5.3%

5.1%

5.9%

7.6%

Implied Cap Rate

●
●
●
●
●
●
●
●
●

ROA=Recurring Profit / Weighted Average Total Assets during the period*100
ROE=Net Income / Weighted Average Net Assets during the period*100
LTV(1)= End-of-period Interest-Bearing Debt / (End-of-period Interest-Bearing Debt + Unitholders’ Capital）*100
LTV(2)= End-of-period Interest-Bearing Debt / End-of-period Total Assets*100
DSCR= Net Income prior to Deduction of Interest / Interest Expenses
NOI= Rental Revenue-Operating Expenses + Depreciation Expenses
Annualized NOI yield=（（Operating Revenue-Operating Expenses + Depreciation Expenses）/ days*365）/ Weighted Average Investment for Real Estates
FFO= Net Income + Depreciation Expenses-Gain on Sales of Properties
Implied Cap Rate= Annualized NOI yield / (Interest-bearing Debt – Cash and Cash Equivalents (included trust) +Deposit Received from Tenants + Market Value)* Figures are rounded down to thousand JPY and percentages are rounded to one decimal place

7

Forecast for 12th Fiscal Period(thousand JPY)
12th Fiscal Period (forecast) 11th Fiscal Period (Actual)
Six months ending
Six months ended
Items
Dec. 31, 2008
Jun. 30, 2008
Amount%Amount%Ⅰ. Operating revenues
1,774,101 100.0
1,787,281 100.0
Rental revenues (1)1,602,278
90.3
1,770,195
99.0
Gain from sales of properties
171,8229.7
17,085
1.0
Ⅱ. Operating expenses
1,003,332
56.6
976,89154.7
Property related expenses (2)793,193781,649
Facilities management fees
282,182
279,300
Taxes and other public charges
110,563
97,185
Insurance expenses
7,881
7,900
Other expenses
86,81278,900Depreciation expenses (3)305,753
318,362
NOI（1)-(2)+(3)1,114,838
1,306,908(1)-(2)809,085
988,545
Asset management fees
103,625
103,922
Other operating expenses
106,51391,319Operating income
770,76943.4
810,390
45.3
Ⅲ. Non-operating revenues
3,413
0.2
7,173
0.4
Ⅳ. Non-operating expenses
285,89416.1
287,175
16.1
Recurring profits
488,28827.5
530,388
29.7
Income before income taxes
488,28827.5
530,388
29.7
Taxes
2,178
0.1
2,162
0.1
Net income
486,10927.4
528,226
29.6

Changes■Sale of “B7 IWATA Building”
Amount-13,180-167,917
154,736
26,440
11,543
2,882
13,378-19
7,912-12,609-192,069-179,460-297
15,194-39,620-3,760-1,281-42,100-42,100
16-42,116

Forecast assumptions:◇56 properties◇Units issued outstanding: 53,899 units*1) Figures are rounded down to thousand JPY and percentages are rounded to one decimal place*2) Revisions to forecast shall be disclosed in compliance with Tokyo Stock Exchange rules

%
-0.7
-9.5
905.6
2.7

(Sale Settlement was on Jul. 31, 2008)◇ Rental revenues: JPY 167,917 ths decrease◇ Gain from sales of properties: JPY 171,822 ths recognized■Major planned CAPEX during
12th Fiscal Period

-4.9
-52.4
-0.4
-7.9
-7.9
0.8
-8.0

◇A21 Inage Daiei Mansion: JPY 2,000 ths◇A26 Nisshin Palacestage
Daitabashii: JPY4,750 ths◇A27 Nisshin Palacestage
Higashi-Nagasaki: JPY3,000 ths◇B4 Nakano NK Building: JPY 6,397 ths

Distribution forecast for12th fiscal period
JPY 9,018**Distribution forecast for 12th Fiscal Period
was revised to JPY 11,400 on Aug. 29, 2008.
Please refer to the press release,“Notice Concerning Revision of Forecasted
Results for 12th Fiscal PeriodEnding December 2008”8

Section 2 Financial Statements forth Fiscal Period
11th

9Income Statement(thousand JPY)
Items
Ⅰ.Operating revenues
Rental revenues (1)Gain from sales of properties
Ⅱ.Operating expenses
Property related expenses (2)Depreciation expenses (3)NOI(1)-(2)+(3)Directors' fees
Asset management fees
Asset custodian fees
Administrative service fees
Allowance for uncollectible accounts
Bad debt expenses
Other operating expenses
Operating income
Ⅲ.Non-operating revenues
Interest revenues
Other non-operating revenues
Ⅳ.Non-operating expenses
Interest expenses
Finance related costs
Public listing related costs
Other non-operating expenses
Amortization of offering costs
Recurring profits
Income before income taxes
Income and other taxes
Tax adjustments
Net income
Retained earnings (begning balance)
Retained earnings (ending balance)

11th Fiscal Period(Six months
ended Jun. 2008)
Amount
％1,787,281
1,770,195
17,085
976,891
781,649
318,362
1,306,908
3,300
103,922
11,26418,855248
2,303
55,347810,390
7,173
3,413
3,760
287,175
278,097
5,983
1,090
253
1,750
530,388
530,388605
1,557
528,22610
528,236

100.0

54.7

73.1

45.3
0.4

16.1

29.7
29.7

29.6
29.6

10th Fiscal Period(Six months
ended Dec. 2008)
Amount
％1,664,747
1,664,747
919,997730,292
308,501
1,242,957
3,300
99,39010,883
21,8844,003
2,052
48,191
744,750
8,286
2,517
5,769
267,232
255,593
8,302
1,585
0
1,750
485,804
485,804
605
3,676
481,52221
481,544

100.0

55.3

74.7

44.7
0.5

16.1

29.2
29.2

28.9
28.9

ChangesAmount122,534
105,448
17,08556,89451,357
9,860
63,9514,531
380-3,028-3,755251
7,156
65,640-1,112895-2,00819,94322,503-2,318-495
253
44,584
44,584-2,11846,703-10
46,692* Figures are rounded down to thousand JPY and percentages are rounded to one decimal place

%
7.4

6.2

■Operating revenues: JPY 1,787,281 ths◇ Compared to 10th Fiscal Period: JPY 122,534 ths increase (7.4%up)◇Gain from sales of properties: JPY 17,085 ths (cf. P.22)
Sold one property (Bell Maison Ikegami on
Mar. 28, 2008) at JPY 307,737 ths

5.1■Property related expenses (2): JPY 781,649 ths: See (Appendix) for more info.
8.8
-13.4

7.5

9.2
9.2

9.7
9.7

■NOI: JPY 1,306,908 ths◇Compared to 10th Fiscal Period: JPY 63,951 ths increase (5.1%up)■Asset Management Fees
: JPY 103,922 ths◇Acquisition incentive
10th : JPY 28,184 ths
11th : JPY 1,551 ths■Interest expenses: JPY 278,097 ths◇Compared to 10th Fiscal Period: JPY 22,503 ths increase10Balance Sheet – Assets(thousand JPY)
Items

11th Fiscal Period(As of Jun. 2008)
AmountAssetsⅠ Current assets
Cash and cash equivalents
Cash and cash equivalents in trust
Rental receivables
Payment in advance
Deposit payments
Prepaid expenses
Consumption tax refundable
Deferred income taxes
Allowance for doubtful assets
Total current assets
Ⅱ Non-current assets
Property, plant and equipment, at cost
Buildings
Equipment
Building improvements
Land
Buildings in trust
Equipment in trust
Building improvements in trust
Furniture and fixtures in trust
Land in trust
Net property, plant and equipment, at cost
Intangible assets net of amortization
Other intangible assets
Other intangible assets in trust
Intangible assets
Investments
Lease deposits
Long-term prepaid expenses
Deferred income taxes
Other Investments
Total investments
Total non-current assets
Ⅲ Deferred assets
Offering costs
Total deferred assets
Total assets

1,122,870
2,107,958
16,07085
44,76051,935685-9783,343,387％

10th Fiscal Period(As of Dec. 2007)
Amount％ChangesAmount6.9

1,087,701
2,067,238
51,015392
15,01355,14962,2842,372-4,003
3,337,166

92.6

673,383
160,284
6,873
2,866,124
16,280,334
2,674,533
184,175
29,33422,020,574
44,895,618

0.0

121
2,812
2,934

109,295
32,103
7,852
45,523
194,775
44,849,250

0.4
93.1

99,66754,90013,27951,959219,806
45,118,359

0.5
93.1

9,628
-22,797-5,426-6,435-25,031-269,108

3,793
3,793
48,196,432

0.0
100.0

5,544
5,544
48,461,069

0.0
100.0

-1,750-1,750-264,637

666,282
156,447
7,104
3,182,166
16,043,373
2,566,438
175,931
34,76921,816,173
44,648,687
121
5,666
5,788

%

6.9

35,16840,719-34,944-307
29,746-3,213-62,284-1,687
3,025
6,221

0.2

92.6

-7,101-3,837230
316,042-236,961-108,094-8,244
5,435-204,400-246,931

-0.6

0.0

2,854
2,854

97.3

-11.4
-0.6
-31.6
-0.5

■2 parking lots acquired
during this period◇ Total acquisition price: JPY 310,291 ths (cf. P.21)■1 residence sold
◇ Acquisition price: JPY 293,000 ths (cf. P.22)* Figures are rounded down to thousand JPY and percentages are rounded to one decimal place

11

Balance Sheet – Liabilities/ Net Assets(thousand JPY)
Items

11th Fiscal Period(As of Jun. 2008)
AmountLiabilities
Ⅰ Current liabilities
Accounts payable
Accrued liabilities
Accrued expenses
Accrued income taxes
Accrued consumption taxes
Unearned revenues
Deposits reveived
Total current liabilities
Ⅱ Non-current liabilities
Long-term debt
Tenant leasehold and security
Tenant leasehold and security in trust
Derivative liabilities
Total non-current liabilities
Total liabilities
Net assets
Ⅰ Unitholders' equity
1. Unitholders' capital
2. Retained earnings
Unappropriated profit for the year
Total unitholders' equity
Ⅱ Evaluation, currency translation and etc.
Deferred hedge losses
Total evaluation, currency translation and etc.
Total net assets
Total liabilities and net assets

55,782
12,294
89,233447
31,148
182,374
121,671492,952
26,941,000
1,022,870
69,456
19,04028,052,366
28,545,318％

10th Fiscal Period(As of Dec. 2007)
Amount1.0

65,874
18,17489,946479
197,051
13,760385,286

58.2
59.2

27,283,000
1,053,821
109,944
33,14528,479,911
28,865,197

19,134,417％

ChangesAmount%0.8-10,091-5,880-713-31
31,148-14,677
107,911
107,665

27.9

58.8
59.6

-342,000-30,951-40,488-14,105-427,544-319,879

-1.5
-1.1

19,134,417-

528,236
19,662,653

40.8

481,544
19,615,961

40.5

46,692
46,692

0.2-11,540-11,540
19,651,113
48,196,432

-0.0
40.8
100.0

-20,089-20,089
19,595,871
48,461,069

-0.0
40.4
100.0

8,549
8,549
55,241-264,637

-42.6
0.3
-0.5

■Repaid JPY 342 million in the form of repayments before the maturity datein correlation with the sale of property■End-of-period balance of interest-bearing debt
◇ Long-term debt
:JPY 26,941,000 ths◇ Loan-to-value (LTV) : 58.5%■Net asset value per unit
: JPY 364,591(Units issued outstanding: 53,899 units)

LTV=Interest-bearing debt / (Interest-bearing debt + Unitholders’ capital) *100
* Figures are rounded down to thousand JPY and percentages are rounded to one decimal place

12Cash Flow Statement / Distribution Statement
Items
Ⅰ Cash flow from operating activities
Net income before taxes
Depreciation expenses
Public listing related costs
Finance related costs
Amortization of offering costs
Interest received
Interest paid
Increase or decrease(-) in allowance for doubtful assets
Decrease due to sale of tangible assets in trust
Amortization of tenant leasehold and security deposits
Increase (-) or decrease in accounts receivable
Increase (-) or decrease in deposit payments
Increase (-) or decrease in consumption tax receivable
Increase (-) or decrease in guarantee money paid
Increase or decrease (-) in accrued consumption tax
Increase or decrease (-) in accounts payable
Increase or decrease (-) in accrued liabilities
Increase or decrease (-) in accrued expenses
Increase or decrease (-) in unearned revenues
Increase or decrease (-) in deposits
OthersSubtotal
Proceeds of interest
Payment of interest
Payment of corporate taxes
Cash flow from operating activities
Ⅱ Cash flow from investment activities
Payment for acquisition of tangible assets
Payment for acquisition of tangible assets in trust
Payment for acquisition of other intangible assets
Payment of security deposits & guarantee money
Proceeds of security deposits & guarantee money
Payment of security deposits & guarantee money in trust
Proceeds of security deposits & guarantee money in trust
Cash flow from investment activities
Ⅲ Cash flow from financing activities
Repayment of short-term debt
Proceeds of long-term debt
Repayment of long-term debt
Public listing related costs
Finance related costs
Payment of distributions
Cash flow from financing activities
Ⅳ Increase in cash and cash equivalents
Ⅴ Beginning balance of cash and cash equivalents
Ⅵ Closing balance of cash and cash equivalents

11th Fiscal Period(Six months
ended Jun. 2008)
Amount10th Fiscal Period(Six months
ended Dec. 2007)
Amount530,388318,976
1,090
5,983
1,750
-3,413
278,097-3,025
289,767-772
34,944-29,746
62,284-9,62831,148-10,091-9,294-593-14,677
107,911
14,0691,595,173
3,413-259,811-636
1,338,138

485,804
308,815
1,585
8,302
1,750
-2,517
255,593580-1,101-3,594-15,013-51,312-89,667-37,549-3,742
48,55940,642
4,926-4,939947,1222,517-270,625-5,804
673,210-316,850-44,348-3,468-40,756
268-67,024
36,845-435,335-940,773-4,877,779-1,750
5,099-77,146
303,384-5,588,965-342,000-1,090-5,983-477,841-826,915
75,8883,154,940
3,230,828-1,000,000
7,648,000-115,000-1,585-8,302-593,487
5,929,625
1,013,870
2,141,069
3,154,940

11th Period
Items
Unappropriated retained earnings (ths JPY)
Distributions
Distribution per unit

10th Fiscal(Six months ended (Six months ended
Jun. 30, 2008)
Dec. 31, 2007)
AmountAmount(ths JPY)(JPY)

Retained earnings carried forward (ths JPY)

528,236528,2109,800
26481,544481,533
8,934
10* Figures are rounded down to thousand JPY (except for Distribution perunit) and percentages are rounded to one decimal place

13

Memo

14

Section 3 Operating Resultsth Fiscal Period
for 11th

15

Portfolio Overview 1)
Portfolio History

As of the end of 11th Fiscal Period(Jun. 2008)■Total acquisition price: JPY 44,825 million■Total number of properties held
: 57

* Amounts are rounded down to million JPY

16

Portfolio Overview 2)
Average occupancy rate and total leasable area / rentable units

As of the end of 10th Fiscal
Period (Dec. 2007)■Average Occupancy Rate
: 95.6 %■Total leasable area
:92,777.56 ㎡■Total rentable units: 1,633 units*Percentages are rounded to one decimal place

17Portfolio Diversification
As of 9th period (Jun.2007)

As of 11th period (Jun.2008)

Weighted Average Age：11.0years

Weighted Average Age：12.3years

By AgeBy Property TypeBy Geography

As of 7th period (Jun.2006)

Weighted Average Age： 13.6years*1) "Tokyo (except for "Tokyo 23 wards")" and "Kanagawa, Chiba, and Saitama prefectures" are defined as "Its surrounding area"*2) Cities in "Kanagawa, Chiba, and Saitama prefectures" are not included in "Ordinance-designated cities“*3) Percentages are calculated by acquisition price18

Portfolio Occupancy of 11th Fiscal Period
Reached a record-highoccupancy rate at the end of
March, 2008 (97.8 %)100.0%

100.0%

98.0%

97.2%
96.0%

95.6%

96.2%

94.0%

93.5%
92.0%

B9 Shinjuku Island■As a result of one major tenant moving out;
Overall occupancy rate decreased 0.5 %;Offices & Commercial Facilities occupancy rate
decreased 1.7 % as of the end of June, 2008.
■TGR signed rental agreement with a new
tenant, and will receive rent fee from July in2008 *3)

91.5%

90.0%
88.0%
86.0%
Jan.
Residences

Feb.

Mar.

Apr.

Offices & Commercial Facilities etc.

May
Parking lots

Jun.
Total

B3 Nihonbashi 2nd Building■For the months of April, May, and June respectively,
as a result of one major tenant moving out;
Overall occupancy rate decreased 1.3 %;Offices & Commercial Facilities Occupancy rate
decreased 4.0 %■ As a result of the tenant breach of contract, TGR
received penalty fee in the amount of 4-months rent.
■TGR signed rental agreement with a new tenant,
and will receive rent fee from July and August in2008 *3)*1) Occupancy Rate = Rental Area/ Total Leasable Area*100*2) Occupancy Rate is rounded to one decimal place*3) Please see P. 30, “Further efforts to increase rental fees after tenant contract expires” for more info.

19

Portfolio MAP
Tokyo (except for 23 wards)& Its surrounding area

Tokyo 23 wards

Residences
Offices etc.
Parking lots

Saitama Pref.

Itabashi-ku

Tokyo

Adachi-ku

Chiba Pref.

Kita-ku
Katsushika-ku

Nerima-ku
Toshima-ku
Nakano-ku
Suginami-ku

Bunkyo-ku

Taito-ku
Sumida-ku
Edogawa-ku

Shinjuku-ku

Shibuya-ku

Kanagawa Pref.

Arakawai-ku

Chiyoda-ku

Koto-kuChuo-ku
Minato-ku

Setagaya-ku

Meguro-ku
Shinagawa-ku

Aomori Pref.

Ota-kuFukuoka &Yamaguchi Pref.

20

Assets Acquired during 11th Fiscal Period(2 Parking Lots for Cars)* Figures are rounded down to million JPY

C11 PEIT Uchi-Kanda

C12 PEIT Ikegami

1）Location

1）Location
2）Leasable area3）Acquisition date4）Acquisition price5）Appraisal price2）Leasable area3）Acquisition date4）Acquisition price5）Appraisal price

3-18-8, 18-10, 18-11, Uchi-Kanda,
Chiyoda-ku, Tokyo
70.23 ㎡
May 30, 2008
JPY 176 million
JPY 186 million (As of Jun. 2008)

・3 min walk from Kanda Station on JR line
・Located in the commercial district where there is a mixture ofshops and offices
・Therefore, many users in business affairs are expected
for this parking lot

6-71-18, Ikegami, Ota-ku, Tokyo
91.20 ㎡
May 30, 2008
JPY 133 million
JPY 141 million (As of Jun. 2008)

・3 min walk from Ikegami Station on Tokyu line
・There is a general hospital as well as a shopping area nearby
・Therefore, a wide range of users are expected for this parking lot

21

Assets Sold during 11th Fiscal Period(1 Residence)

Gain from Sales of Properties
Replacement Strategy
No.

Property name

A25

Belle Maison Ikegami

Sales
Cost of sales
revenues
308,392
289,767

Other
expenses
1,538

Gain onDate of sales
sales
17,085 Mar. 28, 2008

*1）Figures are rounded down to yen thousands*2）Adjusted amounts of taxes are included in figures above and these amounts do not coincide with contractual figures

A25 Belle Maison Ikegami
1）Location
2）Leasable area3）Acquisition date4）Sale date5) Acquisition price6）Sale price

3-38-1 Ikegami, Ota-ku, Tokyo
495.00 ㎡
Feb. 8, 2005
Mar. 28, 2008
JPY 293,000 ths
JPY 307,737 ths(Additional info.)

TGR sold one of its assets under management after the end of 11th Fiscal Period as follows
In addition, TGR repaid JPY 729 million on July 31, 2008 in the form of repayments before the maturity date incorrelation with the sale of IWATA building.
No.

Property Name

Location

Property Type

Contract Date

Sale Date

Sale Price

B7

IWATA Building

Yokohama City,
Kanagawa Pref.

Beneficiaryinterest in trust

Jun. 27, 2008

Jul. 31,2008

JPY 1,025,641 ths(Reason for Sale)
Both the current competitiveness of IWATA building as an office building in the Shin-Yokohama area and its
future growth potential through improving asset value are limited, so TGR considered it is best to sell theproperty in its current condition in order to promote efficiency of management

B7 IWATA Building

22

Overview of Interest-Bearing Debt 1)
Long-term Debt
Debtor bank

Borrowing date Borrowing amount

Variable/fixed

Average rate*3)

Maturity date

Type of borrowing

Variable

1.615%

03 Aug. 2009

Mortgage,
No warranty

Variable/fixed

Average rate*3)

Maturity date

Type of borrowing

Variable

1.957%

31 May. 2010

Mortgage,
No warranty

The Chuo Mitsui Trust and Banking Co., Ltd.
Aozora Bank, Ltd.
Resona Bank, Limited.

03 Aug. 2006

*2)

JPY12,000mn

Mitsubishi UFJ Trust and Banking Corporation
The Musashino Bank, Ltd.

Debtor bank

Borrowing date Borrowing amount
24 May. 2007

JPY7,293mn *4)

The Norinchukin Trust and Banking Co., Ltd.

20 Aug. 2007

JPY7,648mn*1) Figures are rounded down to million JPY*2) Interest rate swap transactions to avoid interest rate fluctuation risks were conducted for JPY 6,000 million*3) Average interest rate is loan interest rate of each loan agreement (weighted average of period balance) rounded to 3 decimal places*4) Portion of long-term debt (JPY115 million) is paid off on every interest payment dates of June and December(Additional Info.) TGR repaid JPY 729 million on July 31, 2008 in the form of repayments before the maturity date in correlation with the sale of IWATA
building As a result of this repayment, this borrowing amount became JPY 6,564 million

23

Overview of Interest-Bearing Debt 2)
Borrowing Conditions■End-of-period Interest-bearing Debt
■Loan-to-Value (LTV) *1): JPY 26,941 mn (Long-term Debt): 58.5 % (LTV = 58.8 % as of the end of Dec. 2007)(LTV based on Appraisal Values: 54.9 %) *2)*1) Loan-to-Value= End-of-period Interest-Bearing Debt / (End-of-period Interest-Bearing Debt + Unitholders’ Capital）*100*2) LTV based on Appraisal Values = End-of-period Interest-Bearing Debt / End-of-period Appraisal Values

Long-term debt to total

Fixed interest rate debts to total

10th fiscal period (Dec. 2007)100％⇒ 11th fiscal period (Jun. 2008)100％

10th fiscal period (Dec. 2007)22.0％⇒ 11th fiscal period (Jun. 2008)22.3％

Short
0.0%

Long
100.0%

Short
0.0%

Fixed
22.0%

Long
100.0%

Variable
78.0%

Interest expense to operating revenue *2)
10th fiscal period (Dec. 2007) 15.4％⇒11th fiscal period (Jun. 2008) 15.6％*2) Interest expense to Operating revenues= Interest expense/ Operating Revenues*3) Figures are rounded down to thousand JPY and percentages are rounded
to one decimal place*1)
Variable
77.7%

Payment Deadlines
Repayment with
the Sale of
IWATA Building

15,00012,000*1) By swap agreement

Fixed
22.3%

(Unit: mn JPY)
2010/05,
13,867

2009/08,
12,000

9,000
6,000
3,000

2008/07,729

0
2008/07

2008/12,115
2008/10

2009/01

2009/06,115
2009/04

2009/07

2009/12,115
2009/102010/01

2010/0424

Overview of Unitholders 1)
10th period (As of Dec. 31, 2007)

11th period (As of Jun. 30, 2008)
Number ofunits held

Top 10 Unitholders

Name of firm（％)

Number ofunits held

Name of firm（％)

1 SIS Sega InterSettle AG

13,250 24.58%

1 CGML-IPB Customer Collateral account8,444 15.67%

2 NikkoCiti Trust and Banking Corporation

3,643 6.76%

2 State Street Bank and Trust Company 506155

5,386 9.99%

3 Goldman Sachs and Company Regular Account2,112 3.92%

3 NikkoCiti Trust and Banking Corporation

3,819 7.09%

4 Deutsche Bank AG London PB nontreaty clients 613

2,053 3.81%

5 State Street Bank and Trust Company 506155

1,765 3.27%

Northern Trust Company AVFC Re. Northern Trust Guernsey
4
Non-Treaty Clients
5 Deutsche Bank AG London PB nontreaty clients 613

2,464 4.57%
1,684 3.12%

6 Goldman Sachs International

975 1.81%

6 MINAMI-NIPPON Bank, LTD

1,186 2.20%

7 MINAMI-NIPPON Bank, LTD

961 1.78%

7 Daiwa Life Insurance Co.

1,050 1.95%

8 Japan Trustee Services Bank, Ltd.

871 1.62%

8 Japan Trustee Services Bank, Ltd.

857 1.59%

9 Daiwa Life Insurance Co.

850 1.58%

9 Morgan Stanley and Company, Inc.

753 1.40%

10 Morgan Stanley and Company, Inc.

753 1.40%

10 Chita Shinkin Bank

625 1.16%

27,233 50.53%

Total＊Total units

Total

26,268 48.74%＊Total units

53,89953,899(Ref.) Reporting of major unitholders* Percentages are rounded to two decimal places

Firm nameSubmitted on No. of units held (unit)

Ratio (%)

1 Prospect Asset Management, Inc.

Jul. 22, 2008

17,39632.28%

2 POWER INVESTMENT MANAGEMENT CO., LTD.

May. 07, 2007

2,382

4.42%

3 Nikko AM International Inc.

Oct. 05, 2007

Total

3,705

6.87%

23,48343.57%*1) Ratio held of 53,899 units outstanding*2) As of Jul. 22, 2008
*3) Percentages are rounded to two decimal places

25

Overview of Unitholders 2)
Breakdown by Number of Investors
Other Domestic Companies
1.1%
Foreign Investors
0.8%

Financial Institutions(incl. Securities Companies)
0.6%

Other Domestic Companies
1.1%
Foreign Investors
0.9%
Financial Institutions(incl. Securities Companies)
0.6%

Individual
97.4%

Individual
97.5%

10th Fiscal Period (Dec. 2007)

11th Fiscal Period (Jun. 2008)*Total unitholders: 6,136*Total unitholders: 6,418

Breakdown by Number of Units Held
Foreign Investors
46.1%

Other Domestic Companies
2.7%

10th Fiscal Period (Dec. 2007)*Total units: 53,899

Individual
33.8%

Financial Institutions(incl. Securities Companies)
17.4%

Foreign Investors
40.2%

Other Domestic Companies
2.5%

11th Fiscal Period (Jun. 2008)

Individual
37.8%

Financial Institutions(incl. Securities Companies)
19.4%*Total units: 53,899

26

Section 4 Operation Strategies

27

Where is TGR heading ? 1)
(Back Ground) Turmoil in the financial markets ~Slumping J-REIT Market & TGR■ Overview of relative historical unit price■ Overview of dividend yield

TGR
TOPIX
J-REIT INDEXReal Estate Industry
Residential J-REITs

Aug.1,
2006

Dec.31,
2006

Jun.30,2007

TGR
Residential J-REITs
J-REITs

Jun.30,2008

Dec.31,
2007

Aug.1,
2006

Dec.31,
2006

Jun.30,2007

Dec.31,
2007

Jun.30,2008■ Overview of Historical Unit Price of TGR
(Yen)

5th

4th

6th

7th

8th

9th

10th

11th

(Volume)

Unit Price (OSE)
Unit Price (TSE)
VolumeGlobal turmoil in the financial
markets and credit shrinkage, which
originated with the US subprime
loan issue, led to a slumping J-REIT
Market■Overview of dividend yield(from Aug.1, 2006 to Jun.30, 2008)
・ Average dividend yield of the whole JREITs: around 3 %・ Average dividend yield of theresidential REIT: around 5 %Jun.30,2005

Dec.31,
2004

Jun.30,2005

Dec.31,
2005

Jun.30,2006

Dec.31,
2006

Jun.30,2007

Dec.31,
2007

Jun.30,2008

28

Where is TGR heading ? 2)
(Current Situation) TGR’s Business Condition~Steady Profit Growth and Stable Property Appraisal Values■ Steady NOI Growthmn■ Stable Appraisal Values

NOI yield(Acquisition Price Basis)

Dec.31, Jun.30, Dec.31, Jun.30, Dec.31, Jun.30, Dec.31, Jun.30,
2004
2005
2005 2006 2006 2007 2007 2008

■ Stable Occupancy Rate

* Date of Acquisition=100.0%

Offices etc.
Total
Residences
Parking lots

Dec.31, Jun.30, Dec.31, Jun.30, Dec.31, Jun.30, Dec.31, Jun.30,
2004
2005
2005 2006 2006 2007 2007 2008

■Steady NOI Growth・ Compared to 10th Fiscal Period: 5.1 ％ increase
・ NOI yield (Acquisition Price Basis): 5.9 ％＞NOI yield (Appraisal Value Basis): 5.4 ％：Please see (Appendix) for more info.

Offices etc.
Total
Residences
Parking lots

Dec.31, Jun.30, Dec.31, Jun.30, Dec.31, Jun.30, Dec.31, Jun.30,
2004
2005
2005 2006 2006 2007 2007 2008

■Stable Appraisal Values
・ Despite slight fluctuations, appraisal value has been stablesince IPO
・ End-of-period Appraisal Values – end-of-period Book Values= JPY4,382 mn (unrealized gain)■Stable Occupancy Rate・ Since IPO, TGR has maintained a high occupancy rate
・ Over the last 4 periods, TGR has maintained a greaterthan 95.0 % overall occupancy rate
・ TGR reached a record-high occupancy rate at the end of
Mar. 2008 (97.8 %)29

Where is TGR heading ? 3)
(From Now) Focus on Internal Growth in the near term
■ Further efforts to improve Occupancy Rate

■ Further efforts to increase rental fees
after tenant contract expires

Leasing Improvement
•
•
•
•
•

Cooperation with experienced local leasing company +Support from Apamanshop Holdings group
Facilities for room preview
TGR attempts to develop corporate demand forresidences
Negotiation with existing tenants to increase lending
spacesPlan and execute effective advertising strategy

Office & commercial facilities: Renewableleasable area (㎡) to total leasable area (㎡)(%)

Strengthening competitiveness of properties•••

Renewal of interiorPlan and execute modifications and repairs
Some TGR PM companies assign multiple staff
members to oversee property management(%)

Dec. 31, Jun. 30, Dec. 31, Jun. 30,
2008
2009
2009
2010

Dec. 31, Jun. 30, Dec. 31, Jun. 30,
2010
2011
2011
2012

Depending on market conditions, TGR will make efforts toincrease rent fee after tenant contract expires■ Be serious about cutting costs
Periodic review of Property Management
Assessment of cost and quality provided by property
management companies(Actual Results)
・Rent fee rate at “Shinjuku Island” increased 40.3 %* TGR will receive new rent fee from July, 2008

・Rent fee rate at “Nihonbashi 2nd Building” increased

7.2 %* TGR will receive new rent fee from July and August, 200830

Basic Policy

Centering on the greater Tokyoand major local cities-Principle investment areas are the greater
Tokyo (major cities in Tokyo, Kanagawa, Chiba
and Saitama) and major local cities-Investment is also directed to other local cities

Comprehensive-type REIT
centering on residences- More than 50% of total assets is allocated toresidences- Other various types of properties such as offices,
pay-by-the-hour parking lots, and commercial
facilities are also invested in, but limited to 50% of
total assets

Diversification of portfolio

Turnover of properties held by TGR- Restriction on maximum investment amount perinvestment activity- In principle, properties are acquired with a viewto secure mainly medium to long-term holdings- Sales are centering on small or old properties
from the viewpoint of improving profitability of
total portfolio- Restriction on amount or investment ratio

31

External Growth Strategies 1)
Portfolio Strategies
Area

Investments focusing on the Greater Tokyo Area (Tokyo 23 wards andits surrounding area *1)) and Ordinance-designated cities *2)*1) "Tokyo (except for "Tokyo 23 wards")" and "Kanagawa, Chiba, and Saitama prefectures"are defined as "Its surrounding area" in this document*2) Cities in "Kanagawa, Chiba, and Saitama prefectures" are not included in "Ordinancedesignated cities" in this document

Property Type

Size

Residential and Office Focused
Considering more property types than just Residential properties,
i.e. Offices, Commercial Facilities, Parking Lots
■ Medium & Large-Sized Properties■ Acquisition Target:

Residence: more than JPY 500 million
Office: more than JPY 700 million
Parking Lots: more than JPY 50 million*Should be there a high grade property out of TGR’s strategy range (above),
TGR may acquire it.

32External Growth Strategies 2)
Disposition Strategy 1■ Sole J-REIT undertaking a strategy of property disposition■ TGR is the only J-REIT to have such a unique strategy: Main source of revenue is rental revenues; however, to improve profitability in an efficient manner,
TGR is replacing its properties
Sales Target“Small-scale* ” or “Aging” properties* As of the date of this document; we define small-scale properties as residential propertiesof which acquisition price less than JPY 500 million and offices of which acquisition price less thanJPY 700 million

Sales Timing

Depends upon existing market conditions

TGR aims to increase its revenue through the acquisition of properties with high revenue and thesales of small-scale or aging properties

33

External Growth Strategies 3)
Disposition Strategy 2
Portfolio Breakdown by Disposition Strategy* Percentages are calculated by acquisition price10th fiscal period (Dec. 2007)

7.2％

11th fiscal period (Jun. 2008)

4.4％

8.6%

88.4％

■Acquired 2 properties:
Total Acquisition Price: JPY 310 mn■Sold 1 property:
Acquisition price: JPY 293 mn

4.4%

87.1%
Core Properties
Properties to sell immediately
Properties to sell next

Capital Gain on Sales-to-Net Income Ratio(thousand JPY)
4th fiscal period 5th fiscal period 6th fiscal period 7th fiscal period 8th fiscal period 9th fiscal period 10th fiscal period 11th fiscal period(Twelve Months
Ended Dec. 2004)

Gain on Sales (A)Net income (B)(A)/(B)(Six Months Ended
Jun. 2005)(Six Months Ended
Dec. 2005)(Six Months Ended
Jun. 2006)(Six Months Ended
Dec. 2006)(Six Months Ended
Jun. 2007)(Six Months Ended
Dec. 2007)(Six Months Ended
Jun. 2008)-

183,680

105,941

95,804318,431

184,452-

17,085

243,603354,135

398,778

359,882642,689

600,982

481,522528,226

-

51.9%

26.6%

26.6%

49.5%

30.7%

-

3.2%

* Figures are rounded down to thousand JPY and percentages are rounded to one decimal place

34

Investing in Parking Lots 1)
1. Stable Fixed Rent
・Fixed Rent

Apamanshop Leasing Co.,Ltd. assumes operational risk of TGR parking lots
(Note) The parking business and PM business of Apamanshop REIT Park Inc. were transferred to Apamanshop
Leasing Co., Ltd. as of June 1, 2008

(NEWS)

Planned site ofSocial Insurance
Kokura Kinen
Hospital

As part of redevelopment business, “Social
Insurance Kokura Kinen Hospital” is expected
to be built in the North Area, Kokura

20th

Asano
Hotel

Herewith, further demand for parking lots is
expected around this area

17th
7th

Nissanrentacar

KMM
bldg

East
West Japan
Parking
General Exhibition
Asia-PacificCenter (New)
Import Mart
(AIM)

Rihga Royal
Hotel(Kokura)←Hakata

North Exit

KokuraStationShimonoseki→

2. Places on favourable terms for parking lots
1) Land Area: about 10-30 tsubos(with 5-6 spaces)2) North Facing (minimal exposure to sunshine)

Chances of competing against
other real estate segments arelow
35

Investing in Parking Lots 2)
3. Acquiring parking lots aggressively for the sake of effective utilization of free cash flow
■ As flat parking lots have no properties on them,
there is minimal recognition of depreciation expenses■ TGR will continue to invest in flat parking lots with minimal recognition ofdepreciation expenses by utilizing free cash flow from other asset holdings■ TGR will continue to minimize depreciation expense effects and to aim to increase
distribution per unit
(Ref.) Depreciation expenses to Operating expenses

11th
第11期

32.6%

67.4%

10th
第10期

33.5%

66.5%

第9期
9th

32.5%

67.5%

0%

20%

40%

60%

Around 30-35 % ofOperating expenses are
Depreciation expenses

80%

100%

36

Disclaimer◆ This material is for informational purposes only. This material does not constitute or form a part of, and should
not be construed as, on offer to sell or solicitation of an offer to buy any securities of TGR Investment Inc. (TGR)
and does not constitute any form of commitment or recommendation on the part of any person. You should consult
with a representative of a securities firm if you intend to invest in any securities of TGR.
◆ This material does not constitute or form a part of a disclosure document, Offering Memorandum or operational
report based on the Securities and Exchange Law of Japan or regulations there under, the Investment Trust Law ofJapan or regulations there under, Stock Exchange regulations or other related rules and regulations.
◆ This material may contain forward-looking statements regarding the intent, belief or current expectations ofmanagement of TGR and GrowthREIT Advisors, Ltd. with respect to financial condition and future results ofoperations. These statements are based on certain assumptions which are based on currently available
information. Accordingly, such statements are subject to risks, uncertainties and assumptions and there is no
assurance as to actual financial condition or results of operations. Actual results may vary from those indicated in
the forward-looking statements.
◆ The management of TGR believes that the information contained in these materials is accurate. However, there
is no assurance given as to the accuracy, certainty, validity or fairness of any such information and suchinformation is subject to revision or retraction without prior notice.

INQUIRIES:
GrowthREIT Advisors, Ltd. (Asset Management Company of TGR)
(Investor Relations) Phone +81-3-3238-5341 / Fax +81-3-3238-8687
37

Memo

38

AppendixPerformance by Properties in 11th Fiscal Period

A04
Item

Park Villa Yakumo

70,993
12,03083,023
9,450
3,964
194
1,948
5,907
21,46661,557
67,4657.8%
5.9%

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)
Item

A17
ComfortNaka Meguro

A21
Inage Daiei
Mansion

Item

A28
Growth Maison
GotandaRents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)(*) NOI Yield ＝ （NOI / days*365） / Acquisition Price

26,772567
27,339
2,547
921
159
768
4,350
8,747
18,591
22,942
5.2%
4.6%

48,0495,654
53,704
6,681
3,525
197
3,129
13,74327,276
26,42740,170
6.1%
5.6%

A18
A19
Growth Maison
Growth Maison
Waseda Tsurumaki Ginza

27,186867
28,053
4,431
624
136
2,394
6,629
14,217
13,836
20,466
4.2%
4.0%
A23
Fine Court
Tateishi

21,566
2,713
24,280
6,510
1,897
219
1,774
5,767
16,1708,110
13,8784.5%
4.4%

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)(Unit: rounded down to thousand JPY)
A15
Court Core
Habitation Claire
Yurigaoka

A14

21,166
2,024
23,190
3,116
1,377
109
783
4,899
10,286
12,90417,803
5.7%
5.1%

34,127
6,042
40,170
7,268
1,955
141
1,785
9,078
20,22819,94129,0195.4%
4.9%Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)
Item

A06
J-stage
Wakabayashi

18,495
1,096
19,592
2,694
479
109
1,623
4,350
9,258
10,333
14,684
4.0%
4.2%
A26
Nisshin
Palacestage

17,702
1,708
19,411
4,566
1,285
123
1,471
3,978
11,425
7,986
11,964
4.8%
4.3%
A29
Growth Maison
Kameido32,111
1,709
33,820
3,283
1,144
181
3,445
5,836
13,891
19,92925,7664.8%
4.6%

41,662
4,046
45,709
9,068
1,535
141
3,528
12,163
26,436
19,272
31,436
5.1%
4.7%
A30
Emerald House

41,217
20,952
62,169
8,438
2,780
249
5,947
8,507
25,92336,24644,7536.0%
5.5%

16,60035
16,635
5,116
698
77
669
4,880
11,443
5,191
10,072
4.8%
4.4%
A20
Claire Maison

23,122
2,581
25,703
5,642
1,555
136
2,152
3,211
12,69913,003
16,215
4.8%
4.3%
A27
Nisshin Palaistage
Higashi-Nagasaki

42,8595,747
48,607
11,865
2,797
233
2,308
13,05730,263
18,34331,401
5.1%
4.9%
A31
Harmonie
Ochanomizu

38,683
3,784
42,468
5,699
1,953
196
3,335
6,683
17,86924,59931,2834.4%
4.0%

2 / 11

Performance by Properties in 11th Fiscal Period

Item

A32
Suncrest
Shakujii Koen

34,914
3,623
38,538
4,236
3,203
228
1,505
6,207
15,38023,15729,3645.4%
5.0%

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)
Item

A36
Growth Maison
Ikebukuro

24,351
774
25,126
3,432
763
125
1,025
5,148
10,496
14,62919,7784.8%
4.5%

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)
A40
Item

City Heights Kinuta

17,562797
18,359
2,276
921
125
1,277
1,595
6,196
12,163
13,7594.3%
4.4%

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)
A44
Item

Belair Meguro

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)(*) NOI Yield ＝ （NOI / days*365） / Acquisition Price

16,814
1,624
18,438
2,871
582
90
1,676
2,199
7,420
11,01813,218
4.5%
4.4%

A33
Growth Maison
Shin Yokohama(Unit: rounded down to thousand JPY)
A34
A35
Belle Face
Grand Rire
Ueno Okachimachi Kameido

32,9652,564
35,530
3,997
2,797
192
1,061
5,921
13,97021,55927,481
5.2%
4.8%
A37
Growth Maison
Yoga

23,275
1,209
24,484
2,958
931
128
1,035
3,779
8,834
15,65019,430
4.9%
4.6%
A41
Acseeds Tower
Kawaguchi Namiki

23,683
4,805
28,489
3,166
1,348
127
3,294
5,038
12,975
15,513
20,552
6.7%
5.8%
A45
WacoreTsunashima Ⅰ

19,785585
20,371
3,286
977
101
1,843
3,991
10,20010,171
14,1625.0%
4.6%

30,8786,080
36,958
5,441
1,133
139
3,910
5,355
15,98020,97826,334
5.2%
5.1%
A38
Route Tachikawa

22,003
1,931
23,935
3,971
1,135
114
1,437
3,573
10,233
13,702
17,276
5.1%
4.6%
A42
Capital Heights
Kagurazaka

19,792657
20,449
2,471
1,103
111
1,479
1,661
6,826
13,622
15,284
5.1%
4.9%
A46
Foros
Nakamurabashi

17,323
1,782
19,106
2,938
1,080
129
1,700
4,212
10,060
9,045
13,258
4.7%
4.3%

26,61926,619
1,222
187
1,021
5,479
7,911
18,70824,188
5.4%
5.0%
A39
Shibuya Honmachi
Mansion

20,741
1,683
22,425
4,615
918
113
2,539
1,820
10,007
12,418
14,238
4.4%
4.3%
A43
College Square
Machida18,26818,268
984
523
98
616
2,566
4,789
13,47816,044
5.5%
5.4%
A47
Growth Maison
Kaijin21,052
1,506
22,559
4,444
2,254
129
1,097
4,821
12,748
9,811
14,632
5.3%
5.3%

3 / 11

Performance by Properties in 11th Fiscal Period

Item

A48
College Square
Machiya

14,706
14,706
322
663
109
1,010
3,545
5,651
9,054
12,6005.0%
4.8%

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)
B01
Item

Asahi Building

25,433
1,954
27,388
7,364
2,280
60
1,000
2,392
13,09814,29016,682
7.6%
5.7%

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)
B07
Item
Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)

Item

IWATA Building

53,264
15,57868,842
16,527
4,676
174
537
15,99337,90930,93346,926
10.6%
7.9%
B11
Yakuodo Hirosaki
Yasuhara

A49
Century Toyabe(Unit: rounded down to thousand JPY)
A50
Residential
Unifort MegroSubtotal
Nakacho

12,080995
13,076
7,509
796
91
524
3,900
12,822
254
4,154
2.8%
2.9%
B03
Nihonbashi 2nd
Building

108,722
37,654
146,377
17,72912,451708
1,155
49,586
81,63164,745
114,332
7.8%
6.6%

42,196
1,851
44,048
3,383
673
219
2,227
5,798
12,302
31,74537,544
5.0%
4.7%
B04
Nakano NK
Building

B06
Imperial
Higashi Kurume D

48,898
9,965
58,864
9,964
4,130
90
1,115
3,437
18,73940,12543,562
9.6%
6.4%

B08
B09
Kindai Kagaku Sha
Shinjuku Island
Building

42,324
7,411
49,735
8,825
4,410
218
1,515
8,298
23,26826,46734,765
5.4%
5.4%
B12
Kokura Kosan
7th ・17th・20th

961,335
104,037
1,065,373
158,690
51,528
5,174
67,354
189,664
472,412592,960
782,624
5.2%
4.8%(Note)(Note)(Note)

14,2354.0%
3.1%(Note)(Note)(Note)

15,296
8.8%
8.2%
B10
Baysite Court
Yokohama

38,1688,852
47,021
19,612
791
82
925
7,445
28,857
18,16325,6085.4%
5.0%

Offices Subtotal

Rents and Common expenses
153,497523,113
Other income
17,079100,202
Rental revenues（1）(Note)
170,577
623,315
Facilities management fees
32,017
119,467
Taxes ant other public charges
8,445
40,633
Insurance expenses
740
2,286
Other expenses
2,481
9,663
Depreciation expenses（3）29,832
124,247
Property related expenses（2）(Note)
73,517296,298（1）-（2）(Note)
97,059327,017
NOI：（1）-（2）+（3）12,961
126,891
451,264
NOI Yield (Acquisition Value Basis)
6.4%
7.9%
7.4%
NOI Yield (Appraisal Value Basis)
6.5%
7.8%
6.5%
(Note) Figures are not written on this lists since the tenants do not give approvals to disclose them in public(*) NOI Yield ＝ （NOI / days*365） / Acquisition Price

4 / 11

Performance by Properties in 11th Fiscal Period

Item

C01
Stop Parking
Kanda Sudacho

2,443
2,443
123
13
137
2,306
2,319
4.8%
4.7%

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)
Item

C05
Stop Cycle
Shin-Koiwa 1st

2,571
2,571
106
22
128
2,442
2,464
5.3%
4.8%
C06
Stop Cycle
Shin-Koiwa 2nd

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)

3,734
3,734
100
38
138
3,595
3,633
4.8%
4.7%

Item

C09
C10
Stop Parking Shin- Stop Parking
MatsudaYotsukaido

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)

1,638
1,638
75
20
96
1,541
1,562
5.2%
5.2%

Item

(Unit: rounded down to thousand JPY)
C03
C04
Stop Parking
Kokura Kosan
Tokuyama Ekimae East Parking

C02
Stop Parking
Chiba Chuo

8,429
8,429
696
34
730
7,699
7,733
5.3%
6.1%
C07
Stop Parking
Hiratsuka-

3,691
3,691
108
29
138
3,553
3,583
4.8%
4.6%

C08
Stop Parking
Kita-Urawa

2,790
2,790
145
33
178
2,612
2,645
4.7%
4.9%
C11

1,751
1,751
64
17
82
1,669
1,686
4.2%
4.3%
C12

PEIT Uchi-Kanda

823
823
21
13
34
788
801
5.5%
4.7%

43,4882
43,490
2,509
380
0
3,298
6,189
37,30040,599
7.4%
7.2%

770
770
1
1
769
770
5.0%
4.8%

PEIT Ikegami

601
601
1
1
599
601
5.1%
4.9%

Parking lots
Subtotal

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)(*) NOI Yield ＝ （NOI / days*365） / Acquisition Price

72,7342
72,736
3,952
380
0
3,524
7,857
64,87868,4036.1%
6.0%

5 / 11

Performance by Properties in 11th Fiscal Period(Unit: rounded down to thousand JPY)
Total of properties
Itemhold as the end of
this period
Rents and Common expenses
1,557,182
Other income
204,242
Rental revenues（1）1,761,425
Facilities management fees
278,157
Taxes ant other public charges
96,114
Insurance expenses
7,841
Other expenses
77,018Depreciation expenses（3）317,436
Property related expenses（2）776,568（1）-（2）984,856
NOI：（1）-（2）+（3）1,302,293
NOI Yield (Acquisition Value Basis)
5.9%
NOI Yield (Appraisal Value Basis)
5.4%

Item

Belle Maison
IkegamiRents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield (Acquisition Value Basis)
NOI Yield (Appraisal Value Basis)(*) NOI Yield ＝ （NOI / days*365） / Acquisition Price

6,459
2,310
8,770
1,142
1,070
59
1,882
926
5,080
3,689
4,615
6.1%
5.1%

Total including
a property sold

1,563,642
206,553
1,770,195
279,300
97,185
7,900
78,900318,362781,649
988,545
1,306,908
5.9%
5.4%

6 / 11

Appraisal Values & Book Value

A06

A14

Park Villa Yakumo

J-stage Wakabayashi

Habitation Claire

1,770,000
1,800,000
1,820,000
1,840,000
2,040,000
2,100,000
2,180,000
2,260,000
2,300,000
1,783,107

Appraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

640,000
638,000
633,000
633,000
696,000
710,000
710,000
723,000
704,000
638,435

A17

A18
Growth Maison
Comfort Naka Meguro
Waseda Tsurumaki

1,100,000
1,100,000
1,110,000
1,140,000
1,150,000
1,170,000
1,190,000
1,180,000
1,068,559

Appraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

Appraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

A23
Fine Court Tateishi

640,000-

Appraisal Value

A19

991,000
1,000,000
1,000,000
1,010,000
1,000,000
1,000,000
898,853

728,000
722,000
723,000
720,000
721,000
701,000
702,000
726,399

A26
Nisshin Palacestage
Daitabashi

677,000
687,000
726,000
765,000
774,000
771,000
756,000
676,414
A27
Nisshin Palaistage
Higashi-Nagasaki

1,300,000
1,310,000
1,330,000
1,360,000
1,350,000
1,340,000
1,350,000
1,209,412

505,000
509,000
526,000
566,000
566,000
568,000
558,000
496,396

1,110,000
1,120,000
1,140,000
1,150,000
1,140,000
1,130,000
1,081,797

696,000-

508,000

A29
Growth Maison
KameidoClaire Maison

756,000

619,000
615,000
627,000
617,000
617,000
627,000
628,000
608,948

458,000
462,000
459,000
461,000
464,000
466,000
450,000
469,000
463,000
400,866
A20

Growth Maison Ginza

1,000,000
1,000,000
1,010,000
1,010,000
1,000,000
1,030,000
1,020,000
956,003

Inage Daiei Mansion

Court Core Yurigaoka

1,420,000
1,380,000
1,440,000
1,400,000
1,450,000
1,530,000
1,510,000
1,460,000
1,430,000
1,272,830

985,000

A21

A28
Growth Maison
GotandaAs of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period(Unit: rounded down to thousand JPY)
A15

A04

1,300,000
1,280,000
1,350,000
1,360,000
1,310,000
1,300,000
1,280,000
1,189,623

A30

A31

Emerald House

Harmonie Ochanomizu

1,570,000
1,640,000
1,640,000
1,660,000
1,630,000
1,511,924

1,710,000
1,630,000
1,620,000
1,610,000
1,570,000
1,451,142

7 / 11

Appraisal Values & Book Value

A32

A33
Growth Maison Shin
Suncrest Shakujii Koen
Yokohama

1,220,000
1,220,000
1,210,000
1,200,000
1,170,000
1,095,038

Appraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

A36
Growth Maison
Ikebukuro

A38

Growth Maison Yoga

A41
Acseeds Tower
Kawaguchi Namiki

Appraisal Value

707,000

A42
Capital Heights
Kagurazaka

678,000
685,000
685,000
672,000
662,818
A43
College Square
Machida

647,000

597,000

698,000
694,000
707,000
707,000
632,053

648,000
642,000
637,000
624,000
611,851

A45

Belair Meguro

Wacore Tsunashima Ⅰ Foros Nakamurabashi

A46

Growth Maison Kaijin

634,000-

665,000
634,000
629,000
621,000
586,367

615,000
602,000
599,000
601,000
595,704
A47

665,000-

591,000
589,000
595,000
604,000
597,595

678,000

734,000
768,000
778,000
763,000
684,716

698,000

608,000

A39
Shibuya Honmachi
Mansion-A44-

949,000
949,000
964,000
965,000
920,778

749,000

685,000
664,000
657,000
634,000
655,319930,000-

831,000
859,000
857,000
856,000
808,306-

Appraisal Value

Route Tachikawa

831,000

880,000
869,000
885,000
885,000
837,885

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

1,100,000
1,090,000
1,060,000
1,060,000
1,040,000
1,047,389-

City Heights Kinuta

Appraisal Value

A37

-

A40

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

1,110,000
1,150,000
1,150,000
1,160,000
1,150,000
1,063,112

856,000

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period(Unit: rounded down to thousand JPY)
A34
A35
Belle Face Ueno
Grand Rire Kameido
Okachimachi

603,000-

634,000
628,000
627,000
626,000
576,440

610,000
594,000
587,000
560,000
556,651

8 / 11

Appraisal Values & Book Value(Unit: rounded down to thousand JPY)

A48
College Square
MachiyaAppraisal Value

529,000
530,000
531,000
526,000
519,998B01

450,000
484,000
491,000
495,000
515,000
537,000
557,000
541,000
590,000
454,143

Appraisal Value

B07
IWATA Building

Appraisal Value

923,000
923,000
939,000
951,000
961,000
1,110,000
1,220,000
1,280,000
1,200,000
824,314
B11
Yakuodo Hirosaki
Yasuhara

Appraisal Value

Century Toyabe

Unifort Megro-Nakacho

315,000

416,000
417,000
416,000
398,000
412,980

1,570,000
1,600,000
1,600,000
1,530,165

316,000
289,000
320,159
B03
Nihonbashi 2nd
Building

Asahi Building
As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

A50

521,000

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

A49

B04
Nakano NK Building

3,033,000
2,960,000
2,980,000
2,990,000
3,290,000
3,430,000
3,500,000
3,610,000
3,480,000
2,624,852
B08
Kindai Kagaku Sha
Building

1,340,000
1,340,000
1,310,000
1,300,000
1,300,000
1,286,773
B12
Kokura Kosan 7th ・
17th・20th

3,250,000
3,280,000
3,280,000
3,256,015

Residence Subtotal

31,993,000
4,280,000
8,981,000
11,567,000
14,202,000
30,971,000
30,905,000
32,923,000
32,594,000
30,273,067
B06
Imperial Higashi
Kurume D

940,000
1,040,000
1,040,000
1,050,000
1,150,000
1,180,000
1,290,000
1,370,000
1,370,000
934,967
B09
Shinjuku Island

871,000
873,000
875,000
913,000
733,817

360,000
360,000
345,000
356,000
371,000
376,000
370,000
377,000
377,000
324,101
B10
Baysite Court
Yokohama

1,020,000
1,020,000
1,030,000
1,020,000
978,610

Office Subtotal

12,603,000
5,767,000
5,795,000
5,842,000
6,287,000
7,973,000
10,557,000
14,079,000
13,928,000
11,830,576

9 / 11

Appraisal Values & Book Value

C01
Stop Parking Kanda
SudachoAppraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

C02
Stop Parking Chiba
Chuo

100,000-(Unit: rounded down to thousand JPY)
C03
C04
Stop Parking
Kokura Kosan East
Tokuyama Ekimae
Parking

100,000

294,000

100,000
99,000100,000
100,986

1,110,000
1,110,000
1,120,000
1,130,000
1,125,653

101,000
103,000
103,000
95,655

288,000
274,000
257,000
305,154

C05
C06
C07
C08
Stop Cycle Shin-Koiwa Stop Cycle Shin-Koiwa Stop Parking Hiratsuka- Stop Parking Kita1st
2nd
Beniyacho
Urawa

Appraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

155,000
156,000
156,000
155,928
C09
Stop Parking ShinMatsuda

Appraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

155,100

115,000

156,000
156,000
154,494
C10
Stop Parking
Yotsukaido

60,300-35,30034,00030,747116,000
109,000
115,867

83,60079,60083,247C11C12PEIT Uchi-Kanda

PEIT Ikegami

34,400-61,00060,80062,285

83,100-183,000-

141,000-

183,000
179,043

141,000
135,979

Parking lot Subtotal

Appraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

2,530,900
1,599,000
2,203,900
2,509,400
2,545,043
Total of properties
hold as the end of thisperiodAppraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
As of the end of Dec. 2007
As of the end of Jun. 2008
Book Value in this fiscal period

47,126,900
10,047,000
14,776,000
17,409,000
20,489,000
38,944,000
43,061,000
49,205,900
49,031,400
44,648,687

10 / 11

Porofolio List

（Jun.30, 2008）
Acquisition
Price(JPY mn)

Location

Property Type No.

Size

A4

L

Park Villa Yakumo

23 wards

Meguro, Tokyo

A6

L

J-stage Wakabayashi

23 wards

Setagawa, Tokyo

A14

L

Habitation Claire

23 wards

Ota, Tokyo

A15

L

Court Core Yurigaoka

Surrounding Kawasaki, Kanagawa

A17

L

Comfort Naka-Meguro

23 wards

Meguro, Tokyo

A18

C

Growth Maison Waseda-Tsurumaki

23 wards

Shinjuku, Tokyo

A19

C

Growth Maison Ginza

23 wards

Chuo, Tokyo

A20

LClaire Maison

23 wards

Nerima, Tokyo

A21

L

Inage Daiei Mansion

Surrounding Chiba, Chiba

A23

L

Fine Court Tateishi

23 wards

Katsushika, Tokyo

A26

C

Nisshin Palacestage Daitabashi

23 wards

Suginami, Tokyo

A27

L

Nisshin Palaistage Higashi-Nagasaki

23 wards

Toshima, Tokyo

A28

C

Growth Maison Gotanda

23 wards

Shinagawa, Tokyo

A29

C

Growth Maison Kameido

23 wards

Koto, Tokyo

A30

C

Emerald House

23 wards

Itabashi, Tokyo

A31

C

Harmonie Ochanomizu

23 wards

Bunkyo, Tokyo

A32

L

Suncrest Shakujii-Koen

23 wards

Nerima, Tokyo

Residences A33

C

Growth Maison Shin-Yokohama

Surrounding Yokohama, Kanagawa

A34

C

Belle Face Ueno-Okachimachi

23 wards

Taito, Tokyo

A35

C

Grand Rire Kameido

23 wards

Koto, Tokyo

A36

C

Growth Maison Ikebukuro

23 wards

Toshima, Tokyo

A37

C

Growth Maison Yoga

23 wards

Setagawa, Tokyo

A38

L

Route Tachikawa

Surrounding Tachikawa, Tokyo

A39

L

Shibuya-Honmachi Mansion

23 wards

Shibuya, Tokyo

A40

L

City Heights Kinuta

23 wards

Setagawa, Tokyo

A41

C

Acseeds Tower Kawaguchi-Namiki

Surrounding Kawaguchi, Saitama

A42

L

Capital Heights Kagurazaka

23 wards

A43

C

College Square Machida

Surrounding Machida, Tokyo

A44

C

Belair Meguro

23 wards

A45

C

Wacore Tsunashima Ⅰ

Surrounding Yokohama, Kanagawa

A46

C

Foros Nakamura-bashi

23 wards

A47

L

Growth Maison Kaijin

Surrounding Funabashi, Chiba

A48

C

College Square Machiya

23 wards

A49

L

Century Toyabe

OthersHachinohe, Aomori

A50

C

Unifort Meguro-Nakacho

23 wards

Meguro, Tokyo

Subtotal

Property Name-

Property Type No.

-

shinjuku, Tokyo

Meguro, Tokyo

Nerima, Tokyo

Arakawa, Tokyo-

Location

Property Name

B1

Asahi Building

23 wards

Chuo, Tokyo

B3

Nihonbashi 2nd Building

23 wards

Chuo, Tokyo

B4

Nakano NK Building

23 wards

Nakano, Tokyo

B6

Imperial Higashi-Kurume D

Surrounding Higashi-kurume,Tokyo

IWATA Building

Surrounding Yokohama, Kanagawa

Kindai Kagaku Sha Building

23 wards

Shinjuku, Tokyo

Shinjuku Island

23 wards

Shinjuku, Tokyo

B10

Baysite Court Yokohama

Surrounding Yokohama, Kanagawa

B11

Yakuodo Hirosaki Yasuhara

Others

B7
Offices & B8
Commercial
Facilities B9Hirosaki, Aomori

1,740
629
1,317
423
1,086
971
734
678
621
502
1,251
1,229
888
1,070
1,505
1,428
1,088
1,059
1,023
906
825
795
676
651
646
620
604
589
589
572
566
557
510
300
1,500
30,161

32,594
Appraisal
Value(JPY mn)

443
2,950
913
349
890
1,301
715
960
410

Kokura Kosan 17th

Ordinance

Kitakyushu, Fukuoka

-

-

3,250

Kokura Kousan 20th
Subtotal-

Property Type No.

Parking lots-

Location

Property Name

C1

Stop Parking Kanda-Sudacho

23 wards

C2

Stop Parking Chiba-Chuo

Surrounding Chiba, Chiba

Chiyoda, Tokyo

C3

Stop Parking Tokuyama-eki-mae

Others

C4

Kokura-Kosan East Parking

Ordinance Kitakyushu, Fukuoka

C5

Stop Cycle Shin-Koiwa 1st

23 wards

Katsushika, Tokyo

C6

Stop Cycle Shin-Koiwa 2nd

23 wards

Katsushika, Tokyo

C7

Stop Parking Hiratsuka-Beniyacho

Surrounding Hiratsuka, Kanagawa

C8Stop Parking Kita-Urawa

Surrounding Saitama, Saitama

C9

Stop Parking Shin-Matsuda

Surrounding Ashigarakamigun, Kanagawa

C10

Stop Parking Yotsukaido

Surrounding Yotsukaido, Chiba

C11

PEIT Uchi-Kanda

23 wards

Chiyoda, Tokyo

C12

PEIT Ikegami

23 wards

Ota, Tokyo

Shunan, Yamaguchi

Acquisition Completion
Date
Date

Property
Age(years)2,300 May / 04 Mar / 89
704 May / 04 May / 91
1,430 Sep / 04 Jan / 92
463 Sep / 04 Jan / 93
1,180 Feb / 05 May / 91
1,020 Feb / 05 Aug / 04
702 Feb / 05 Sep / 04
756 Feb / 05 Feb / 90
628 Feb / 05 Mar / 89
558 Feb / 05 Mar / 97
1,350 Jul / 05 Dec / 92
1,280 Jul / 05 Mar / 89
1,000 Jan / 06 Jul / 05
1,130 Mar / 06 Oct / 05
1,630 Aug / 06 Feb / 95
1,570 Aug / 06 Mar / 97
1,170 Aug / 06 Mar / 90
1,150 Aug / 06 Mar / 06
1,040 Aug / 06 Feb / 06
965 Aug / 06 Mar / 06
885 Aug / 06 Jan / 06
856 Aug / 06 Mar / 06
763 Aug / 06 Mar / 97
672 Aug / 06 Dec / 86
634 Aug / 06 Mar / 83
707 Aug / 06 Feb / 06
624 Aug / 06 May / 87
601 Aug / 06 Mar / 84
604 Aug / 06 Oct / 05
621 Aug / 06 Feb / 91
626 Aug / 06 Sep / 01
560 Aug / 06 Oct / 93
526 Aug / 06 Mar / 06
289 Aug / 07 Oct / 91
1,600 Aug / 07 Nov / 06

Acquisition
Price(JPY mn)

Kokura Kosan 7th
B12

Appraisal
Value(JPY mn)--

Acquisition Completion
Date
Date

19
17
16
15
17
3
3
18
19
11
15
19
2
2
13
11
18
2
2
2
2
2
11
21
25
2
21
24
2
17
6
14
2
16
1
10.9
Property
Age(years)590 Apr / 04 Jun / 88
3,480 May / 04 Nov / 93
1,370 May / 04 Jun / 86
377 Feb / 05 Jan / 89
1,200 May / 05 Sep / 91
1,300 Aug / 06 Jun / 91
913 Mar / 07 Jan / 95
1,020 Jun / 07 Feb / 97
398 Jun / 07 Nov / 06
Mar / 83
3,280 Aug / 07 Mar / 90
Jul / 92

12,182

13,928Acquisition
Price(JPY mn)

Appraisal
Value(JPY mn)

-

-

20
14
22
19
16
17
13
11
1
25
18
15

Total
Rentable
units

13
20
60
22
22
28
20
29
34
26
98
60
48
66
96
65
29
68
64
72
42
39
24
25
19
57
24
62
25
50
37
34
43
42
64
1,527
Total
Rentable
units

11
10
11
1
9
13
1
5
1
47
1
30

16.3

140

Acquisition Completion Property
Date
Date
Age (years)

Total
Rentable
units

97
92
293
1,100
152
150
112
81
59
29
176
133

100 Jan / 07
103 Jan / 07
257 Feb / 07
1,130 Jun / 07 Apr / 04
156 Aug / 07
156 Aug / 07
109 Aug / 07
80 Aug / 07
61 Aug / 07
34 Aug / 07
183 May / 08
141 May / 08-

4-

Total Leasable Occupancy
Area (㎡)Rate (%)

3,029.50
1,280.55
3,407.19
901.67
1,575.68
1,256.07
821.401,803.80
2,151.41
1,358.93
1,771.13
2,681.94
1,051.50
1,367.96
2,152.31
1,748.24
3,029.16
1,858.44
1,351.11
1,562.26
952.891,015.34
1,368.57
1,167.50
1,235.93
1,210.74
1,141.99
1,047.75
557.05908.99815.762,040.27
871.35
1,899.63
1,915.50

100.0
94.8
98.5
96.8
98.3
89.7
94.9
93.1
85.5
96.1
95.9
98.4
100.0
100.0
100.0
97.4
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
98.3
97.2
100.0
100.0
97.9
100.0
97.1
100.0
78.6
100.0

54,309.51

97.2

Total Leasable Occupancy
Area (㎡)Rate (%)

808.35
3,992.60
2,128.84
1,445.24
3,286.59
1,450.71
526.43953.72
1,724.55
5,481.43
8,064.65
2,502.89

100.0
67.9
100.0
100.0
100.0
100.0
0.0
100.0
100.0
88.9
100.0
87.1

32,366.00

91.5

Total Leasable Occupancy
Area (㎡)Rate (%)

1
1
1
1
1
1
1
1
1
1
1
1

81.04
312.401,678.49
6,950.00
131.90254.53211.89145.32340.52
107.99
70.23
91.20

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

Subtotal

-

-

-

-

2,481

2,509

-

-

4.0

12

10,375.51

100.0

Total

-

-

-

-

44,82549,031

-

-

12.3

1,679

97,051.02

95.6*1) Figures are rounded down to million JPY*2) Property age and occupancy rate are rounded to one decimal place*3) "Tokyo (except for "Tokyo 23 wards")" and "Kanagawa, Chiba, and Saitama prefectures" are defined as "Its surrounding area"
Also, cities in "Kanagawa, Chiba, and Saitama prefectures" are not included in "Ordinance-designated cities“*4) Property ages in the "Subtotal" and "Total" fields are weighted average figures*5) As for flat parking lots, there are no properties on them so they do not have "Completion Date" and "Property age"*6) TGR defines "Compact property" a rentable unit with an area of less than 30 ㎡ and "Large ones" as a rentable unit with an area larger than 30 ㎡

11 / 11