February 5, 2009
To All Concerned Parties
Name of REIT Issuer:
TGR Investment Inc.
Takashi Tsunogae, Executive Director
23-3, Ichibancho, Chiyoda-ku, Tokyo, Japan(Securities code: 8963)
URL: http://www.tgr-inv.co.jp/eng/
Asset Management Company:
GrowthREIT Advisors, Ltd.
Shibatsuji Naoki, CEOContact: Eiji Takizawa, CFO(Tel. +81-3-3238-5341)

Notice Concerning Revision of Forecasted Resultsfor 12th Fiscal Period Ended December 2008
TGR Investment Inc. (TGR) announces the revision of its forecast results for the fiscal period endedDecember 2008 (12th Fiscal Period: July 1, 2008 - December 31, 2008) announced in the press
release titled, “Notice Concerning Revision of Forecasted Results for 12th Fiscal Period EndingDecember 2008”, dated August 29, 2008 as follows.

1. Revision of Forecast Results for 12th Fiscal Period
Operating
Revenues
Pervious
Forecast( Aug. 29,2008)
Revised
Forecast

Operating
IncomeMillion JPY

(A)

1,899
Million JPY

(B)

1,967

(B-A)
Variance /(A)68(Ref.) Actual
Results for 11thFiscal Period

Million JPY

Million JPY

899

619616

Million JPY

Million JPY

Million JPY

736735

Million JPY

Million JPY

Million JPY110116118%%

Rate of3.6
Million JPY

1,787

Net Income

Million JPY

1,010

Million JPY

Variance (B-A)

Ordinary
Income%DPU(Excluding
exceeding profit
distribution perunit)

ExceedingProfit
Distribution
Per Unit

JPY

JPY－

11,400JPY－

13,600
JPY%%

18.9

19.2

Million JPY

Million JPY

Million JPY

810530

528

19.3
JPY

9,800(Note) Figures are rounded down to million JPY (except for “Distribution per Unit”) and percentages
are rounded to one decimal place. The DPU of Previous Forecast is a figure in the press release
titled, “Notice Concerning Revision of Forecasted Results for 12th Fiscal Period Ending December2008”, released on August 29, 2008.

1JPY－

2,200

12.3

JPY%－JPY－2. Reason for Revision
The revision to the forecast results was decided to be made at this time due to the fact that areview of the forecast revealed that a 5% change is expected from the previously
announced forecast for the 12th Fiscal Period results.
The main reasons are as follows:(1) “Occupancy rates” and “rents” etc. achieved greater-than-expected level so “rentalrevenues” are expected to increase approximately JPY 60 million.
(2) “Expenses related to rent business” such as “property management fees”, “facilities
management fees” and “maintenance costs” and so forth were less than the previous
forecast due to the efficiency of maintenance work. Hence, “operating expenses”
are expected to decrease approximately JPY 42 million.
3. Future Forecasts
The fixed distribution for the 12th Fiscal Period and the forecast of TGR’s results for the 13th
Fiscal Period (January 1, 2009 - June 30, 2009) will be announced in the Financial Summary
for the 12th Fiscal Period.
In addition, the announcement of the Financial Summary for the 12th Fiscal Period isscheduled to be made on February 18, 2009.
(Note)
The above is a forecast of the performance made as of the date of release and may differ
from the actual distribution. This forecast does not provide any guarantees.

Note: This English language notice is a translation of the Japanese language notice on TGR’s website
released on February 5, 2009 and was prepared solely for the convenience of, and reference by,
non-Japanese investors. No warranties or assurance are given for its accuracy or completeness of thisEnglish translation.

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