10th Fiscal Period Results(from Jul.1, 2007 to Dec.31, 2007)

TGR Investment Inc.

Feb. 2008

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

0Table of Contents
Section 1:
10th Fiscal Period Financials(P.2)

Section 2:
10th Fiscal Period Portfolio(P.12)- Summary of 10th Fiscal Period Results 1) 2)- Income Statement- Balance Sheet – Assets / Liabilities & Equities- Financial Metrics- NOI per Unit
- Cash Flow Statement / Distribution Statement- Forecast for 11th Fiscal Period- Portfolio Growth 1) 2)- Portfolio Diversification- Assets Acquired in 10th Fiscal Period 1)- 4)- Portfolio MAP- Portfolio Occupancy for 10th Fiscal Period- Overview of Interest-Bearing-Debt- Overview of Unitholders 1) 2)

Section 3:
Operation Strategies

Section 4:
Appendix(P.25)- Utilization of Sponsor Support- Record of Sponsor Support 1) 2)- Aiming at Further Growth 1) 2)- New Policy of Asset Management 1) 2)- External Growth Strategies 1)- 3)- Competitive Superiority by Investing in Parking
Lots 1) 2)- Internal Growth Strategies 1) 2)- Financial Strategies 1) 2)(P.42)- Performance by Properties in 10th Fiscal
Period 1)- 6)- Appraisal Values & Book Value of 10th Fiscal
Period 1)- 4)- Portfolio Lists 1)- 4)- Disclaimer- About TGR Website in English

1Section 1 10thth Fiscal Period Financials

2

Summary of 10th Fiscal Period Results 1)● TGR acquired 9 properties in this period

External Growth(2 residences + 1 office + 6 parking lots)(Total acquisition price: JPY 5,636 million)*駐輪場含む10th Fiscal Period Portfolio Occupancy

Internal Growth

Period Beginning
96.8%

Weighted Average
96.8%

Period End

97.2%（Dec.31, 2006： 95.9%）● LTV at IPO: 46.5%, the end of the 10th Fiscal Period: 58.8%

Financial Position● Putting weight on leverage effect● Fixed interest rate as of the end of the 10th Fiscal Period: 22.0%

Distributions
per unit

Initial Forecast

Revised to

Actual

7,282 yen

8,800 yen

8,934 yen(Jan.29, 2008)

Unitholders’Meeting● A unitholders’ meeting was held on Sep. 20, 2007

New policy of Asset Management (cf. P.31~)
3

Summary of 10th Fiscal Period Results 2)
10th Fiscal Period Results against Forecasts and Historical Results
9th Period(Actual) 1)

10th Period(Forecast) 2)

10th Period(Actual) 3)(Six months
ended Jun.30,
2007)(Six months
ended Dec.31,
2007)(Six months
ended Dec.31,
2007)

Amount11th Period(Forecast)

Variance toForecast 3)- 2)

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

Amount(Six months
ended Jun.30,
2008)

(%)

Days of
Operation

181

184

184

3

-

-

-

182

Operating
Revenues

1,637,306

1,587,800

1,664,747

27,441

1.7

76,9474.6

1,710,981

Operating
Income782,869

655,549744,750-38,118-4.9

89,20012.0

685,352

Recurring
Profit

602,421394,331

485,804-116,616 -19.4

169,97030.1

397,272

Net Income

600,982

392,538

481,522-119,459 -19.9

208,44434.7

395,087

Distribution
per Unit

11,150

7,282

8,934

-1,652 -14.8

1,652

22.7

7,330

* Figures are rounded down to thousand JPY (except for “Distribution per Unit”) and percentages are rounded to one decimal place4

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 costodian 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)

10th Fiscal Period(Six months
ended Dec. 2007)
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

9th Fiscal Period(Six months
ended Jun. 2007)
Amount
％1,637,306
1,452,853
184,452
854,437
675,995
278,036
1,054,893
3,300
88,9199,074
19,912
3,423
1,630
52,180782,869
1,943
1,683
259
182,391
166,590
12,246
1,766
38
1,750
602,421602,421
6,014-4,576600,98212
600,995

ChangesAmount

100.0

52.2

64.4

47.8
0.1

11.1

36.8
36.8

36.7
36.7

27,441
211,893-184,452
65,56054,29630,465
188,063
10,470
1,808
1,971
580
421
-3,989-38,118
6,342
833
5,509
84,84089,003-3,943-181-38-116,616-116,616-5,4098,252-119,459
8-119,450

%
1.7

7.7

17.8

-4.9
326.3

Operating revenues◇Rental Revenues: Increased JPY 211,893ths
by new properties acquired◇Gain from sales ofproperties: No properties sold in thisperiodProperty related
expenses (2): See appendix for more
information(P.43~)

46.5

NOI: Increased JPY188,063ths
-19.4
-19.4

-19.9
-19.9

Asset management fee◇Acquisition incentive
9th : JPY18,350ths
10th : JPY28,184ths* Figures are rounded down to thousand JPY and percentages are rounded to one decimal place

5Balance Sheet – Assets(thousand JPY)
Items

10th Fiscal Period(As of Dec. 2007)
AmountAssetsⅠ Current assets
Cash and cash equivalents
Cash and cash equivalents in trust
Rental receivables
Payment in advance
Deposit payments
Prepaid expneses
Consumption tax refundable
Deferred income taxes
Other current assets
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

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

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

552,493
1,588,576
47,421
375
37,14010,972
6,070
10,000-3,4232,249,626

92.6

457,917
116,892
3,732
2,197,698
14,561,822
2,379,993
186,600
19,653
19,461,257
39,385,567

0.0

121
3,125
3,247

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

0.5
93.1

10,00042,155
4,755
50,362
107,273
39,496,088

0.3
94.6

89,667
12,744
8,523
1,596
112,533
5,622,270

5,544
5,544
48,461,069

0.0
100.0

7,295
7,295
41,753,010

0.0
100.0

-1,750-1,7506,708,059

673,383
160,284
6,873
2,866,124
16,280,334
2,674,533
184,175
29,33422,020,574
44,895,618
121
2,812
2,934

%

9 properties acquired
during this period
Total acquisition price: JPY5,636mn (cf. P.16~)
2 residences
1 office
6 parking lots

5.4

535,208
478,6613,594
16
15,01318,00951,312-3,697-10,000-580
1,087,539

48.3

94.3

215,466
43,392
3,141
668,426
1,718,512
294,539-2,4249,680
2,559,317
5,510,050

14.0

0.0

-313
-313

-9.6

104.9
14.2
-24.0
16.1

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

6

Balance Sheet – Liabilities/ Equities(thousand JPY)
10th Fiscal Period(As of Dec. 2007)

Items

AmountLiabilities
Ⅰ Current liabilities
Accounts payable
Short-term debt
Accrued liabilities
Accrued expenses
Accrued income 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' equities
1. Unitholders' capital
2. Retained earnings
Unappropriated profit for the year
Total unitholders' equities
Ⅱ Evaluation, currency translation and etc.
Deferred hedge losses
Total evaluation, currency translation and etc.
Total net assets
Total liabilities and net assets％

65,874
18,17489,946479
197,051
13,760385,286
27,283,000
1,053,821
109,944
33,14528,479,911
28,865,197

9th Fiscal Period(As of Jun. 2007)
Amount0.8

103,423
1,000,000
14,43038,9895,678
156,408
8,834
1,327,764

58.8
59.6

19,750,000
828,685
106,595
11,55920,696,840
22,024,604

19,134,417

Changes％Amount%3.2-37,549-1,000,000
3,744
50,956-5,19940,642
4,926-942,478

-71.0

49.6
52.7

7,533,000
225,136
3,349
21,585
7,783,071
6,840,593

37.6
31.1

19,134,417-

481,544
19,615,961

40.5

600,995
19,735,412

47.3-119,450-119,450-0.6-20,089-20,089
19,595,871
48,461,069

-0.0
40.4
100.0

-7,006-7,006
19,728,405
41,753,010

0.0
47.3
100.0

-13,082-13,082-132,533
6,708,059

186.7
-0.7
16.1

End-of-period balance of interest-bearing debt
◇Long-term debt
:JPY27,283,000ths◇ Loan-to-value (LTV)

Net asset value per unit
: JPY363,567(Units issued outstanding: 53,899units): 58.8%

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

7

Financial Metrics(thousand JPY)
th

Items
Return on Asset (ROA)
annualized

th

th

th

th

6 fiscal period 7 fiscal period 8 fiscal period 9 fiscal period 10 fiscal period(Six months(Six months(Six months(Six months(Six months
ended Dec.2005) ended Jun.2006) ended Dec.2006) ended Jun.2007) ended Dec.2007)
1.6%
1.4%
1.6%
1.4%
1.0%
3.1%

2.8%

3.1%

2.9%

2.0%

3.5%

3.2%

3.3%

3.1%

2.4%

7.0%

6.5%

6.5%

6.2%

4.9%

Loan-to-Value (LTV 1)

54.8%

56.0%

52.1%

52.0%

58.8%

Loan-to-Value (LTV 2)

51.8%

53.1%

49.8%

49.7%

56.3%

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

44.2%

43.1%

47.2%

47.3%

40.4%

Debt Service Coverage Ratio (DSCR)

7.3x

6.7x

4.9x

5.2x

4.1x

Net Operating Income

717,415

723,951

1,038,510

1,054,893

1,242,957

annualized yield

6.4%

6.5%

5.7%

5.6%

5.7%

Depreciation Expenses

209,617

213,489

278,234

278,036

308,501

Funds from Operation (FFO)

502,453

477,567

602,492

694,566

790,024

Rerturn on Equity (ROE)
annualized

●
●
●
●
●
●
●
●

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

8

NOI per Unit
Issued investment units
NOI (ths JPY)NOI per unit (JPY)Annualized NOI yield (%)

8th fiscal period 9th fiscal period 10th fiscal period
53,89953,89953,899（A）
1,038,510
1,054,893
1,242,957（B）
19,267
19,571
23,060（B）/（A）
5.7
5.6
5.7

*Annualized NOI yield=（（Operating Revenue-Operating Expenses+ Depreciation Expenses）/ days*365）/ Weighted Average Investment for Real Estates

NOI per unit
: Steady performance
Annualized NOI yield: Maintained late 5％

NOI per unit Trend(Yen)
24,00023,06023,00022,00021,00020,00019,571
19,26719,00018,000*1) NOI Figures are rounded down to thousand
JPY and NOI per unit are rounded down to after
the decimal point

17,000*2) Percentages are rounded to one decimalplace

8th fiscal period

9th fiscal period

10th fiscal period

9Cash Flow Statement / Distribution Statement
th

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
Proceeds from short-term debt
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 equivalentsth

10 Fiscal Period(Six months
ended Dec. 2007)
Amount9 Fiscal Period(Six months
ended Jun. 2007)
Amount485,804
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
673,210602,421278,302
1,766
12,246
1,750-1,683
166,590
3,423
2,203,994-115
28,9109,470-5,522
26,902-7,931-933-2,157-6,240-41,219
3,269,975
1,683-189,536-2,4373,079,685-940,773-4,877,779-1,750
5,099-77,146
303,384-5,588,965-2,777,362-1,034,286-2,827
106,595-137,094
82,253-3,762,721-1,000,000
7,648,000-115,000-1,585-8,302-593,487
5,929,625
1,013,870
2,141,069
3,154,940

1,000,000-8,842,004
7,750,000-1,766-12,246-635,222-741,239-1,424,275
3,565,345
2,141,069

Items

Unappropriated retained earnings(ths JPY)

Distributions(ths JPY)

Distribution per unit
Retained earnings carried forward(JPY)(ths JPY)

10th period(Six months ended
Dec. 2007)

9th period(Six months ended
Jun. 2007)

AmountAmount481,544481,5338,934
10

600,995
600,973
11,15021* Figures are rounded down to thousand JPY (except for Distribution perunit) and percentages are rounded to one decimal place10Forecast for 11th Fiscal Period
11th Fiscal Period (forecast)
Six months ended
Items
Jun. 2008
Amount%Ⅰ. Operating revenues
1,710,981
100.0
Rental revenues (1)1,710,981
100.0
Gain from sales of properties
Ⅱ. Operating expenses
1,025,628
59.9
Property related expenses (2)814,108
47.6
Facilities management fees
321,171
Taxes and other public charges
96,599Insurance expenses
8,047
Other expenses
68,959Depreciation expenses (3)319,330
18.7
NOI（1)-(2)+(3)1,216,20471.1（1）-（2）896,873
52.4
Asset management fees
104,198
6.1
Other operating expenses
107,321
6.3
Operating income
685,352
40.1
2,013
0.1
Ⅲ. Non-operating revenues
290,094
17.0
Ⅳ. Non-operating expenses
Recurring profits
397,272
23.2
Income before income taxes
397,272
23.2
Taxes
2,184
0.1
Net income
395,08723.1

10th Fiscal Period
Six months ended
Dec. 2007
Amount
%1,664,747
100.0
1,664,747
100.0
919,99755.3
730,29243.9
256,675
80,2397,874
77,001
308,501
18.5
1,242,957
74.7
934,455
56.1
99,3906.0
90,314
5.4
744,750
44.7
8,286
0.5
267,232
16.1
485,804
29.2
485,804
29.2
4,281
0.3
481,52228.9

ChangesAmount46,234
46,234
105,631
83,81664,495
16,359173-8,041
10,829-26,753-37,582
4,807
17,007-59,397-6,272
22,862-88,532-88,532-2,097-86,435

Forecast assumptions:◇56 properties◇Units issued outstanding: 53,899units%

Rental revenues◇Increased JPY46,234ths

2.8
2.8
11.5
11.5

3.5
-2.2
-4.0
4.8
18.8
-8.0
-75.7
8.6
-18.2
-18.2
-49.0
-18.0

Gain from sales ofproperties◇Gain from sales ofproperties will bereflected to result
forecasts once saleagreements for properties
in question are signed/
ratified

Distribution forecast for11th fiscal period
JPY 7,330*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

11Section 2 10thth Fiscal Period Portfolio

12Portfolio Growth 1)
Portfolio History

As of the end of 10th Fiscal Period(Dec. 2007)■Total acquisition price: JPY 44,808mn■Total number of properties held
: 56

* Amounts are rounded down to million JPY

13

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

As of the end of 10th Fiscal
Period (Dec. 2007)■Average Occupancy Rate
: 97.2 ％■Total leasable area
: 94,618.54 ㎡■Total rentable units: 1,644 units*Percentages are rounded to one decimal place

14Portfolio Diversification
As of 8th period (Dec.2006)

As of 10th period (Dec.2007)

Weighted Average Age：11.5years

Weighted Average Age：11.3years

By AgeBy Property TypeBy Geography

As of 6th period (Dec.2005)

Weighted Average Age： 14.4years*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 price15

Assets Acquired in 10th Fiscal Period 1)(2 Residences)* Figures are rounded down to million JPY

A49 Century Toyabe

A50 Unifort Meguro Nakacho1）Location

1）Location
2）Leasable area3）Completion date4）Acquisition date5）Acquisition price6）Appraisal price2）Leasable area3）Completion date4）Acquisition date5）Acquisition price6）Appraisal price14-5 Oaza Toyabecho, Hachinohe City,
Aomori Pref.
1,899.63㎡
Oct. 1991
Aug. 20, 2007
JPY 300 million
JPY 316 million （As of Dec.2007）

・18 min walk from Hon-Hachinohe Station on the JR Hachinohe line
・Hachinohe Stationcity is located on the Southeast side andis the second most-populated city of Aomori pref. with more than
250,000 residents
・8 min walk from Central Commercial District of Hachinohe City
where Sakurano Department Store and other services are located・Single or Couple units available
・Therefore, TGR sees a prospect of steady tenants for thisproperty

1-25-10 Nakacho, Meguro-ku, Tokyo
1,915.50㎡
Nov. 2006
Aug. 20, 2007
JPY 1,500million
JPY 1,600million （As of Dec. 2007）

・18 min walk from Gakugei Daigaku and Yutenji Station on the
Tokyu line
・Next to main street (Meguro street), 20 min walk from
Meguro Station on JR line
・Single or Couple units available, was built in 2006
・Therefore, TGR sees a prospect of steady tenants for thisproperty16

Assets Acquired in 10th Fiscal Period 2)(1 Office)* Figures are rounded down to million JPY

B12 Kokura Kosan 7th/17th/20th1）Location
2）Acquisition price3）Appraisal price4）Acquisition date

2-11-15 Asano, Kokurakita-ku, Kitakyusyu City, Fukuoka Pref.
JPY 3,250million
JPY 3,280million （As of Dec. 2007）
Aug. 20, 2007

B12： Kokura Kosan 7th (Office)

B12： Kokura Kosan 17th (Parking lot)5）Leasable area6）Completion date5）Leasable area6）Completion date

5,481.43㎡
Mar. 1983

8,064.65㎡
Mar. 1990

B12： Kokura Kosan 20th （Office）
5）Leasable area6）Completion date

2,502.89㎡
Jul. 1992

・3 min walk from Kokura Station on JR line
・Consists of 3 buildings in same area: 2 Offices, 1 Parking lot
・Kita-Kyushu city is an ordinance-designated city and the 2nd largest economic area in Kyushu
・Accessible to Sanyo-Shinkansen line, Kagoshima-Honsen and several local lines
・Conveniently located near central district of Kita-Kyushu
・Highly visible property with scarcity value
・Therefore, TGR sees a prospect of steady tenants for this property

17

Assets Acquired in 10th Fiscal Period 3)(2 Parking Lots for Bicycles)* Figures are rounded down to million JPY

C5 Stop Cycle Shin-Koiwa 1st

C6 Stop Cycle Shin-Koiwa 2nd1）Location
2）Leasable area3）Acquisition date4）Acquisition price5）Appraisal price1）Location

1-1301-2 Shin-Koiwa, Katsushika-ku, Tokyo
131.90㎡
Aug. 20, 2007
JPY 152million
JPY 156million (As of Dec. 2007)2）Leasable area3）Acquisition date4）Acquisition price5）Appraisal price1-1-9, 1-1-10, 1-1-25, 1-1-26 Shin-Koiwa,
Katsushika-ku, Tokyo
254.53㎡
Aug. 20, 2007
JPY 150million
JPY 156million (As of Dec. 2007)

・Bicycle Parking
・3 min walk from Shin-Koiwa Station on JR line
・Rapid Train stop, approximately 70,000 passengers per day
・Strict rules enforced against parking bicycle illegally・Therefore, TGR sees a prospect of high demand for use of property for Bicycle Parking

C5 Stop Cycle Shin-Koiwa 1st

C9 Stop Parking Shin-Matsuda

18

Assets Acquired in 10th Fiscal Period 4)(4 Parking Lots for Cars)* Figures are rounded down to million JPY

C7 Stop Parking Hiratsuka-Beniyacho

C8 Stop Parking Kita-Urawa

1）Location

1）Location

2）Leasable area3）Acquisition date4）Acquisition price5）Appraisal price

4-7, 4-8 Beniyacho, Hiratsuka City,
Kanagawa Pref.
211.89㎡
Aug. 20, 2007
JPY 112million
JPY 116million (As of Dec. 2007)2）Leasable area3）Acquisition date4）Acquisition price5）Appraisal price

4-8-10, 4-8-11, 4-8-21, 4-8-22 Kita-Urawa,
Urawa-ku, Saitama City, Saitama Pref.
145.32㎡
Aug. 20, 2007
JPY 81million
JPY 83million (As of Dec. 2007)

・2 min walk from Hiratsuka Station on JR line
・Limited Express train stop, approximately 60,000 daily commuters
to Tokyo/Yokohama areas
・Therefore, users from mall next to station and from“Park and Ride” are expected for this parking lot

・3 min walk from Kita-Urawa Station on JR line
・Conveniently located to Social Assurance Hospital, Kita-Urawa
Park, and Prefectural Museum of Modern Art
・Therefore, a wide range of users expected for this parking lot

C9 Stop Parking Shin-Matsuda

C10 Stop Parking Yotsukaido1）Location

1）Location

2）Leasable area3）Acquisition date4）Acquisition price5）Appraisal price1187-9, 1187-15 Souryo-aza Kannon-mae,
Matsuda Town, Ashigarakami-gun,
Kanagawa Pref.
340.52㎡
Aug. 20, 2007
JPY 59million
JPY 61million (As of Dec. 2007)

・3 min walk from Shin-Matsuda Station on Odakyu line
・Therefore, users from the mall next to the station andfrom “Park and Ride” are expected for this parking lot2）Leasable area3）Acquisition date4）Acquisition price5）Appraisal price1-7-7 Yotsukaido, Yotsukaido City,
Chiba Pref.
107.99㎡
Aug. 20, 2007
JPY 29million
JPY 35million (As of Dec. 2007)

・1 min walk from Yotsukaido Station on JR line
・Therefore, users from mall and “Park and Ride” are expected
for this parking lot

19

Portfolio MAP
Tokyo 23 wards

Aomori Pref.

Fukuoka Pref.
& Yamaguchi Pref.

Tokyo (except for 23 wards)& Its surrounding area

20

Portfolio Occupancy for 10th Fiscal Period
B3 Nihonbashi 2nd Building:
Leasing up from 89.3% to 100%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%B1 Asahi Building
Leasing up:
from 72.2% to 81.5% in Oct.
from 81.5% to 90.7% in Dec.

99.0%
98.0%
97.0%
96.0%

96.8%
96.5%
96.0%

96.4%
95.7%
95.5%

96.7%
96.0%
95.9%

97.7%

97.2%
97.0%

96.9%

95.9%

96.0%

97.2%

96.6%
96.3%

95.0%
94.0%
93.0%
Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

2007
Residences

Offices & Commercial Facilities etc.

Parking lots

Total*1) Occupancy Rate = Rental Area/ Total Leasable Area*100*2) Occupancy Rate is rounded to one decimal place

21

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

Borrowing date Borrowing amount

Variable/fixed*3)
Average rate

Maturity date

Type of borrowing

Variable

1.533%

03 Aug. 2009

Mortgage,
No warranty

Maturity date

Type of borrowing

31 May. 2010*4)

Mortgage,
No warranty

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

*2)
Resona Bank, Limited.

03 Aug. 2006

JPY12,000mn

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

Debtor bank

Borrowing date Borrowing amount
24 May. 2007

Variable/fixed

JPY7,635mn

Average rate *3)
1.829%

Variable

The Norinchukin Trust and Banking Co., Ltd.

20 Aug. 2007

JPY7,648mn

1.924%*1) Figures are rounded down to million JPY*2) Interest rate swap transactions to avoid interest rate fluctuation risks were conducted for JPY6,000million*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 (JPY115million) is paid off on every interest payment dates of June and December

22Overview of Unitholders 1)
9th period (As of Jun. 30, 2007)
Number ofunits held

Name of firm

Top 10 Unitholders

10th period (As of Dec. 31, 2007)（％)

Name of firm

Number ofunits held（％)

1 CGML-LONDON EQUITY

13,014 24.15%

1 SIS Sega InterSettle AG

13,250 24.58%

2 NikkoCiti Trust and Banking Corporation

3,175 5.89%

2 NikkoCiti Trust and Banking Corporation

3,643 6.76%

3 Deutsche Bank AG London PB nontreaty clients 613

2,235 4.15%

3 Goldman Sachs and Company Regular Account2,112 3.92%

4 Goldman Sachs International

1,425 2.64%

4 Deutsche Bank AG London PB nontreaty clients 613

2,053 3.81%

5 Goldman Sachs and Company Regular Account

1,212 2.25%

5 State Street Bank and Trust Company 506155

1,765 3.27%

6 Japan Trustee Services Bank, Ltd.

1,186 2.20%

6 Goldman Sachs International

975 1.81%

7 The Bank of New York, Treaty JASDEC Account

1,105 2.05%

7 MINAMI-NIPPON Bank, LTD

961 1.78%

8 Daiwa Life Insurance Co.

850 1.58%

8 Japan Trustee Services Bank, Ltd.

871 1.62%

9 State Street Bank and Trust Company 505025

700 1.30%

9 Daiwa Life Insurance Co.

850 1.58%

10 Bank of MINAMI-NIPPON,LTD

691 1.28%

10 Morgan Stanley and Company, Inc.

753 1.40%

47.48%

Total＊Total units

50.53%

Total＊Total units

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

Firm nameSubmitted on # of units held (unit)

Ratio(%)

1 Prospect Asset Management, Inc.

Jan. 28, 2008

16,19430.05%

2 Nikko AM International, Inc.

Oct. 05, 2007

3,705

6.87%

3 TOWER INVESTMENT MANAGEMENT CO., LTD. May 07, 2007

2,382

4.42%

22,28141.34%

Total*1) Ratio held of 53,899 units outstanding*2) As of Jan. 28, 2008
*3) Percentages are rounded to two decimal places

23

Overview of Unitholders 2)
Breakdown by Number of Investors
Other Domestic Companies
1.0%
Foreign Investors
0.8%

Financial Institutions(incl. Securities Companies)
0.5%

Other Domestic Companies
1.1%
Foreign Investors
0.8%
Financial Institutions(incl. Securities Companies)
0.6%

Individual
97.5%

Individual
97.8%

9th Fiscal Period (Jun. 2007)

10th Fiscal Period (Dec. 2007)*Total unitholders: 6,739*Total unitholders: 6,136

Breakdown by Number of Units Held
Foreign Investors
43.8%

Individual
37.4%

Other Domestic Companies
2.5%

9th Fiscal Period (Jun. 2007)*Total units: 53,899

Financial Institutions(incl. Securities Companies)
16.3%

Foreign Investors
46.1%

Other Domestic Companies
2.7%

10th Fiscal Period (Dec. 2007)

Individual
33.8%

Financial Institutions(incl. Securities Companies)
17.4%*Total units: 53,899

24

Section 3 Operation Strategies

25

Utilization of Sponsor Support

Apamanshop
REIT Park Inc.

Business of Parking lot
Property Management
Warehousing

TGR Investment
Inc. (8963)

Leasing

Apamanshop
Leasing Co., Ltd.

Assessment of Rent
Property Management

Asset Management

Apamanshop Holdings Co., Ltd.

Sponsor Support Agreement

Property Development

AS-SZKi
CORPORATION
Sponsor Support Agreement

GrowthREIT
Advisors, Ltd.

Sponsor Support Agreement

26

Record of Sponsor Support 1)
Apr. 2007 ：GrowthREIT Advisors, Ltd. became a member of the Apamanshop Group
Jun. 2007 ：Acquired “Kokura Kosan East Parking” from Apamanshop Holdings Co., Ltd.
(Acquisition Value：JPY 1,100 million)
Aug. 2007 ：Signing of “Sponsor Support Agreement” in collaboration with sponsor
support companies：The Apamanshop Leasing Co., Ltd. became a Master Lease and Property
Management company of “Century Toyabe”： Acquired “Unifort Meguro Nakacho”, “Kokura Kosan 7th ,17th ,20th”, “StopCycle Shinkoiwa 1st and 5 others *1) ” from the Apamanshop Group(Total acquisition price: JPY 5,336 million)
Sep.2007 ：Amendment of Asset Management Policy of GrowthREIT Advisors, Ltd. tomake the synergy with the Apamanshop Group more effective (From Jan. 1st ,2008)
Oct.2007 ：Changed the Master Lease and Property Management company of “Growth
Maison Waseda-Tsurumaki and 3 others *2) ” to Apamanshop REIT Park Inc.
(From Feb., 2008)*1) 5 others：”Stop Cycle Shin-Koiwa 2nd ”,”Stop Parking Hiratsuka-Beniyacho”,”Stop Parking Kita-Urawa”,”Stop Parking Shin-Matsuda”,“Stop Parking Yotsukaido”*2) 3 others： “Growth Maison Ginza”, “Clair Maison”, “Fine Court Tateishi”

27

Record of Sponsor Support 2)
Property
Type

No.

Property Name

Acquisition
Price(JPY mn)

Total(Ref.)
Rentable Parking
Units
Space

Location(Yen in million)

Residence

A50 Unifort Megro Nakacho

1,500 23 wards Meguro-ku, Tokyo

Kokura Kosan 7th
Officesbuildings and
B12 Kokura Kosan 17th
Commercial
facilities

64-

Nov. 2006

1

47

-

Mar. 1983

24
Aug. 2007

3,250 Others Kitakyushu City, Fukuoka

Kokura Kosan 20th1

328

Mar. 1990

17

30

-

Jul. 1992

15
3 Jun. 2007

Kokura Kosan East
Parking

1,100 Others Kitakyushu City, Fukuoka

1453

Apr. 2004

C5 Stop Cycle Shin-Koiwa 1st

152 23 wards Katsushika-ku, Tokyo

1

124

-

-

C6 Stop Cycle Shin-Koiwa 2nd

150 23 wards Katsushika-ku, Tokyo

1

204

-

-

112 Others Hiratsuka City, Kanagawa

1

8

-

-

C4

Parking lots

Completion Property Acquisition
Date
Age (years)
Date

C7

Stop Parking
Hiratsuka-BeniyachoAug. 2007
C8 Stop Parking Kita-Urawa
C9

Stop Parking ShinMatsuda

C10 Stop Parking Yotsukaido
Total

-

-

81 Others Saitama City, Saitama

1

5

-

-

59 Others Ashigarakami-gun, Kanagawa

1

13

-

-

29 Others Yotsukaido City, Chiba

1

4

-

-

149

1,139

-

12.0

6,436

-

-

*2)

-

*
*1) Figures are rounded down to million JPY*2) Property age in the total field is an average figure*3) C4 Kokura Kosan East Parking was acquired in 9th fiscal period

28

Aiming at Further Growth 1)
Accelerated support by the Apamanshop Group from 2008
External Growth
Real Estate information network
Expanding area: focusing on Investing in the Greater Tokyo Area (the Tokyo
Metropolitan Area and major cities in Kanagawa, Saitama and Chiba Prefectures)and properties located in ordinance-designated cities
Receiving the benefit of fund business of the Apamanshop GroupAcquiring properties developed by AS-SZKi
Utilizing the management know-how of parking lot business from Apamanshop
REIT Park Inc.

Internal Growth
Leasing Ability, Property Management Ability
Preservation of stable tenants
Improvement in occupancy rate
Increase in income gain
29

Aiming at Further Growth 2)
Growth Strategy
TGR seeks for the improvement of the asset value of the corporation and the increase of profit
per investment unit by realizing “Growth Potential”

1. Active acquisition of investment properties
2. Acquisition of investment properties fromsponsor support companies
3. Improving profitability by turnover ofproperties held by TGR

Maximum utilization ofsponsor support fromThe Apamanshop
group

1. Raise awareness of TGR in rent market
2. Increase occupancy rate
3. Reduce costs including buildings
administration fees
4. Proper financial strategies

Acquisition of investment
properties in the greater
Tokyo and local cities

Improving profitability by
Turnover of properties
held by TGR

30

New Policy of Asset Management 1)
Amendment of Asset Management Policy of GrowthREIT Advisors, Ltd.
for the purpose of making the use of support of the Apamanshop Group
Amendment

Investments focusing on the Greater Tokyo Area and ordinancedesignated cities:For the purpose of further growth of TGR properties and TGR’s acquisition of high grade
properties, TGR will focus on investing in the Greater Tokyo Area and ordinancedesignated cities

Aggressively acquiring properties other than residences:In the light of the investment goal of holding less than 50% in offices, commercial facilities,
parking lots and other properties for widely varying use, TGR will focus on investing inproperties other than residences by category of use, market trend and the portfolio composition

Policy remains unchanged

Disposition Strategy:TGR aims to improve its profitability and efficiency through the acquisition of properties
with high revenue and the sales of small-scale* or aging properties*As of the date of this document, property whose acquisition price is less than 500 million yen for residence, or less than 700 million yen for officebuilding is defined as small-scale property

31

New Policy of Asset Management 2)

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

32

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

Others29.1%
23 wards of
Tokyo
70.9%
By geography *Property TypeSize(*2) Cities in "Kanagawa, Chiba, and Saitama prefectures" are not included in "Ordinancedesignated cities" in this document* Percentages are calculated by acquisition price

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.

33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

34

External Growth Strategies 3)
Disposition Strategy ２
Portfolio Breakdown by Disposition Strategy
8.3％
5.0％

* Percentages are calculated by acquisition price

Acquired 9 properties during this period
Total Acquisition price: JPY5,636mn

7.2％
4.4％

88.4％

86.7％

10th fiscal period (Dec. 2007)

Core Properties
Properties to sell immediately
Properties to sell next

9th fiscal period (Jun. 2007)

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(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)-

183,680

105,941

95,804318,431

184,452-

243,603354,135

398,778

359,882642,689

600,982

481,522

-

51.9%

26.6%

26.6%

49.5%

30.7%

-

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

35

Competitive Superiority by investing in Parking Lots 1)
1. Strong support from sponsor group
1) Management know-how & track record of parking lots by Apamanshop REIT Park Inc.
2) Fixed rent from Apamanshop REIT Park Inc.
TGR does not assume any risk from operation of parking lots

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

Chances of competing with otherreal estate segments are low

3. Enjoy an increasingly demand for parking lots
1) The number of automobiles has continued to show increased growth2) Revisions to Road Traffic Law in June, 2006
36

Competitive Superiority by investing in Parking Lots 2)
4. Acquiring parking lots aggressively for the sake of effective utilization of free cash flow
● As flat parking lots have no buildings on the ground,
there is minimal recognition of depreciation expenses● Investing in flat parking lots with minimal recognition of depreciation expenses
by utilizing free cash flow from other asset holdings● Minimizing depreciation expense effects and aiming to increase distribution per unit

(Ref.) Depreciation expenses to Operating expenses

10th fiscal period

33.5%

66.5%

9th fiscal period

32.5%

67.5%

8th fiscal period

34.2%

65.8%

0%

20%

40%

60%

Around 30-35% of
Operating expenses are
Depreciation expenses

80%

100%

37

Internal Growth Strategies 1)
Efforts to Raise Occupancy Rate
Leasing improvement

1. Cooperation with experienced local leasing company+ Support from Apamanshop Holdings group
2. Facilities for room preview
3. TGR attempts to develop corporate demand for residences
4. Negotiation with existing tenants to increase lending spaces
5. Plan and execute effective advertising strategy

Strengthening
competitivenessof properties

6. Renewal of interior
7. Plan and execute modification and repair
8. Multiple stuff members in charge of property managementin part of PM companies which are relating to TGR

Periodic review of Property Management●Assessment of cost and quality provided by property management companies

Efforts to increase rental fees after tenant contract expiry●The current trend is for higher office rental fees

TGR will attempt negotiations to increase the rent of office properties upon inception of a
new tenant rental contract
38

Internal Growth Strategies 2)
Office & Commercial facilities: Renewable leasable area (㎡) to total leasable area (㎡)50.00%
45.00%

44.53%

40.00%
35.00%
30.00%
25.00%

21.3%

20.00%
15.00%
10.00%
5.00%

10.3%
6.6%
0.7%

0.8%

0.7%

2.9%

4.5%

5.3%

〜
20
08
/0
6/
30
〜
20
08
/1
2/
31
〜
20
09
/0
6/
30
〜
20
09
/1
2/
31
〜
20
10
/0
6/
30
〜
20
10
/1
2/
31
〜
20
11
/0
6/
30
〜
20
16
/1
2/
31
〜
20
17
/0
6/
30
〜
20
26
/1
2/
31

0.00%

* As of Dec. 31, 200739

Financial Strategies 1)
Directions in Financial Strategies●Improve the financial stability by diversifying lenders●Spread out maturity dates

Reinforced the financial foundation●Put weight on leverage effect (LTV target: 40〜60%)

・Since TGR and its asset management company, GRA, signed “the Sponsor agreement” with Sponsor
group on the 7th of August, 2008, they are authorized to ask Apamanshop REIT Park Inc. for Warehousing
・In order not to disturb the acquisition of new properties because of the current LTV (58.8%), TGR is
utilizing warehousing for high-grade properties in a positive manner
・Warehousing is a method of securing sponsorship from other companies to acquire properties temporarily
before buying them40

Financial Strategies 2)
Borrowing Conditions●End-of-period Interest-bearing Debt

: JPY27,283mn (Long-term Debt)●Loan-to-Value（LTV）*: 58.8％(LTV=52.0% as of the end of June, 2007)* Loan-to-Value= End-of-period Interest-bearing Debt / (End-of-period Interest-bearing Debt + Unitholders’ Capital）*100

Long-term debt to total

Fixed interest rate debts to total

9th fiscal period (Jun. 2007)95.2％ ⇒ 10th fiscal period (Dec. 2007) 100％

9th fiscal period (Jun. 2007)33.7％ ⇒ 10th fiscal period (Dec. 2007)22.0％

Short
4.8%

Short
0.0%
Long
95.2%

Fixed
33.7%

Long
100.0%

Variable
66.3%

Fixed
22.0%

*1)
Variable
78.0%

Interest expense to operating revenue *2)
9th fiscal period (Jun. 2007) 10.2％⇒10th fiscal period (Dec. 2007) 15.4％*1) By swap agreement*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

41Section 4 Appendix

42Performance by Properties in 10th Fiscal Period 1)
Residences 1/3
A04
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

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

Park Villa Yakumo

A06
J-stage
Wakabayashi

70,99312,75883,752
9,456
3,966
195
1,881
5,961
21,46062,291
68,2537.8%
A19Growth Maison
Ginza

17,425
1,005
18,431
2,451
205
122
2,546
4,350
9,676
8,755
13,105
3.5%

A14
Habitation Claire

21,9562,533
24,489
2,738
1,374
110
913
4,853
9,989
14,50019,353
6.1%
A20
Claire Maison

25,1591,767
26,927
2,923
1,554
148
1,603
3,678
9,908
17,01820,697
6.1%

A15
Court Core
Yurigaoka

48,1144,490
52,604
8,349
3,530
202
2,831
13,703
28,61723,986
37,690
5.7%
A21
Inage Daiei
Mansion

A17
ComfortNaka Meguro

15,383
1,737
17,120
3,357
698
77
1,634
4,861
10,6296,490
11,352
5.3%
A23
Fine Court
Tateishi

21,3792,427
23,806
4,412
1,899
223
1,703
6,117
14,355
9,451
15,5685.0%

33,444
5,983
39,428
5,816
1,955
146
3,257
9,037
20,212
19,21528,252
5.2%
A25
Belle Maison
Ikegami

17,755
1,164
18,920
4,449
1,286
130
1,122
3,961
10,9507,970
11,931
4.7%

13,500571
14,071
1,951
430
81
635
1,927
5,026
9,044
10,972
7.4%(thousand JPY)
A18
Growth Maison
Waseda Tsurumaki

25,846
1,345
27,192
3,616
262
146
2,540
6,629
13,195
13,997
20,627
4.2%
A26
Nisshin
Palacestage

39,624
2,579
42,204
8,864
1,534
141
3,695
12,09626,332
15,872
27,9684.4%*1) Figures are rounded down to thousand JPY and percentages are rounded to one decimal place*2) NOI Yield= (Actual NOI /Days of operation*365)/Acquisition price43

Performance by Properties in 10th Fiscal Period 2)
Residences 2/3
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

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

A27
A28
Nisshin Palaistage Growth Maison
Higashi Nagasaki Gotanda

41,734
6,304
48,03811,306
2,793
233
3,216
12,92830,47817,56030,4884.9%
A33
Growth Maison
Shin Yokohama

32,9652,753
35,718
4,371
2,806
195
1,079
5,921
14,373
21,34427,2665.1%

A29
Growth Maison
Kameido26,772566
27,338
2,643
925
168
769
4,350
8,857
18,48022,831
5.1%

Emerald House

30,541
4,227
34,768
3,704
1,150
211
3,137
5,836
14,03920,72926,566
4.9%

A34
A35
Belle Face
Grand Rire
Ueno Okachimachi Kameido

31,187240
31,427
4,824
1,138
141
1,129
5,355
12,58818,83824,1944.7%

A30

41,881
2,844
44,725
6,604
2,786
253
1,277
8,407
19,32925,39533,8024.5%
A36Growth Maison
Ikebukuro26,61926,619
64
1,228
189
1,019
5,479
7,980
18,63924,1195.3%

24,351714
25,066
2,882
768
127
1,014
5,148
9,940
15,125
20,274
4.9%

A31
Harmonie
Ochanomizu(thousand JPY)
A32
Suncrest
Shakujii Koen

38,216
2,937
41,153
5,767
1,957
199
2,370
6,642
16,93624,21730,8594.3%
A37Growth Maison
Yoga

23,275895
24,170
2,548
936
130
1,022
3,779
8,416
15,754
19,534
4.9%

33,245
3,483
36,72810,809
3,200
228
1,814
6,130
22,183
14,545
20,675
3.8%
A38
Route Tachikawa

21,466
2,499
23,965
3,924
1,137
114
2,232
3,533
10,942
13,022
16,5554.9%*1) Figures are rounded down to thousand JPY and percentages are rounded to one decimal place*2) NOI Yield= (Actual NOI /Days of operation*365)/Acquisition price44

Performance by Properties in 10th Fiscal Period 3)
Residences 3/3

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

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

A39
A40
A41
A42
Acseeds Tower
Shibuya Honmachi
Capital Heights
City Heights Kinuta
Kawaguchi Namiki Kagurazaka
Mansion20,756
1,080
21,837
4,039
919
114
1,666
1,770
8,510
13,327
15,097
4.6%
A45
WacoreTsunashima Ⅰ

18,948
1,034
19,982
4,302
972
102
1,942
3,899
11,2208,761
12,661
4.4%

17,705
1,292
18,997
1,675
922
127
1,713
1,592
6,030
12,966
14,558
4.5%
A46
Foros
Nakamurabashi

16,937
2,405
19,342
2,688
1,086
130
1,907
4,212
10,025
9,317
13,5294.7%

24,139748
24,888
2,442
1,348
129
1,292
5,038
10,25014,637
19,6766.3%
A47
Growth Maison
KaijinA43
College Square
Machida19,981586
20,568
2,772
1,102
112
1,717
1,634
7,339
13,22914,863
4.9%
A48
College Square
Machiya

19,9894,132
24,121
5,121
2,268
132
2,920
4,816
15,257
8,864
13,6804.9%

14,706
14,706
666
110
1,010
3,545
5,333
9,372
12,9185.0%

18,26818,268
7
1,573
99
617
2,548
4,847
13,42015,9695.4%
A49
Century Toyabe

9,602
1,043
10,645
3,432
76
69
2,806
6,383
4,261
7,067
6.4%

(thousand JPY)
A44
Belair Meguro

16,5692,120
18,690
2,206
586
91
1,849
2,199
6,932
11,757
13,957
4.7%
A50
Unifort MegroNakacho

30,1153,217
33,332
2,577
183
2,040
4,239
9,040
24,291
28,531
5.2%*1) Figures are rounded down to thousand JPY and percentages are rounded to one decimal place*2) NOI Yield= (Actual NOI /Days of operation*365)/Acquisition price45

Performance by Properties in 10th Fiscal Period 4)
Offices & Commercial facilities
B01
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

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

Asahi Building

20,428
3,827
24,255
5,037
2,278
60
1,803
2,344
11,523
12,732
15,077
6.8%

B03
ndNihonbashi 2
Building

116,587
9,580
126,168
18,40012,468715
4,405
49,51585,506
40,661
90,177
6.1%

B08
B09
Kindai Kagaku Sha
Shinjuku Island
Building

42,324
7,074
49,398
10,646
4,416
219
1,328
8,288
24,89924,49832,7875.0%*3)18,461
5.1%

B04
Nakano NK
Building

B06
Imperial
Higashi Kurume D

49,114
10,32659,44011,424
4,128
90
1,562
3,368
20,57438,86542,2349.2%
B10
Baysite Court
Yokohama*3)

13,7587.8%
B11Yakuodo Hirosaki
Yasuhara

37,551
10,59048,142
13,192
82
917
7,439
21,632
26,50933,9497.0%*3)13,649
6.6%(thousand JPY)
B07
IWATA Building

53,264
16,87870,142
17,288
4,707
172
549
15,99338,711
31,43147,425
10.6%
B12
Kokura Kosan
7th ・17th・20th

115,643
13,157
128,800
23,582
1
617
1,801
21,78047,78381,016
102,797
8.6%*1) Figures are rounded down to thousand JPY and percentages are rounded to one decimal place*2) NOI Yield= (Actual NOI /Days of operation*365) / Acquisition price*3) Figures are not written on this lists since the tenants do not give approvals to disclose them in public

46Performance by Properties in 10th Fiscal Period 5)
Parking lots
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
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

C01
Stop Parking
Kanda Sudacho

C02
Stop Parking
Chiba Chuo

2,443
2,443
13
13
2,430
2,443
4.9%
C06
Stop Cycle
Shin-Koiwa 2nd

2,699
2,699
21
21
2,677
2,699
4.9%

C03
C04
Stop Parking
Kokura Kosan
Tokuyama Ekimae East Parking

2,571
2,571
22
22
2,549
2,571
5.5%
C07

8,429
8,429
34
34
8,395
8,429
5.7%
C08

2,040
2,040
24
24
2,016
2,040
4.9%

43,48843,488
380
3,281
3,662
39,825
43,1077.8%
C09
Stop Parking
Shin-Matsuda

Stop Oarking
Stop Parking
Hiratsuka-Beniyacho Kita-Urawa(thousand JPY)
C05
Stop Cycle
Shin-Koiwa 1st

1,280
1,280
12
12
1,267
1,280
4.3%

1,197
1,197
15
15
1,182
1,197
5.4%

2,730
2,730
27
27
2,702
2,730
4.9%
C10
Stop Parking
Yotsukaido

602
602
9
9
592
602
5.6%

*1) Figures are rounded down to thousand JPY and percentages are rounded to one decimal place*2) NOI Yield= (Actual NOI /Days of operation*365)/Acquisition price47

Performance by Properties in 10th Fiscal Period 6)
Subtotals and Total
Item

Parking lots
Subtotal

Residential Subtotal Offices Subtotal

950,557
83,493
1,034,051
149,105
50,966
5,331
63,196
188,997
457,596
576,455
765,452
5.1%

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

491,688
71,437563,126
107,570
29,273
2,162
13,802116,041
268,849
294,276
410,318
7.2%

Property to have been sold

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）67,48367,483
380
3,463
3,843
63,63967,1036.6%

1,509,729
154,9311,664,661
256,675
80,2397,874
76,999308,501
730,290934,371
1,242,873
5.7%(thousand JPY)

B05
Item

(thousand JPY)
Total of properties
hold as the end of
this period

Ueno Toso Building

Asset sold Subtotal

85
85
2
2
83
83

85
85
2
2
83
83

Total including
a property sold

1,509,729
155,017
1,664,747
256,675
80,2397,874
77,001
308,501
730,292
934,455
1,242,957*1) Figures are rounded down to thousand JPY and percentages are rounded to one decimal place*2) NOI Yield= (Actual NOI /Days of operation*365)/Acquisition price48

Appraisal Values & Book Value of 10th Fiscal Period 1)
Residences 1/2(thousand JPY)

Appraisal Value

A04
Park Villa
YakumoAs 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
Book Value in this fiscal

1,770,000
1,800,000
1,820,000
1,840,000
2,040,000
2,100,000
2,180,000
2,260,000
1,786,943

Appraisal Value

A19
Growth Maison
Ginza
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
Book Value in this fiscal

756,000
728,000
722,000
723,000
720,000
721,000
701,000
730,749

Appraisal Value

A27
Nisshin
Palaistage
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
Book Value in this fiscal

A06
J-stage
Wakabayashi

1,300,000
1,280,000
1,350,000
1,360,000
1,310,000
1,300,000
1,201,396

640,000
638,000
633,000
633,000
696,000
710,000
710,000
723,000
642,923
A20
Claire Maison

696,000
677,000
687,000
726,000
765,000
774,000
771,000
679,512A28
Growth Maison
Gotanda991,000
1,000,000
1,000,000
1,010,000
1,000,000
903,204

A14

A15
Court Core
Habitation Claire
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
1,285,926
A21
Inage Daiei
Mansion

458,000
462,000
459,000
461,000
464,000
466,000
450,000
469,000
403,382
A23
Fine Court
Tateishi

640,000
619,000
615,000
627,000
617,000
617,000
627,000
614,602
A29
Growth Maison
Kameido

1,110,000
1,120,000
1,140,000
1,150,000
1,140,000
1,087,634

508,000
505,000
509,000
526,000
566,000
566,000
568,000
500,091
A30
Emerald House

1,570,000
1,640,000
1,640,000
1,660,000
1,517,731* Figures are rounded down to thousand JPY and percentages are rounded to one decimal place

A17
ComfortNaka Meguro

1,100,000
1,100,000
1,110,000
1,140,000
1,150,000
1,170,000
1,190,000
1,077,108
A25
Belle Maison
Ikegami

301,000
300,000
303,000
327,000
343,000
350,000
350,000
290,693
A31
Harmonie
Ochanomizu

1,710,000
1,630,000
1,620,000
1,610,000
1,457,092

A18
Growth Maison
Waseda985,000
1,000,000
1,000,000
1,010,000
1,010,000
1,000,000
1,030,000
962,633
A26
Nisshin
Palacestage

1,300,000
1,310,000
1,330,000
1,360,000
1,350,000
1,340,000
1,220,643
A32
Suncrest
Shakujii Koen

1,220,000
1,220,000
1,210,000
1,200,000
1,100,747

49

Appraisal Values & Book Value of 10th Fiscal Period 2)
Residences 2/2(thousand JPY)

Appraisal Value

A33
Growth Maison
Shin Yokohama
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
Book Value in this fiscal

1,110,000
1,150,000
1,150,000
1,160,000
1,069,034

Appraisal Value

A39
Shibuya
Honmachi
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
Book Value in this fiscal

678,000
678,000
685,000
685,000
662,440

Appraisal Value

A45
WacoreTsunashima Ⅰ
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
Book Value in this fiscal

665,000
665,000
634,000
629,000
587,758

A34
Belle Face
Ueno

1,100,000
1,090,000
1,060,000
1,060,000
1,052,745
A40City Heights
Kinuta707,000
685,000
664,000
657,000
656,640
A46
ForosNakamurabashi

634,000
634,000
628,000
627,000
580,653

A35
Grand Rire
Kameido

930,000
949,000
949,000
964,000
926,257
A41
Acseeds Tower
Kawaguchi

698,000
698,000
694,000
707,000
637,092
A47
Growth Maison
Kaijin603,000
610,000
594,000
587,000
561,023

A36
Growth Maison
Ikebukuro

A37
Growth Maison
Yoga

856,000
880,000
869,000
885,000
843,033
A42
Capital Heights
Kagurazaka

521,000
529,000
530,000
531,000
523,544* Figures are rounded down to thousand JPY and percentages are rounded to one decimal place

Route Tachikawa

831,000
831,000
859,000
857,000
812,086
A43
College Square
Machida

647,000
648,000
642,000
637,000
613,118
A48
College Square
MachiyaA38597,000
615,000
602,000
599,000
598,034
A49
Century Toyabe

315,000
316,000
323,433

749,000
734,000
768,000
778,000
684,500
A44
Belair Meguro

608,000
591,000
589,000
595,000
599,794
A50
Unifort MegroNakacho

1,570,000
1,600,000
1,535,964

Residential
Subtotal

32,294,000
4,280,000
9,281,000
11,870,000
14,529,000
31,314,000
31,255,000
33,273,000
30,730,175

50Appraisal Values & Book Value of 10th Fiscal Period 3)
Offices & Commercial facilities(thousand JPY)
B01

Appraisal Value

Asahi Building

450,000
484,000
491,000
495,000
515,000
537,000
557,000
541,000
454,624

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
Book Value in this fiscal
B09

Appraisal Value

Shinjuku Island
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
Book Value in this fiscal

871,000
873,000
875,000
735,619

B03
Nihonbashi 2nd
Building

B04
Nakano NK
Building

B10
Baysite Court
Yokohama

B11
B12
Yakuodo Hirosaki Kokura Kosan
Yasuhara
7th ・17th・20th

3,033,000
2,960,000
2,980,000
2,990,000
3,290,000
3,430,000
3,500,000
3,610,000
2,666,703

1,020,000
1,020,000
1,030,000
984,979

940,000
1,040,000
1,040,000
1,050,000
1,150,000
1,180,000
1,290,000
1,370,000
930,082

416,000
417,000
416,000
415,269

B06
Imperial
Higashi Kurume360,000
360,000
345,000
356,000
371,000
376,000
370,000
377,000
327,270

3,250,000
3,280,000
3,284,014* Figures are rounded down to thousand JPY and percentages are rounded to one decimal place

B07
IWATA Building

923,000
923,000
939,000
951,000
961,000
1,110,000
1,220,000
1,280,000
840,308

B08
Kindai Kagaku
Sha Building

1,340,000
1,340,000
1,310,000
1,300,000
1,294,224

Offices Subtotal

12,603,000
5,767,000
5,795,000
5,842,000
6,287,000
7,973,000
13,807,000
14,079,000
11,933,09851

Appraisal Values & Book Value of 10th Fiscal Period 4)
Parking lots
(thousand JPY)

Appraisal Value

C1
Stop Parking
Kanda Sudacho
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
Book Value in this fiscal

100,000
100,000
99,000100,999

Appraisal Value

C6
Stop Cycle
Shin-Koiwa 2nd
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
Book Value in this fiscal

C2
Stop Parking
Chiba Chuo

155,100
156,000
154,523

100,000
101,000
103,000
95,677C7Stop Parking
Hiratsuka-Beniyacho

115,000
116,000
115,123

C3
Stop Parking
Tokuyama Ekimae

294,000
288,000
274,000
305,188
C8
Stop Oarking
Kita-Urawa-

83,10083,60082,950

C4
Kokura Kosan
East Parking

1,110,000
1,110,000
1,120,000
1,128,952
C9
Stop Parking
Shin-Matsuda-

60,30061,00062,306C5Stop Cycle
Shin-Koiwa 1st

155,000
156,000
155,966
C10
Stop Parking
Yotsukaido-

34,40035,30030,654

Parking lots
Subtotal

2,206,900
1,599,000
2,203,900
2,232,344

Appraisal Value

Total ofproperties holdas the end of this
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
Book Value in this fiscal

47,103,900
10,047,000
15,076,000
17,712,000
20,816,000
39,287,000
46,661,000
49,555,900
44,895,618* Figures are rounded down to thousand JPY and percentages are rounded to one decimal place

52

Portfolio Lists 1)
Residences 1/2(Dec.31, 2007)
Property Type No.

Size

Location

Property Name

Acquisition
Appraisal
Acquisition Completion
Price
Value
Date
Date
( yen in mn) (yen in mn)

Property
Age(years)

Total
Rentable
units

Total
Leasable
Area (㎡)Occupancy
Rate (%)

A4

LPark Villa Yakumo

23 wards

Meguro, Tokyo

1,740

2,260 May 2004 Mar. 1989

18

13

3,029.50

100.0%A6

L

J-stage Wakabayashi

23 wards

Setagawa, Tokyo

629

723 May 2004 May 1991

16

20

1,280.55

100.0%

A14

L

Habitation Claire

23 wards

Ota, Tokyo

1,317

1,460 Sep. 2004 Jan. 1992

15

60

3,407.19

98.5%

A15

L

Court Core Yurigaoka

OthersKawasaki, Kanagawa

423

469 Sep. 2004 Jan. 1993

14

22

901.67

97.1%

A17

L

Comfort Naka-Meguro

23 wards

Meguro, Tokyo

1,086

1,190 Feb. 2005 May 1991

16

22

1,575.68

100.0%A18

C

Growth Maison Waseda-Tsurumaki

23 wards

Shinjuku, Tokyo

971

1,030 Feb. 2005 Aug. 2004

3

28

1,256.07

87.5%

A19

C

Growth Maison Ginza

23 wards

Chuo, Tokyo

734

701 Feb. 2005 Sep. 2004

3

20

821.40

95.1%

A20

L

Claire Maison

23 wards

Chiba, Chiba

678

771 Feb. 2005 Feb. 1990

17

29

1,803.80

96.6%

A21

L

Inage Daiei Mansion

OthersNerima, Tokyo

621

627 Feb. 2005 Mar. 1989

18

34

2,151.41

91.0%

Residences A23

L

Fine Court Tateishi

23 wards

Katsushika, Tokyo

502

568 Feb. 2005 Mar. 1997

10

26

1,358.93

100.0%A25

C

Belle Maison Ikegami

23 wards

Ota, Tokyo

293

350 Feb. 2005 Sep. 1993

1430

495.00100.0%

A26

C

Nisshin Palacestage Daitabashi

23 wards

Suginami, Tokyo

1,251

1,340 Jul. 2005 Dec. 1992

15

98

1,771.13

95.1%

A27

L

Nisshin Palaistage Higashi-Nagasaki

23 wards

Toshima, Tokyo

1,229

1,300 Jul. 2005 Mar. 1989

18

60

2,681.94

98.4%

A28

C

Growth Maison Gotanda

23 wards

Shinagawa, Tokyo

888

1,000 Jan. 2006

2

48

1,051.50

100.0%

A29

C

Growth Maison Kameido

23 wards

Koto, Tokyo

1,070

1,140 Mar. 2006 Oct. 2005

2

66

1,367.96

80.1%

A30

C

Emerald House

23 wards

Itabashi, Tokyo

1,505

1,660 Aug. 2006 Feb. 1995

12

96

2,152.31

99.0%

A31

C

Harmonie Ochanomizu

23 wards

Bunkyo, Tokyo

1,428

1,610 Aug. 2006 Mar. 1997

10

65

1,748.24

97.4%

A32

L

Suncrest Shakujii-Koen

23 wards

Nerima, Tokyo

1,088

1,200 Aug. 2006 Mar. 1990

17

29

3,029.16

100.0%

A33

C

Growth Maison Shin-Yokohama

OthersYokohama, Kanagawa

1,059

1,160 Aug. 2006 Mar. 2006

1

68

1,858.44

100.0%

Jul. 2005*1) Figures are rounded down to million JPY*2) Property age and occupancy rate are rounded to one decimal place*3) Areas that are not part of the 23wards of Tokyo are defined as “Others” in this document*4) Property ages in the “subtotal” and “total” fields are average figures*5) 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 ㎡
*6) As for flat parking lots, there are no buildings on the ground so they do not have “Completion Date” and “Property Age”

53Portfolio Lists 2)
Residences 2/2(Dec.31, 2007)
Acquisition
Appraisal
Acquisition Completion
Price
Value
Date
Date
( yen in mn) (yen in mn)

Location

Property
Age(years)

Total
Rentable
units

Total
Leasable
Area (㎡)Occupancy
Rate (%)

Property Type No.

Size

Property Name

A34

C

Belle Face Ueno-Okachimachi

23 wards

Taito, Tokyo

1,023

1,060 Aug. 2006 Feb. 2006

164

1,351.11

98.4%

A35

C

Grand Rire Kameido

23 wards

Koto, Tokyo906

964 Aug. 2006 Mar. 2006

1

72

1,562.26

100.0%

A36

C

Growth Maison Ikebukuro

23 wards

Toshima, Tokyo

825

885 Aug. 2006 Jan. 2006

142952.89100.0%

A37

C

Growth Maison Yoga

23 wards

Setagawa, Tokyo795

857 Aug. 2006 Mar. 2006

1

39

1,015.34

100.0%

A38

L

Route Tachikawa

OthersTachikawa, Tokyo

676

778 Aug. 2006 Mar. 1997

10

24

1,368.57

100.0%

A39

L

Shibuya-Honmachi Mansion

23 wards

Shibuya, Tokyo

651

685 Aug. 2006 Dec. 1986

21

25

1,167.50

84.1%

A40

L

City Heights Kinuta

23 wards

Setagawa, Tokyo

646

657 Aug. 2006 Mar. 1983

24

19

1,235.93

100.0%

A41

C

Acseeds Tower Kawaguchi-Namiki

OthersKawaguchi, Saitama

620

707 Aug. 2006 Feb. 2006

157

1,210.74

96.5%

Residences A42

L

Capital Heights Kagurazaka

23 wards

shinjuku, Tokyo

604

637 Aug. 2006 May 1987

20

24

1,141.99

100.0%

A43

C

College Square Machida

Others

Machida, Tokyo

589

599 Aug. 2006 Mar. 1984

23

62

1,047.75

100.0%A44

C

Belair Meguro

23 wards

Meguro, Tokyo

589

595 Aug. 2006 Oct. 2005

2

25

557.05100.0%

A45

C

Wacore Tsunashima Ⅰ

OthersYokohama, Kanagawa

572

629 Aug. 2006 Feb. 1991

1650

908.99

91.9%

A46

C

Foros Nakamura-bashi

23 wards

Nerima, Tokyo

566

627 Aug. 2006 Sep. 2001

6

37

815.76

95.1%

A47

L

Growth Maison Kaijin

OthersFunabashi, Chiba

557

587 Aug. 2006 Oct. 1993

14

34

2,040.27

93.8%

A48

C

College Square Machiya

23 wards

Arakawa, Tokyo

510

531 Aug. 2006 Mar. 2006

1

43

871.35100.0%

A49

L

Century Toyabe

NEW

OthersHachinohe, Aomori

A50

C

Unifort Meguro-NakachoNEW

23 wards

Meguro, Tokyo

Subtotal

-

-

-

-

300

316 Aug. 2007 Oct. 1991

16

42

1,899.63

76.2%

1,500

1,600 Aug. 2007 Nov. 2006

164

1,915.50

96.0%

30,45433,273

10.6

1,557

54,804.51

96.3%

-

-

*1) Figures are rounded down to million JPY*2) Property age and occupancy rate are rounded to one decimal place*3) Areas that are not part of the 23wards of Tokyo are defined as “Others” in this document*4) Property ages in the “subtotal” and “total” fields are average figures*5) 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 ㎡
*6) As for flat parking lots, there are no buildings on the ground so they do not have “Completion Date” and “Property Age”

54Portfolio Lists 3)
Offices & Commercial facilities(Dec.31, 2007)
Property Type No.

Offices &Commercial
Facilities

Acquisition
Appraisal
Acquisition Completion
Price
Value
Date
Date
( yen in mn) (yen in mn)

Location

Property Name

Total
Rentable
units

Total
Leasable
Area (㎡)Occupancy
Rate (%)

B1

Asahi Building

23 wards

Chuo, Tokyo443

541 Apr. 2004 Jun. 1988

1911

808.35

90.7%

B3

Nihonbashi 2nd Building

23 wards

Chuo, Tokyo

2,950

3,610 May 2004 Nov. 1993

14

10

3,992.60

100.0%

B4

Nakano NK Building

23 wards

Nakano, Tokyo

913

1,370 May 2004 Jun. 1986

21

11

2,128.84

100.0%

B6

Imperial Higashi-Kurume D

23 wards

Higashi-kurume,Tokyo

349

377 Feb. 2005 Jan. 1989

18

1

1,445.24

100.0%

B7

IWATA Building

OthersYokohama, Kanagawa

890

1,280 May 2005 Sep. 1991

16

9

3,286.59

100.0%

B8

Kindai Kagaku Sha Building

Others

Shinjuku, Tokyo

1,301

1,300 Aug. 2006 Jun. 1991

16

13

1,450.71

100.0%

B9

Shinjuku Island

23 wards

Shinjuku, Tokyo

715

875 Mar. 2007 Jan. 1995

121

526.43100.0%

B10

Baysite Court Yokohama

OthersYokohama, Kanagawa

960

1,030 Jun. 2007 Feb. 1997105

953.72100.0%

B11

Yakuodo Hirosaki Yasuhara

OthersHirosaki, Aomori

410

416 Jun. 2007 Nov. 2006

1

1

1,724.55

100.0%

Mar. 1983

24

47

5,481.43

92.7%

Kokura Kosan 7th

B12

NEW

Kokura Kosan 17th

Others

Kitakyushu, Fukuoka

3,250

3,280 Aug. 2007 Mar. 1990

17

1

8,064.65

100.0%

Jul. 1992

15

30

2,502.89

89.0%

-

15.3

140

32,366.00

97.7%

Kokura Kousan 20th
Subtotal

Property
Age(years)

-

-

-

-

12,182

14,079-*1) Figures are rounded down to million JPY*2) Property age and occupancy rate are rounded to one decimal place*3) Areas that are not part of the 23wards of Tokyo are defined as “Others” in this document*4) Property ages in the “subtotal” and “total” fields are average figures*5) 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 ㎡
*6) As for flat parking lots, there are no buildings on the ground so they do not have “Completion Date” and “Property Age”

55

Portfolio Lists 4)
Parking lots
(Dec.31, 2007)
Property Type No.

Property Name

Parking lots

Acquisition
Appraisal
Acquisition Completion
Price
Value
Date
Date
( yen in mn) (yen in mn)

Location

Property
Age(years)

Total
Rentable
units

Total
Leasable
Area (㎡)Occupancy
Rate (%)

C1

Stop Parking Kanda-Sudacho

23 wards

Chiyoda, Tokyo

97

99 Jan. 2007

-

-

1

81.04

100.0%

C2

Stop Parking Chiba-Chuo

OthersChiba, Chiba

92

103 Jan. 2007

-

-

1

312.40100.0%

274 Feb. 2007

-

-

1

1,678.49

100.0%-

1

6,950.00

100.0%

C3

Stop Parking Tokuyama-eki-mae

Others

Shunan, Yamaguchi

293

C4

Kokura-Kosan East Parking

Others

Kitakyushu, Fukuoka

1,100

C5

Stop Cycle Shin-Koiwa 1st

NEW 23 wards

Katsushika, Tokyo

152

156 Aug. 2007

-

-

1

131.90100.0%

C6

Stop Cycle Shin-Koiwa 2nd

NEW 23 wards

Katsushika, Tokyo

150

156 Aug. 2007

-

-

1

254.53100.0%

C7

Stop Parking Hiratsuka-BeniyachoNEW Others

Hiratsuka, Kanagawa

112

116 Aug. 2007

-

-

1

211.89100.0%

C8

Stop Parking Kita-Urawa

NEW Others

Saitama, Saitama

81

83 Aug. 2007

-

-

1

145.32100.0%

C9

Stop Parking Shin-Matsuda

NEW Others

Ashigarakamigun, Kanagawa

59

61 Aug. 2007

-

-

1

340.52100.0%

C10

Stop Parking Yotsukaido

NEW Others

Yotsukaido, Chiba

29

35 Aug. 2007

-

-

1

107.99100.0%

10

10,214.08

100.0%

1,707 97,384.59

97.2%

1,120 Jun. 2007 Apr. 2004

Subtotal

-

-

-

-

2,171

2,203

-

-

-

Total

-

-

-

-

44,80849,555--

11.7*1) Figures are rounded down to million JPY*2) Property age and occupancy rate are rounded to one decimal place*3) Areas that are not part of the 23wards of Tokyo are defined as “Others” in this document*4) Property ages in the “subtotal” and “total” fields are average figures*5) 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 ㎡
*6) As for flat parking lots, there are no buildings on the ground so they do not have “Completion Date” and “Property Age”

56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
57

About TGR Website in English
TGR attempts to provide information in a clear and timely manner through its website

TGR discloses various types of information such as:
・ TGR Profile, TGR Overview
・ Press Releases, Disclosure Materials, Distribution Information
・ Portfolio Data (MAP/ Pictures etc.), Occupancy Rates
・ IR Schedule, Presentation Materials for fiscal period results, Stock Quote
・ RSS etc.

For more information, please access TGR website:

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

58

Memo

59