Financial Summary for the 12th Fiscal Period(from July 1, 2008 to December 31, 2008)

Name
Representative
Stock Listing
Securities CodeURL
Contact

:
:
:
:
:
:

TGR Investment Inc.
Takashi Tsunogae, Executive Director
Tokyo Stock Exchange8963
http://www.tgr-inv.co.jp/eng/
GrowthREIT Advisors, Ltd.
(Asset Manager of TGR)
Eiji Takizawa, Chief Financial Officer
Tel. +81-3-3238-5341

Start date for dividend
distribution: March 13, 2009

(Note) This financial summary has been prepared in accordance with generally
accepted accounting principles in Japan and Japanese laws.

TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

Overview of TGR Investment Inc.
TGR Investment Inc. (hereinafter, “TGR”) was established in January 2002 in accordancewith the Law concerning Investment Trusts and Investment Corporations (Law No. 198 of 1951,and subsequent revisions; hereinafter, the “Investment Trust Law”). TGR was listed as a Real
Estate Investment Trust on the Osaka Securities Exchange (hereinafter, the “OSE”) in May 2004
and on the Tokyo Stock Exchange (hereinafter, the “TSE”) in August 2006 on the J-REIT market(Securities Code: 8963). Subsequently, in order to focus trading on one securities exchange
and reduce administrative tasks and costs accompanying cross listing, TGR delisted from the
OSE in October 2007. Consequently, TGR is listed only on the TSE as of the end of the 12th
fiscal period (ended December 31, 2008).
TGR has built up a solid track record since establishment. TGR will continue its efforts torealize its “Growth Potential” and seek to improve investor value as a comprehensive REIT thatinvests in a variety of assets.

Overview of Financial Results
TGR announced financial results for its 12th fiscal period (ended December 31, 2008) on
February 18, 2009.
For the 12th fiscal period, operating revenues were JPY 1,967 million, operating income was
JPY 1,010 million, recurring profits were JPY 736 million and net income was JPY 735 million.
Concerning distributions, with the aim of having the maximum amount of profit distribution
included in expenses in accordance with Article 67-15 of the Special Taxation Measures Law,
TGR will decide to distribute the full amount of unappropriated retained earnings for the 12th
fiscal period’s distribution per unit, excluding fractional amounts less than JPY 1, and thus
distribution per unit is JPY 13,641.
As of the end of the 12th fiscal period, total assets were approximately JPY 47,028 million,
total liabilities were JPY 27,169 million and total net assets were JPY 19,859 million (JPY368,452 per unit).

Summary of the 12th Fiscal Period
Investment Environment
The Japanese economy in the 12th fiscal period was marked by growing fears of a deflation
spiral as turmoil in financial markets, the stock market plunge and rapid fluctuations in foreignexchange markets stemming from the subprime mortgage crisis in the U.S. negatively impacted
even the real economy.

2 / 12TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

Moreover, the tighter stance on lending related to real estate adopted by financial institutions
is causing a series of bankruptcies by real estate, construction and other companies and adecrease in the volume of transactions in the real estate transaction market.
In the residential real estate rental market, while a fall in occupancy rates was found at some
luxury rental properties due to the economic slowdown, rent levels remained strong backed byrobust demand from an increase in single-person and small households in the Tokyo 23 wards
and other urban areas. In the office rental market, similar impacts from the economic slowdown
were found and the increase in rent levels from contract revisions, etc. found in recent years has
also come to a standstill.

Portfolio Overview
Properties acquired during the 12th fiscal period totaled 7 parking lots (total acquisition price:
JPY 457 million). On the other hand, 2 offices (total sale price: JPY 1,642 million) were soldunder the objective of enhancing the ability to generate revenues through the replacement ofproperties.
As a result, as of the end of the 12th fiscal period, the number of properties in TGR’s portfolio
was 35 residences, 8 offices, etc., and 19 parking lots to total 62 properties with a totalacquisition price of JPY 43,950 million and total leasable area of 94,172.72 m2.
In addition, TGR conducted asset management with a focus on internal growth, being
especially committed to improving occupancy rates and the unit price of rent as well as
minimizing property related expenses. Moreover, TGR performed a renewal of the interior
finishing at Kokura Kosan 7th and carried out other renovations and repairs in a systematicmanner under the objective of enhancing property competitiveness and tenant satisfaction levels.
Consequently, the occupancy rate of TGR’s entire portfolio was 95.6% at the end of the 12th
fiscal period.
(Note) For further information, please see the “Portfolio (Portfolio List and Portfolio Data)” pages on the following
website of TGR.
URL: http://www.tgr-inv.co.jp/eng/

Debt Financing
With regard to capital procurement, TGR’s basic policy is to reduce financing costs, seek todiversify sources of financing, and work to spread out and aim for later maturity dates. With thegoal of enabling flexible leverage control, TGR is promoting debt with variable interest rates toaccount for a greater percentage of its total debt.
During the 12th fiscal period, TGR did not conduct any financing to acquire properties,
refinance debt or for any other purpose. TGR strived to lower LTV by repaying JPY 1,214
million in the form of repayments before the maturity date in correlation with the sale ofproperties and in the form of scheduled repayments.

3 / 12TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

As a result, as of the end of the 12th fiscal period, the interest-bearing debt outstanding at
TGR was JPY 25,727 million (of which, 53.4% is long-term debt) and the LTV was 57.3%*.
*LTV (Loan–to-Value) = Interest-bearing debt ÷ (Interest-bearing debt + Unitholders’ capital) × 100(Note) For further information, please see the “Investors’ Guide (Financial Information)” page on the following website
of TGR.
URL: http://www.tgr-inv.co.jp/eng/

OutlookAcquisitions and Dispositions
TGR will consider new property acquisitions of various property types, ranging fromresidences and offices to parking lots that charge by time and other commercial facilities. In
addition, in view of enhancing acquisition competitiveness, ongoing efforts are made to expand
the asset manager’s independent property sourcing channels.
However, TGR believes that the current financial market trends and other factors call for
acquisitions to be approached with a more cautious stance by focusing acquisitions on realestate that exhibit promising potential and profitability.
In correlation with the real estate market having shifted to a buyers’ market, the cap rates areon the rise and prices are also on a downward trend for revenue-generating real estate. In lightof such circumstances, TGR will review its selection of properties to be considered for sale in atimely and appropriate manner. In the selection, small properties (acquisition price of less than
JPY 500 million for residences and less than JPY 700 million for offices, etc.) or old properties
are mainly considered. In such occasions, real estate market conditions, future fluctuations in
profitability and the asset value of properties, expected capital expenditures to deal with thedeterioration or obsolescence of properties, and portfolio composition, among other factors, are
all taken into consideration.
While the gain (loss) on sales of real estate properties has a significant impact on distributions,the amount and timing of such may vary substantially. Consequently, the distribution forecasts
set forth later in this document in “2. Forecast of Results for the 13th Fiscal Period” are calculated
based on the premise that there will be no change in the assets under management outlined
under “Pre-Conditions and Assumptions Underlying Operating Forecasts for the 13th Fiscal
Period.” In addition, in the event that a decision is made to execute an acquisition or sales
contract, TGR will promptly announce a review of the forecasts.
Furthermore, as of February 18, 2009, 3.4% of the properties in TGR’s portfolio have been
selected as properties to be considered for sale and 8.8% have been selected as properties tobe sold at an early date (based on acquisition price). In the abovementioned selection, theproperties to be sold at an early date represent the order of priority for selling properties and do

4 / 12TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

not indicate that the properties will be sold during the 13th fiscal period. While TGR does strive
to ensure that the sale price is at a level exceeding the book value, there may be cases in which
TGR will carry out a property sale that is accompanied by a loss on sales of real estate
properties if it deems that reducing interest-bearing debt will contribute to enhancing returns forunitholders.

Property Management and Operation
Concerning properties in its portfolio, TGR will strive to maintain and enhance occupancy
rates and rent levels in view of securing stable cash flows. TGR will also be dedicated toresearch intended to accurately discern residential rental market, office rental market and other
trends, and will conduct strategic tenant solicitation activities based on an analysis of thecharacteristics specific to properties, characteristics of the region and other features. Whilestrengthening its partnership with real estate management companies, TGR will implement
ongoing evaluation of property management capabilities and also consider reviews for the
purpose of reducing costs.
The development and execution of renovation and repair plans are important elements inmaintaining favorable relationships of trust with tenants and maintaining the portfolio’s ability togenerate revenues. TGR adequately plans renovations and repairs designed to improve theasset value starting from the time of property acquisition in pursuit of diversifying and levelingproperty management costs as well as maximizing future cash flows.

Issues to be Addressed
TGR may possibly borrow from financial institutions, increase its capital or conduct otherforms of financing in repaying existing debt or making new property acquisitions. TGR will becommitted to adequate financing while taking heed of the trends in capital markets and thefinancial environment.
At TGR, JPY 12.0 billion in debt is due for repayment in August 2009. Naturally, in the quest
to refinance said debt, TGR will be devoted to maintaining stable financial relationships with its
financial institutions. Additionally, various measures will be taken to diversify sources andmeans of financing.
Moreover, in the event that surplus funds generate from selling property or in other ways,
TGR will seek to reduce interest-bearing debt by repaying debt before the maturity date.

5 / 12TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

1. Performance for the 12th Fiscal Period(from July 1, 2008 to December 31, 2008)

1) Business Results(Percentages in brackets represent change from previous fiscal period)

Operating Revenues
mn JPY

Operating Income%

mn JPY

Recurring Profits%mn JPYNet Income%

mn JPY%

12th Fiscal Period

1,967(10.1)

1,010(24.7)

736(38.8)

735(39.2)

11th Fiscal Period

1,787

(7.4)

810

(8.8)

530

(9.2)

528

(9.7)

Earnings
per Unit

Net Income /
NAV*

JPY

Reference(Annualized)%

Recurring
Profits /Total Assets%

Reference(Annualized)%

Recurring
Profits /Operating
Revenues%%

12th Fiscal Period

13,641

3.7

(7.4)

1.5

(3.1)

37.4

11th Fiscal Period

9,800

2.7

(5.4)

1.1

(2.2)

29.7

Dividend
Payout Ratio

Distribution /NAV*NAV = Total net assets2) Cash Distributions
Distribution
per Unit

Distribution
Amount(Excluding
exceeding profit
distribution per unit)
JPY

ExceedingProfitDistribution
per Unit

mn JPY

ExceedingProfitDistribution
Amount

JPY

JPY

%

%

12th Fiscal Period

13,641

735

0

0

100.0

3.7

11th Fiscal Period

9,800

528

0

0

99.9

2.7

(Note) “Dividend Payout Ratio” is rounded to one decimal place.

3) Financial Position
Total Assets

NAV /Total Assets

NAV

mn JPY

12th Fiscal Period

mn JPY

47,028th

11 Fiscal Period
48,196(Reference) NAV:
12th Fiscal Period: JPY 19,859 million

NAV per Unit%

JPY

19,85942.2

368,452

19,651

40.8

364,591

11th Fiscal Period: JPY 19,651 million

4) Cash Flows
Cash Flows fromOperating Activities

Cash Flows from
Investment Activities

mn JPY

mn JPY

Cash Flows from
Financing Activities
mn JPY

Closing Balance of Cashand Cash Equivalents
mn JPY

12th Fiscal Period

2,260

-605

-1,7433,142

11th Fiscal Period

1,338

-435

-826

3,230

6 / 12TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

2. Forecast of Results for the 13th Fiscal Period(from January 1, 2009 to June 30, 2009)(Percentages in brackets represent change from previous fiscal period)
Operating
Revenues
mn JPY

13th Fiscal Period

1,588

Operating
Income%(-19.3)mn JPY572

Distribution
per Unit

Ordinary
Income%(-43.4)mn JPY326%(-55.7)(Excluding
Net Income
exceeding
profit distribution
per unit)
mn JPY%
JPY

323(-56.0)ExceedingProfitDistribution
per Unit
JPY

6,000

0

(Reference) Estimated earnings per unit for the 13th fiscal period: JPY 6,000

Pre-Conditions and Assumptions Underlying Operating Forecasts for the 13th Fiscal Period
Item
Fiscal Period

Assumptions
13th fiscal period (fiscal period ending June 30, 2009):
from January 1, 2009 to June 30, 2009 (181 days)
Forecasts are based on TGR’s portfolio consisting of 62 properties, which is thenumber of properties held as of February 18, 2009.

Assets under Management

In reality, however, the number of properties in TGR’s portfolio may vary due to
TGR acquiring new properties, selling portfolio properties or changing the portfolio
in a way other than the above.
Forecasts are based on the number of investment units issued and outstanding

Units Outstanding

being 53,899 units, which is the number of investment units issued and outstanding
as of February 18, 2009. Forecasts are based on the assumption that TGR will notissue additional investment units through to the end of the 13th fiscal period.
Forecasts are based on there being no large variances in the LTV* from 57.3%,

LTV (Loan-to-Value)

which is the LTV as of February 18, 2009.
*LTV = Interest-bearing debt ÷ (Interest-bearing debt + Unitholders’ capital) × 100
TGR assumes it will incur JPY 1,588 million in operating revenues.

The

breakdown is as follows:・Rental revenues
Operating Revenues

JPY 1,588 million

・TGR assumes no gain on sales of real estate properties.
Rental revenues are calculated based on historical data and taking into accounttenant trends, property competitiveness, market environment and other factors.

In

addition, TGR assumes there are no delinquencies or non-payment of rent bytenants.

7 / 12TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

Item

Assumptions
TGR assumes it will incur JPY 798 million in property related expenses.

The

breakdown is as follows:・Facility management fees

JPY 285 million

・Taxes and other public charges

JPY 102 million

・Insurance expenses

JPY 7 million

・Other expenses

JPY 106 million

・Depreciation expenses

JPY 296 million

Other than depreciation expenses, the property related expenses are calculated
based on historical data and reflect elements that may cause fluctuations.

Of theassessed and decided amount of real property tax, city planning tax, depreciable
property tax, etc. applicable to assets under management, TGR records as
Operating Expenses

expenses the tax amount that it expects to pay during the 13th fiscal period.
Furthermore, concerning assets newly acquired during the year in which the 13th
fiscal period falls, the tax amount is calculated on a pro-rata basis with the priortitleholder, and this adjusted amount is reimbursed at the time of acquisition. TGR,
however, capitalizes an amount equivalent to the concerned adjusted amountreimbursed as part of the acquisition cost, and thus does not record the amount as
expenses.
Repair costs are recorded for the amount estimated based on the repair plans of
TGR’s asset manager. However, the actual amount may vary substantially fromthe amount estimated owing to changes in conditions and other factors.
In addition, other than the property related expenses, TGR assumes it will incur JPY
218 million in operating expenses.

Non-operating Expenses

TGR assumes it will incur JPY 249 million in non-operating expenses.
The distribution per unit is calculated in accordance with the cash distribution policy
set forth in TGR’s Articles of Incorporation.

Distribution per Unit

The distribution per unit may vary due to various factors, such as fluctuations inrental revenues due to changes in the portfolio composition, changes in the tenantcomposition, etc. and incurrence of unexpected repairs.

Exceeding Profit Distribution
per Unit

TGR currently does not expect to make distributions exceeding profits (exceeding
profit distribution per unit).
TGR assumes there will be no amendments to laws and ordinances, the taxation
system, accounting standards and other regulations that will affect the foregoing

Other

forecasts.
In addition, TGR assumes there will be no unforeseen material changes in theenvironment, including general economic trends and real estate market conditions.

8 / 12TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

3. Financial Statements
1) Balance Sheet of TGR as of December 31, 2008
(Consistent with Japanese GAAP)
Items
AssetsⅠ 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 accounts
Total current assets
Ⅱ Non-current assets
Property, plant and equipment, at cost
Buildings
Equipment
Building improvements
Tools, furniture and fixtures
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

Items
Liabilities
Ⅰ Current liabilities
Accounts payable
Current portion of long-term debts
Accrued liabilities
Accrued expenses
Accrued income taxes
Accrued consumption taxes
Unearned revenues
Deposits reveived
Derivatives liabilities
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

11th Fiscal Period( As of Jun. 2008)
Ths JPY％

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

12th Fiscal Period(As of Dec. 2008)
Ths JPY％

Changes％Ths JPY

6.9

1,255,226
1,887,235
15,45431
15,201
49,2088,193-854
3,229,697

92.6

659,180
152,330
10,201395
3,650,309
15,276,612
2,431,793
154,270
45,911
21,228,686
43,609,692

0.0

103
5,006
5,110

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

0.4
93.1

120,166
14,365267
47,078
181,877
43,796,680

0.4
93.1

10,871-17,737-7,585
1,554-12,897-1,052,570

3,793
3,793
48,196,432

0.0
100.0

2,042
2,042
47,028,421

0.0
100.0

-1,750-1,750-1,168,010

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

11th Fiscal Period( As of Jun. 2008)
Ths JPY％
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

6.9

132,356-220,722-616-53-29,558-2,727
7,508
124-113,689

-3.4

92.7

-7,101-4,1163,096
395
468,143-766,760-134,644-21,660
11,141-587,486-1,038,994

-2.3

0.0

-17
-660
-678

-11.7

-6.6
-2.3
-46.2
-2.4

12th Fiscal Period(As of Dec. 2008)
Ths JPY％

Ths JPY

1.0

72,683
12,000,000
14,69092,238995
29,956
176,927
14,613
17,251
12,419,356

26.4

16,90012,000,000
2,395
3,004
548
-1,192-5,446-107,057
17,251
11,926,403 2419.4

58.2
59.2

13,727,000
896,315
126,547
14,749,862
27,169,218

31.4
57.8

-13,214,000-126,555
57,091-19,040-13,302,504-1,376,100

19,134,417

19,134,417

Changes
％

-47.4
-4.8

-

528,236
19,662,653

40.8

735,252
19,869,669

42.3

207,015
207,015

1.1-11,540-11,540
19,651,113
48,196,432

-0.0
40.8
100.0

-10,466-10,466
19,859,203
47,028,421

-0.0
42.2
100.0

1,073
1,073
208,089-1,168,010

-9.3
1.1
-2.4

9 / 12TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

2) Statement of Income for the 6 months ended December 31, 2008
(Consistent with Japanese GAAP)

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
Provision of allowance for doubtful accounts
Bad debt expenses
Other operating expenses
Operating income
Ⅲ.Non-operating revenues
Interest revenues
Other non-operating revenues
Reversal of allowance for doubtful accounts
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)
Ths JPY%
1,787,281
100.0
1,770,195
17,085
976,89154.7
781,649
318,362
1,306,908
3,300
103,922
11,26418,855248
2,303
55,347810,390
45.3
7,173
0.4
3,413
3,760
287,175
16.1
278,097
5,983
1,090
253
1,750
530,38829.7
530,388
29.7
605
1,557
528,22629.6
10528,236
29.6

10 / 1212th Fiscal Period( Six months
ended Dec. 2008)
Ths JPY%
1,967,896
100.0
1,643,918
323,978
957,46848.7
768,502300,2121,175,628
3,300
101,562
11,832
20,501
51,7701,010,428
51.3
4,343
0.2
3,392
826
124
278,539
14.2
269,595
5,884
1,090
217
1,750
736,232
37.4
736,232
37.4
1,644
-637
735,22637.4
26735,252
37.4

ChangesThs JPY
180,615-126,276
306,892-19,423-13,147-180,150-131,280-2,360
567
1,645
-248
-2,303-3,577200,038-2,830-20-2,934124-8,636-8,501-98-35
205,843
205,843
1,039-2,195206,99915
207,015

%
10.1

-2.0

24.7
-39.5

-3.0

38.8
38.8

39.2
39.2

TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

3) Statement of Cash Flow for the 6 months ended December31, 2008
(Consistent with Japanese GAAP)

Items
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 (decrease) in allowance for doubtful accounts
Amortization of tenant leasehold and security deposits in trust
Decrease (increase) in accounts receivable
Decrease (increase) in deposit payments
Decrease (increase) in consumption tax receivable
Decrease (increase) in guarantee money paid
Increase (decrease) in accrued consumption taxes
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Increase (decrease) in accrued expenses
Increase (decrease) in unearned revenues
Increase (decrease) in deposits received
Decrease due to sale of tangible assets in trust
OthersSubtotal
Proceeds of interest
Payment of interest
Payment of corporate taxes
Cash flow from operating activities
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 & guaranteee money in trust
Cash flow from investment activities
Cash flow from financing activities
Repayment of long-term debt
Public listing related costs
Finance related costs
Payment of distributions
Cash flow from financing activities
Increase (decrease) in cash and cash equivalents
Beginning balance of cash and cash equivalents
Closing balance of cash and cash equivalents

11 / 1211th Fiscal Period( Six months
ended Jun. 2008)
Ths JPY

12th Fiscal Period( Six months
ended Dec. 2008)
Ths JPY

530,388318,976
1,090
5,983
1,750
(3,413)
278,097(3,025)(772)
34,944(29,746)
62,284(9,628)31,148(10,091)(9,294)(593)(14,677)
107,911289,767
14,0691,595,173
3,413(259,811)(636)
1,338,138

736,232
300,872
1,090
5,884
1,750
(3,392)
269,595
(124)
(534)
616
29,558(10,871)(1,192)
16,900(2,130)669(5,446)(107,057)
1,275,061(289)
2,507,194
3,392(248,651)(1,095)2,260,840(316,850)(44,348)(3,468)(40,756)
268(67,024)
36,845(435,335)(472,059)(64,219)(1,500)58,591(212,211)
86,190(605,209)(342,000)(1,090)(5,983)(477,841)(826,915)
75,8883,154,940
3,230,828(1,214,000)(1,090)(5,884)(523,022)(1,743,997)(88,366)
3,230,828
3,142,462

TGR Investment Inc. (8963), Financial Summary for the 12th Fiscal Period

For further information:
Please contact Finance & Investor Relations division at GrowthREIT Advisors, Ltd.
E-mail: ir.tgr@gr-ad.com Tel. +81-3-3238-5341
Disclaimer
This document contains translations of selected information provided in the Japanese language Financial Report(Kessan-Tanshin) of TGR Investment Inc. (hereinafter, “TGR”) dated February 18, 2009 and prepared under the timely
disclosure requirements of the Tokyo Stock Exchange for the 12th fiscal period (from July 1, 2008 to December 31, 2008).
This English language document was provided solely for the convenience of and reference by non-Japanese investors andneither corresponds to the original Japanese documents nor is it intended to constitute a disclosure document. The
Japanese language Financial Report should always be referred to as the original of this document.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to theconcepts of the equivalent Japanese terms. With respect to any and all terms herein, including without limitation, financial
statements, if there exist any discrepancies in the meaning or interpretation thereof between the original Japanese
documents and English statements contained herein, the original Japanese documents will always govern the meaning andinterpretation.
None of TGR, GrowthREIT Advisors, Ltd. (hereinafter, “GRA”) or any of their respective directors, officers, employees,
partners, shareholders, agents or affiliates will be responsible or liable for the completeness appropriateness or accuracy ofEnglish translations or the selection of the portions of any documents translated into English. No person has beenauthorized to give any information or make any representations other than as contained in this document in relation to thematters set out in this document, and if given or made, such information or representation must not be relied upon as
having been authorized by TGR, GRA or any of their respective directors, officers, employees, partners, shareholders,
agents or affiliates.
The financial statements are a translation of the audited financial statements of TGR, that were prepared in accordance withgenerally accepted accounting principles in Japan (Japanese GAAP) which may materially differ in certain respects fromgenerally accepted accounting principles and practices in other jurisdictions. In preparing the financial statements, certain
reclassifications and modifications have been made to the financial statements issued domestically in order to present themin a format that is more familiar to readers outside Japan.
Many provisions of this document contain forward-looking statements and information. We base these statements on ourbeliefs as well as our assumptions based solely on certain limited information currently involved known and unknown risks,
uncertainties and assumptions.
These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there
are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimatesreflected in such forward-looking statements, including without limitation: the general economy, market conditions, financial
markets including the performance of the real market, interest rate fluctuations, competition with our properties, and theimpact of changing regulations or taxation.
TGR does not intend, and is under no obligation, to update any particular forward-looking statement included in thisdocument. The forward-looking statements contained in this document speak only as of the date of release, February 18,
2009, and TGR does not undertake to revise those forward-looking statements to reflect events occurring after the date ofthis release.

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