TGR Investment Inc.
東京グロースリート投資法人(Code : 8963)(銘柄コード 8963)

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

September 2007

9th Fiscal Period Results(Six Month Period from January 1, 2007 to June 30, 2007)0

Table of Contents
Section 1:
9th period Financial Statements(P2)

Section 2:
9th period Portfolio(P12)・Summary of the 9th period Results (1)(2)
・Income Statement
・Balance Sheet – Assets / Liabilities & Equity
・Financial Metrics
・Cash Flow Statement / Distribution Statement
・Forecast for the 10th fiscal period

・Portfolio Growth (1) (2)・Portfolio Diversification
・Assets Acquired in the 9th fiscal period (1) (2)・Assets Sold in the 9th fiscal period
・Portfolio Occupancy for the 9th fiscal period
・Overview of Interest-Bearing-Debt
・Overview of Unitholders (1) (2)Section 3:
Operation Strategies

Section 4:
Appendix(P24)

・Cooperative Relations
between TGR & Apamanshop Group・About Apamanshop Group・Sponsor Support Agreement
・External Growth Strategies (1)-(3)・Internal Growth Strategies (1) (2)・Assets Acquired in the 10th fiscal period (1)-(3)・Financial Strategies (1) (2)(P38)

・Historical Unit Price Performance・Performance by Property in the 9th fiscal
period (1)-(5)・Appraisal Value & Book Value (1)-(3)・Portfolio Lists (1)-(3)・Disclaimer

1Section 1 9th period Financial Statement2Summary of the 9th period Results (1)（07/06/30）● TGR acquired 7 properties in the 9th period

External Growth(Office:1 + Commercial facilities: 2 + Parking lots: 4)(Total acquisition cost: ¥ 3,670 million)● TGR sold 2 properties in the 9th fiscal period(Residence:1 + Office: 1) (Total sales price: ¥ 2,453 million)

9th period Portfolio Occupancy

Internal Growth

Financial
Position

Period Beginning

Weighted Average

95.7%

95.9%

Period End

97.0%（06/30/2006：93.6%）● LTV: At IPO 46.5%, 9th period 52.0%● Focusing on leverage effect● 33.7% of TGR’s outstanding debt has been swapped to a fixedinterest rate

Distribution
Per Unit

Initial estimate¥7,517

Revised to¥10,100(04/09/2007)

Actual Distribution¥11,150円
3Summary of the 9th period Results (2)The 9th period Results against Forecasts and Historical Results
The 8th period(Actual)

The 9th period(Forecast)(1)

The 9th period(Actual)(2)(Six months ended
Dec.31, 2006)(Six months ended
Jun.30, 2007)(Six months ended
Jun.30, 2007)

Days of
Operation

184

181

181

Operating
Revenue

1,721,817

Operating
IncomeVariance toForecast (2)-(1)AmountThe 10th period(Forecast)(Six months Ending
Dec.31, 2007)

(%)

-

184

1,397,689

1,637,306 239,616 17.1

1,587,800

908,267

583,654782,869 199,214 34.1

655,549

Recurring
Profit643,725

406,377

602,421 196,044 48.2

394,331

Net Income

642,689

405,177

600,982 195,805 48.3

392,538

Distribution
per Unit

11,924

7,517

11,150-3,633 48.3

7,282

* Figures are rounded down to yen thousands (except for “Distribution per Unit") and percentages are rounded to one decimal place4

Income Statement
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)Asset management fees
OthersOperating income
Ⅲ. Non-operating revenues
Interest revenues
Other non-operating revenues
Ⅳ. Non-operating expenses
Interest expenses
Finance related costs
Public offering costs
Public listing related costs
Amortization of organization costs
Amortization of offering costs
Other non-operating expenses
Recurring profit
Income before income taxes
Income and other taxes
Tax adjustments
Net income
Retained earnings (begning balance)
Retained earnings (ending balance)

9th period
8th period(Six months ended (Six months ended
Jun. 2007)
Dec. 2006)
Amount％Amount
%1,637,306
1,452,853
184,452
854,437
675,995
278,036
1,054,893
88,91989,521
782,869
1,943
1,683
259
182,391
166,590
12,246
1,766
1,750
38
602,421602,421
6,014-4,576600,98212
600,995

100.0

52.2

64.4

47.8
0.1

11.1

36.8
36.8

36.7
36.7

1,721,817
1,403,385
318,431
813,550
643,110278,234
1,038,510
88,84081,599908,267
1,796
252
1,543
266,337
153,91369,8606,102
30,946
4,055
1,459
643,725
643,725
2,151-1,115642,68914
642,704

100.0

47.2

60.3

52.8
0.1

15.5

37.4
37.4

37.3
37.3

ChangesAmount-84,51149,467-133,97840,88632,885-198,485
16,38379
7,921-125,397
147
1,431-1,283-83,946
12,676-57,614-6,102-29,180-4,055291
38-41,304-41,304
3,863-3,460-41,707-1-41,709

%
-4.9

5.0

Operating Revenue◇Rental revenue：Changes:¥49,467 thousand◇Gain from sales of properties：¥84,452 thousand

1.6

-13.8

-32

-6.4
-6.4

Property related expenses (2)：see appendix for more
information (P40-)
NOI◇￥16,383 thousand

Asset management fee◇No incentive compensation
on sales◇Acquisition incentive

-6.5
-6.5

* Figures are rounded down to yen thousands and percentages are rounded to one decimal place

5Balance Sheet- Assets
Items

9th period(As of Jun. 2007)
AmountAssetsⅠ Current Assets
Cash and cash equivalents
Cash and cash equivalents in trust
Rental receivables
Payment in advance
Prepaid expneses
Consumption tax refundable
Deferred income taxes
Derivative assets
Other current assets
Allowance for doubtful aseetsTotal current assets
Ⅱ Non-current assets
Property, plant and equipment, at costLand
Land in trust
Buildings
Buildings in trust
Building improvements
Building improvements in trust
Equipment
Equipment in trust
Furniture and fixtures 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 deposit
Long-term prepaid expenses
Deferred income taxes
Other
Total investments
Total non-current assets
Ⅲ Deferred assets
Offering costs
Total deferred assets
Total Assets

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

8th period(As of Dec. 2006)
AmountChanges%Amount8.9-1,381,034-43,241-28,91051
4,116-9,470
6,070-10,017
10,000-3,423-1,455,859

91.0

2,197,698-1,196,657
457,917-289,220
3,732
39,087
116,892-5,6285,796
1,329,617

3.5

0.0

2,561
2,561

373.2

54.3
3.6
-19.4
-0.2

5.4

1,933,527
1,631,817
76,332323
33,023
20,443
10,017
3,705,486

94.3

20,657,915
14,851,042
147,513
2,385,621
13,85738,055,949

0.0

564
121
686

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

0.3
94.6

10,00023,387
16,48019,67069,53838,126,174

0.2
91.1

18,768-11,725
30,69137,734
1,369,913

7,295
7,295
41,753,010

0.0
100.0

9,046
9,046
41,840,707

0.0
100.0

-1,750-1,750-87,696

2,197,698
19,461,257
457,917
14,561,822
3,732
186,600
116,892
2,379,993
19,65339,385,567
3,125
121
3,247

%

Cash and cash equivalents◇Utilized “cash and cash
equivalent” to acquire new assets
below（Total acquisition values:¥2,570,088thousand）-39.3

B9 Shinjuku Island
B10 Baysite Court Yokohama
B11 Yakuoudo Hirosaki Yasuhara
C1 SP Kanda Sudacho
C2 SP Chiba Chuo
*1）
C3 SP Tokuyama Ekimae*1）SP is abbreviation for Stop Parking* Figures are rounded down to yen thousands and percentages are rounded to one decimal place

6

Balance Sheet- Liabilities & Equity
Items

9th period(As of Jun. 2007)
AmountLiabilities
Ⅰ Current liabilities
Accounts payable
Short-term debt
Current portion of long-term debt
Accrued liabilities
Accrued expenses
Accrued income taxes
Accrued consumption taxes
Deferred income taxes
Unearned revenues
Deposits
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
Unitholders' equities
Ⅰ Unitholders' equity
Unitholders' capital
Retained earnings
Total unitholders' equity
Ⅱ Evaluation, currency translation and etc.
Deferred hedge losses
Total evaluation, currency translation and etc.
Total Unitholders' equities
Total Liabilities and Unitholders' equities

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

8th period(As of Dec. 2006)
AmountChanges%Amount%21.9

26,902
1,000,000-8,842,004-462-1,4703,577-5,522-2,919-2,157-6,240-7,830,297

-85.5

30.9
52.8

7,750,000
106,595-54,956-28,580
7,773,058-57,238

60.1
-0.3

-0.2
-61.6
-0.2
-0.2

3.2

76,521
8,842,004
14,892
40,460
2,101
5,522
2,919
158,566
15,074
9,158,062

49.6
52.7

12,000,000
883,641
40,14012,923,781
22,081,843

19,134,417
600,995
19,735,412

47.3

19,134,417
642,704
19,777,121

47.3-41,709-41,709-7,006-7,006
19,728,405
41,753,010

0.0
47.3
100.0

-18,257-18,257
19,758,863
41,840,707

0.0
47.2
100.0

11,250
11,250-30,458-87,696

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

End-of-period balance of Interest-bearing Debt
◇Short-term debt
¥1,000,000 thousand◇Long-term debt
¥19,750,000 thousand

Net Asset Value per Unit:¥366,025(Units issued outstanding：
53,899Units)

Ratio of interest-bearing debt
=Interest-bearing debt / (Interest-bearing debt + Unitholders’ capital) *100=52.0%* Figures are rounded down to yen thousands and percentages are rounded to one decimal place

7

Financial Metrics（yen in thousand）
th

Items
Return on Asset (ROA)
annualizedthth

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

2.8%

3.1%

2.9%

3.5%

3.2%

3.3%

3.1%

7.0%

6.5%

6.5%

6.2%

Loan-to-Value (LTV 1)

54.8%

56.0%

52.1%

52.0%

Loan-to-Value (LTV 2)

51.8%

53.1%

49.8%

49.7%

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

44.2%

43.1%

47.2%

47.3%

Debt Service Coverage Ratio (DSCR)

7.3x

6.7x

4.9x

5.2x

Net Operating Income

717,415

723,951

1,038,510

1,054,893

annualized yield

6.4%

6.5%

5.7%

5.6%

Depreciation Expenses

209,617

213,489

278,234

278,036

Funds from Operation (FFO)

502,453

477,567

602,492

694,566

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+9th fiscal Depreciation Expenses
Annualized NOI yield=（（Operating Revenue-Operating Expenses+8th fiscal Depreciation Expenses）/ days*365）/ Weighted Average Investment for Real Estates
FFO=Net Income+9th fiscal Depreciation Expenses-Gain on Sales of Properties* Figures are rounded down to yen thousands and percentages are rounded to one decimal place8Cash Flow Statement / Distribution Statement
Items

9th period(Six months ended
Jun. 2007)
Amount (\'000)

8th period(Six months ended
Dec. 2006)
Amount (\'000)

602,421278,302
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

643,725
278,2656,102
30,94669,860
4,055
1,459
-252
153,9132,873,084-5,126-61,127-20,443-27,611
1,855-1,223
16,54020,431527-1,557
3,983,426
252-174,340-676
3,808,662-2,777,362-1,034,286-2,827
106,595-137,094
82,253-3,762,721-17,042,326-67,907287,386-16,822,848

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

1,700,000-6,664,395
12,000,000
8,301,125-10,505-6,102-30,946-69,860-357,006
14,862,307
1,848,121
1,717,224
3,565,345

9th period
8th period(Six months ended (Six months ended
Jun. 2007)
Dec. 2006)

Items

Amount (\'000)

Ⅰ Cash flow from operating activities
Net income before taxes
Depreciation expenses
Public Offering costs
Public listing related costs
Finance related costs
Write-off of establishment expenses
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 consumption tax receivable
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
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
Proceeds from issuance of investment units
Payment of offering costs
Public Offering costs
Public listing related costs
Finance related costs
Payment of distributions

Cash flow from financing activities
Ⅳ Increase in cash and cash equivalents
Ⅴ Beginning balance of cash and cash equivalents
Ⅵ Closing balance of cash and cash equivalents

Unappropriated retained earnings(\'000)Distributions(\'000)Distribution per unit
Retained earnings carried forward(\)(\'000)

Amount (\'000)

600,995
600,973
11,15021

642,704
642,691
11,92412* Figures are rounded down to yen thousands andpercentages are rounded to one decimal place9Forecast for the 10th fiscal period
Items

10th period (forecast)(Six months ended
Dec. 2007)

AmountⅠ. Operating revenues
Rental revenues（1）Gain from sales of properties
Ⅱ. Operating expenses
Total property related expenses（2）・Facilities management fees
・Taxes and other public charges
・Insurance expenses
・Other expenses
・Depreciation expenses(3)NOI（1)-(2)+(3)（1）-（2）
Asset management fees
OthersOperating income
Ⅲ. Non-operating revenues
Ⅳ. Non-operating expenses
Recurring Profit
Income before income taxes
Taxes
Net income

1,587,800
1,587,800
0932,250
238,918
79,7138,030
86,767313,207
1,174,370
861,162
96,998
108,615
655,549
1,683
262,901
394,331394,331
1,793
392,538

％
100.0
100.0
0.0
58.7
45.8

74.0
54.2
6.1
6.8
41.3

24.8
24.8
0.1
24.7

9th period(Six months ended
Jun. 2007)

Amount
1,637,306
1,452,853
184,452
854,437
675,995
221,01379,462
7,088
90,395
278,036
1,054,893
776,857
88,91989,521
782,869
1,943
182,391
602,421602,4211,438
600,982%

ChangesAmount

100.0
88.7
11.3
52.2
41.3

64.4
47.4
5.4
5.5
47.8

36.8
36.8
0.1
36.7

Forecast Assumptions:◇56 properties (As of Aug.14, 2007)◇Units issued outstanding : 53,899 Units-49,506
134,946-184,452
77,81350,641
17,904250
942-3,62735,171
119,477
84,305
8,078
19,093-127,319-259
80,509-208,089-208,089
354-208,444

%
-3.0
9.3
-100.0
9.1
7.5

11.3
10.9
9.1
21.3
-16.3

Rental revenues◇Increased ¥134,946
thousandGain from sales ofproperties◇Gain from the sales ofproperties will bereflected to result
forecasts once saleagreements for properties
in question are signed /ratified

-34.5
-34.5
24.7
-34.7

Distribution
Distribution Forecast
Forecast forfor10
10thth fiscal
fiscal period
period¥7,282¥7,282 per
per Unit
Unit*1) Figures are rounded down to yen thousands and percentages are rounded to one decimal place*2) Revisions to forecast shall be disclosed in compliance with Tokyo Stock Exchange rules

10

Memo

11

Section 2 9th period Portfolio

12Portfolio Growth (1)The history of portfolio

Total acquisition value
Total number of properties

4th

5th

2004

2005

6th

7th
2006

8th

9th
2007

* Figures are rounded down to yen thousands

13

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

Average occupancy rate
Total leasable area
Total rentable units

4th

5th

2004

2005

6th

7th
2006

8th

9th
2007

* Figures are rounded down to yen thousands and percentages are rounded to one decimal place14

By Property TypeBy Geography

Portfolio Diversification

As of IPO (05/2004)

As of 9th the period (06/2007)

23 wards of Tokyo
76.5%

23 wards of Tokyo
89.4%

Offices
22.8%

Offices
35.9%

Residences
73.2%

Residences
64.1%

As of IPO (05/2004)

Parking Lots
4.0%

As of 9th the period (06/2007)

As of IPO (05/2004)

Less than 20 years
46.8%

By AgeOthers23.5%

Others10.6%

Less than 15 years
53.2%

Less than 25 years
8.8%

As of 9th the period (06/2007)

Less than 20 years
30.9%

Less than 5 years
29.7%

Less than 10
years1.5%

Less than 15 years
53.2%* Percentages are calculated by acquisition value

15

Assets Acquired in the 9th fiscal period (1)(Office:1 + Commercial facilities:2)
B9 Shinjuku Island (Office)B10 Baysite Court Yokohama (Commercial)◆Location:◆Total land area:◆Floor area:◆Date of Completion:◆Date of Acquisition:◆Acquisition Values:◆Appraisal Values:

Yokohama City, Kanagawa
2,215.09㎡
965.72㎡
Feb. 1997
Jun. 2007
960 million in yen
1,020 million in yen

B11 Yakuoudou Hirosaki Yasuhara (Commercial)◆Location:◆Total land area:◆Floor area:◆Date of Completion:◆Date of Acquisition:◆Acquisition Values:◆Appraisal Values:

Shinjuku-ku, Tokyo
19,511.37㎡
523.04㎡ *1)
Jan.1995
Mar. 2007
715 million in yen
871 million in yen*1) 523.04 ㎡ is the floor area that TGR holdTotal Floor area is 211,861.11㎡* Amounts are rounded down to yen millions◆Location:◆Total land area:◆Total floor area:◆Date of Completion:◆Date of Acquisition:◆Acquisition Values:◆Appraisal Values:

Hirosaki City, Aomori
4,553.07㎡
1,724.55㎡
Nov. 2006
Jun. 2007
410 million in yen
416 million in yen

16Assets Acquired in the 9th fiscal period (2)(Parking Lots:4)
C1 Stop Parking Kanda Sudacho◆Location:◆Land area:◆Nearest station:◆Capacity:◆Date of Acquisition:◆Acquisition Values:◆Appraisal Values:

Chiyoda-ku, Tokyo
81.04㎡“Kanda” St. on the JR Yamanote line (4 mins walk)
4 CarsJan. 2007
97 million in yen
100 million in yen

C3 Stop Parking Tokuyama Ekimae

C2 Stop Parking Chiba Chuo

◆Location:◆Land area:◆Nearest station:◆Capacity:◆Date of Acquisition:◆Acquisition Values:◆Appraisal Values:

C4 Kokura Kosan East Parking◆Location:
Shunan City, Yamaguchi◆Land area:
1,678.49㎡“Tokuyama” St. on the JR Sanyo line (4 mins walk) ◆Land area:◆Nearest station:
65 Cars
Feb. 2007◆Capacity:
293 million in yen◆Date of Acquisition:
294 million in yen◆Acquisition Values:* Amounts are rounded down to yen millions◆Appraisal Values:◆Location:◆Land area:◆Nearest station:◆Capacity:◆Date of Acquisition:◆Acquisition Values:◆Appraisal Values:

Chiba City, Chiba
312.40㎡“Chiba” St.on the JR Sobu line (13 mins walk)
12 Cars
Jan. 2007
92 million in yen
100 million in yen

Kitakyushu City, Fukuoka
4,360.12㎡
7,718.75㎡“Kokura” St. on the JR Kagoshima Honsen line
(7 mins walk)
453 CarsJun. 2007
1,100 million in yen
1,110 million in yen

17Assets Sold in the 9th fiscal period
Gain from sales of Properties
Disposition Strategy(yen in thousand)No.

Property nameSales revenues

A22

Maison de crane733,053

609,334

21,936

101,782

05/16/2007

B5

Ueno Toso Buildin

1,729,012

1,594,660

51,682

82,66905/21/2007

2,462,066

2,203,994

73,619184,452

Total

Cost of sales

Other expenses

Gain on sales

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

A22: Maison de Crane

B5: Ueno Toso Building

18

Portfolio Sold in the 9th fiscal period (1)B7 IWATA Building:
Leasing up from73.3% to 100.0%

100.0%
98.0%
96.0%

100.0%

100.0%

100.0%

96.4%

96.6%

96.4%

95.7%

95.5%

95.4%

100.0%
96.0%
95.0%

94.0%
92.0%

93.0%

91.5%

96.5%
95.9%

100.0%
98.6%
97.0%
95.9%

91.1%

91.3%

90.0%

100.0%
98.4%

88.0%
86.0%

Jan.

Feb.

Mar.

Apr.

May

Jun.

2007
Resicence

Offices

Parking Lots

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

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

Borrowing date

As of the Jun. 2007
period ended (\millions)

Variable/ Fixed

12,000

Variable

Repayment
deadlineType

1.359%

08/03/2009

Mortgage・No warranty

Average rate
*3)

The Chuo Mitsui Trust andBanking Co., Ltd.
Aozora Bank, Ltd.
Resona Bank, Ltd.

08/03/2006*2)

Mitsubishi UFJ Trust andBanking Co. Ltd.
The Musashino Bank, Ltd.

Debtor bank
Lehman Brothers Japan INC.

Borrowing date

As of the Jun. 2007
period ended (\millions)

Variable/ Fixed

Average rate

Repayment
deadlineType

05/24/2007

7,750

Variable

1.492%

05/31/2010

Mortgage・No warranty

Borrowing date

As of the Jun. 2007
period ended (\millions)

Variable/ Fixed

Average rate

Repayment
deadline

Type

1,000

Fixed

09/28/2007

Mortgage・No warranty*3)

Short-term Debt
Debtor bank
THE NISHI-NIPPON CITY
BANK, LTD.

06/29/2007*3)

1.553%*1) Figures are rounded down to yen millions*2) Interest rate swap transactions to avoid interest rate fluctuation risks were conducted for ¥ 6,000 million*3) Average interest rate is loan interest rate of each loan agreement (weighted average of period balance) rounded to 3 decimal places

20

Overview of Unitholders (1)Top 10 Unitholders
8th period (As of Dec. 31, 2006)

9th period (As of Jun. 30, 2007)
Number ofunits held

Name of firm（％)

Name of firm

Number ofunits held（％)

1 CGML-IPB Customer Collateral Account

6,011 11.15%

1 CGML-LONDON EQUITY

13,014 24.15%

2 NikkoCiti Trust and Banking Corporation

3,769 6.99%

2 NikkoCiti Trust and Banking Corporation

3,175 5.89%

3 Goldman Sachs International

3,651 6.77%

3 Deutsche Bank AG London PB nontreaty clients 613

2,235 4.15%

4 Morgan Stanley and company inc.

2,450 4.55%

4 Goldman Sachs International

1,425 2.64%

5 Trust & Custody Services Bank, Ltd.

1,716 3.18%

5 Goldman Sachs and Company Regular Account

1,212 2.25%

6 HSBC Bank PLC-Clients Nontax Treaty

1,421 2.64%

6 Japan Trustee Services Bank, Ltd.

1,186 2.20%

7 Japan Trustee Services Bank, Ltd.

1,291 2.40%

7 The Bank of New York, Treaty JASDEC Account

1,105 2.05%

8 Daiwa Life Insurance Co.

850 1.58%

8 Daiwa Life Insurance Co.

850 1.58%

9 Don Quijote Co., Ltd.

800 1.48%

9 State Street Bank and Trust Company 505025

700 1.30%

10 Credit Suisse First Boston Europe PB Sec Int Non-Treaty Client

765 1.42%

10 Bank of MINAMI-NIPPON,LTD

691 1.28%

Total* Percentages are rounded to one decimal place

22,724 42.16%＊Total units

Total

25,593 47.48%＊Total units

53,89953,899(Reference) Reporting of major unitholders
Firm nameSubmitted on # of units held (unit)

Ratio(%)

1 Prospect Asset Management, Inc.

09/10/2007

15,10328.02%

2 Nikko AM International, Inc.

01/17/2007

3,648

6.77%

3 TOWER INVESTMENT MANAGEMENT CO., LTD.

05/07/2007

2,382

4.42%

21,13339.21%

Total*1) Ratio held of 53,899 units outstanding*2) As of 09/10/2007*3) Percentages are rounded to two decimal places

21

Overview of Unitholders (2)Breakdown by Number of Investors
Other Domestic Companies
1.0%
Foreign Investors
0.6%

Financial Institutions(incl.Securities Companies)
0.5%

Financial Institutions(incl.Securities Companies)
0.5%

Other Domestic Companies
1.0%
Foreign Investors
0.8%

Individual
97.8%

Individual
98.0%

9th (06/2007)

8th (12/2006)*Total unitholders：6,739*Total unitholders：7,264

Breakdown by Number of Units Held
Foreign Investors
34.5%

Indivicual
41.4%*Total units：53,899

Individual
37.4%

Other Domestic Companies
2.5%

Other Domestic Companies
4.6%

8th (12/2006)

Foreign Investors
43.8%

Financial Institutions(incl.Securities Companies)
19.5%

9th (06/2007)

Financial Institutions(incl.Securities Companies)
16.3%*Total units：53,899

22

Memo

23

Section ３ Operation Strategies

24Cooperative Relations
between TGR & Apamanshop Group

Sponsor Support Agreement

Apamanshop
Holdings Co.,Ltd.

100%Subsidiary
Firm

PAREX Inc.

Apamanshop *1)
REIT Park Inc.

AS-SZKi *2)
CORPORATION

（*1）

（*2）

100%Subsidiary
Firm

GrowthREIT
Advisors Co., Ltd.

Asset Management
Entrustment

TGR Investment
Inc.

*1） Firm name was changed from Stop Parking Co., Ltd. in Apr.2007.
*2） Firm name was changed from Suzuki Construction Co., ltd in Apr.2007.
AS-SZKi CORPORATION purchased ASN asset management company that is subsidiary of Apamanshop
Holdings Co., Ltd. in Jun.,200725

About Apamanshop GroupApamanshop holdings Co., Ltd.
●Firm Name:

Apamanshop Holdings Co.,Ltd.(Ticker:8889)●Description of

Housing Information Service through chain network,
Property Management, Asset Management,
Principal Investment Fund businessbusiness:Strength of Apamanshop Group
1．Customer base of real estate
2．Information network of real estate（As of the end of Jun., 2007）

200 thousand owners and 700 thousand tenantsCompany stores + Franchise stores = Total 944 stores

3．Leasing ability supported by real estate information system
records per year

360 thousands of leasing

4．Property Management using leasing records, Principal Investment using real estate andFund management information network
Gain rental management condition and sales informationof property owners
26

Sponsor support Agreement
Outline of sponsor support agreement
Aug.7, 2007
”Sponsor Support Agreement contract” was created by TGR Investment Inc. (TGR) and GrowthREIT
Advisors, Ltd. (GRA) in collaboration with the following 3 sponsor support companies
Sponsor support companies

1．Apamanshop Holdings Co., Ltd.
2．AS-SZKi CORPORATION
3．Apamanshop REIT Park Inc.

Purpose of sponsor support agreement●Real estate

information network
Sponsor support companies●Leasing ability●Property management

ability

TGR and GRA utilize precedingabilities of sponsor support
companies for the purpose of
acquiring new properties andfor managing property holdings

Content of sponsor support agreement
1. Provision of prior inspection of properties granted from sponsor support companies
2. Warehousing function by sponsor support companies
27External Growth Strategies (1)Portfolio Strategies
Area

Others29.1%
23 wards of
Tokyo
70.9%
By geography *Property TypeSize

The 23 wards of Tokyo and their surrounding areas hold the highest
potential for investment within our portfolio strategy ** Amendment of Asset Management Policy
TGR submitted the following new Asset Management Policy at the unitholders’ meeting on
September 20th, 2007
『For the purpose of further growth of TGR properties and TGR’s acquisition of high grade
properties, TGR will remove the phrase, "Tokyo and its surrounding area” as it relates to theirinvestment area 』* The calculation of the pie chart above includes all of the properties that TGR acquired as of the end of August, 2007
Also, percentages are calculated by acquisition value

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

28External 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 revenue; however, to improve profitability in an efficient manner,
we are replacing our 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 ¥500 million and offices of which acquisition price less than ¥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

29

External Strategies (3)Disposition Strategy 2
Portfolio Breakdown by Disposition Strategy* Percentages are calculated by acquisition value

8.4%

10.2%

5.0%

5.2%

84.6%

86.6%
Core Properties
Properties to sell immediately
Properties to sell next

9th period (06/2007)

8th period (12/2006)

Capital Gain on Sales-to-Net Income Ratio（yen in millions)

Gain on Sales

（A）

4th
(Twelve Months
Ended Dec. 2004)-

Net Income（B）

243,603(A)/(B)

-

5th
6th
7th
8th
9th
(Six Months Ended (Six Months Ended (Six Months Ended (Six Months Ended (Six Months Ended
Jun. 2005)
Dec. 2005)
Jun. 2006)
Dec. 2006)
Jun. 2007)
183,680
105,941
95,804318,431
184,452
354,135

398,778

359,882642,689

600,982

51.9%

26.6%

26.6%

49.5%

30.7%

* Figures are rounded down to yen thousands and percentages are rounded to one decimal place

30

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

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

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

31Internal Growth Strategies (2)Renewable leasable area (㎡) to total leasable area (㎡)
30.0%
25.5%
25.0%
19.4%

20.0%
15.0%
10.0%

8.9%

9.8%

5.0%
1.5%
0.0%

0.0%

0.0%

〜
12
/3
1/
20
07
〜
06
/3
0/
20
08
〜
12
/0
3/
20
08
〜
06
/3
0/
20
09
〜
12
/0
3/
20
09
〜
06
/3
0/
20
10
〜
12
/0
3/
20
10
〜
06
/3
0/
20
11

0.0%

* As of the end of Jun., 200732

Assets Acquired in the 10th fiscal period (1)(08/07/2007)
Property
Type

No.

Property Name

A49 Century Toyabe

Acquisition
ValuesLocation *2)

Total
Rentableunits(Ref.)
Capacity

Date ofCompletion

PropertyAge(years)

300

OthersHachinohe City, Aomori

42-

Oct. 1991

1,500

23 wards

Meguro-ku, Tokyo

64-

Nov. 2006 （8 months）

51-

Mar. 1983

24

1

328

Mar. 1990

17

44

-

Jul. 1992

15

Expected dateof Acquisition

15 By 09/28/2007

Residences
A50 Unifort Megro Nakacho
Kokura Kosan 7th
Offices andCommercial B12 Kokura Kosan 17th
buildings etc.

3,250

Others

Kitakyushu, Fukuoka

Kokura Kosan 20th
C5

Stop Cycle
Shinkoiwa 1th152

23 wards

Katsushika-ku, Tokyo

1

124

-

-

C6

Stop Cycle
Shinkoiwa 2th150

23 wards

Katsushika-ku, Tokyo

1

204

-

-

C7

Stop Parking
Hiratsuka Beniyacho

112

OthersHiratsuka City, Kanagawa

1

8

-

-

C8

Stop Parking
Kitaurawa

81

OthersSaitama City, Saitama

1

5

-

-

C9

Stop Parking
Shinmatsuda

59

OthersAshigarakami-gun, Kanagawa

1

13

-

-

C10

Stop Parking
Yotsukaido

29

OthersYotsukaido City, Chiba

1

4

-

-

-

5,636

-

208

686

-

*4) 14.2

Parking lots

*3)

Total

-

08/20/2007--*1) Figures are rounded down to yen millions, property age and occupancy rate are rounded to one decimal place*2) Areas that are not part of the 23 wards of Tokyo are defined as “Others” in this document*3) As for flat parking lots, there is no buildings on the ground so they don’t have “Date of Completion” and “Property Age”
*4) Property ages in the “subtotal” and “total” fields are average figures

33

Assets Acquired in the 10th fiscal period (2)Income and Expense in assumption (Residences and Offices)(Yen in million)

No.
Property Name
Rental revenues
Rents and Common expenses
Other income
Property related expenses
Facilities management fees
Taxes and other public charges
Insurance expenses
Other expenses
NOI

A49
Century
ToyabeA50
UnifortMeguro Nakacho

31,52629,810
1,716
7,754
3,358
3,441
150
804
23,771

B12
Kokura Kosan
th

th

th

７ ・17 ・20
84,725322,992
82,444
254,207
2,280
68,784
17,680101,468
6,403
58,924
8,852
36,915
424
2,628
2,000
3,000
67,044
221,523

A50: Unifort Meguro Nakacho

A49: Century Toyabe

B12: Kokura Kosan 7th

B12: Kokura Kosan 17th

B12: Kokura Kosan 20th34

Assets Acquired in the 10th fiscal period (3)Income and Expense in assumption (Parking Lots)(Yen in million)
No.
Property Name
Rental revenues
Rents and Common expenses
Other income
Property related expenses
Facilities management fees
Taxes and other public charges
Insurance expenses
Other expenses
NOI

C5
Stop Cycle
Shin Koiwa 1

C6
Stop Cycle
st

7,468
7,468
0
431
0
431
0
0
7,036

Shin Koiwa 2

C5: Stop Cycle
Shin Koiwa 1st
nd

7,383
7,383
0
382
0
382
0
0
7,000
C9: Stop Parking
Shin Matsuda(Yen in million)

No.
Property Name
Rental revenues
Rents and Common expenses
Other income
Property related expenses
Facilities management fees
Taxes and other public charges
Insurance expenses
Other expenses
NOI

C7
Stop Parking
Hiratsuka

C8
Stop Parking
Kita Urawa

5,581
5,581
0
880
0
880
0
0
4,700

C9
Stop Parking
Shin Matsuda

3,502
3,502
0
355
0
355
0
0
3,146

3,276
3,276
0
590
0
590
0
0
2,686

C10
Stop Parking
Yotsukaido

1,646
1,646
0
120
0
120
0
0
1,526

35

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

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

Borrowing Trend
Long-Term debt to total
4th period（12/ 2004） 0%
Shortterm
100.0%

Fixed Interest Rate debts to total⇒ 9th period (06/2007) 95.2%
Longterm
95.2%

4th period （12/ 2004） 0%

Shortterm
4.8%⇒

9th period (06/2007) 33.7%*1)

Variable
100.0%

Fixed
33.7%

Variable
66.3%

Interest expense to Operating Revenue *2)
4th period （12/ 2004） 9.7% ⇒ 9th period (06/2007)10.2%*1) By swap agreement*2) Interest expense to Operating Revenue=Interest expense/Operating Revenue

36Financial Strategy (2)Change in LTV*４)08/20/2007
58.9%
●

(*3)

2004

2005

2006

2007

*1) LTV=End-of-period Interest-bearing Debt/(End-of-period Interest-bearing Debt + Unitholders’ Capital)*100*2) Figures are rounded down to yen thousands and percentages are rounded to one decimal place*3) As of 06/29/2007*4) TGR borrowed 7,648 millions in yen on loan from Lehman Brothers Japan Inc. and repaid 648 millions in yen to
THE NISHI-NIPPON CITY BANK, LTD
Therefore, LTV of TGR became 59.83 % as of 08/20/2007

37

Section 4 Appendix

38

Historical Unit Price Performance
Unit Price (¥)

Volume (Units)

480,000

2,700

470,000

2,550

460,000

2,400

450,000

2,250

440,000

2,100

430,000

1,950

420,000

1,800

410,000

1,650

400,000

1,500

390,000

1,350

380,000

1,200

370,000

1,050

360,000

900

350,000

750

340,000

600

330,000

450

320,000

300

310,000

150

300,000

0yield (%)

･･･7.0･･･6.0･･･5.0･･･4.0･･･0.0

06
06
06
06
05
05
05
05
05
05
04
07
04
07
07
04
06
04
06
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
/
/
/
/
/
/
/
/
/
/
/
/
/
/
/
/
/
/
/
09
05
07
03
01
11
09
07
05
03
01
11
05
09
03
01
05
07
11

LegendUnit Price (¥)

Volume(¥)

Yield(%)* Regarding Yield Calculations
For fiscal periods 4 through 9 actual distribution amounts are used, beyond the last day of distribution eligibility for the 9th period, annualized forecasted
distributions are used in calculating the yield

39

Performance by Property in the 9th fiscal period (1)Residences 1/3（yen in thousand）
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

71,6239,188
80,811
9,171
3,974
195
1,223
7,109
21,67359,137
66,2467.7%
A19Growth Maison
Ginza

18,015
1,277
19,292
2,640
209
129
1,337
4,350
8,667
10,625
14,976
4.1%

A14
Habitation Claire

21,515
2,627
24,142
3,029
1,374
115
1,273
4,766
10,55913,583
18,3495.9%A20
Claire Maison

23,2172,202
25,420
3,724
1,554
161
1,769
3,652
10,861
14,55818,211
5.4%

A15
Court Core
Yurigaoka

46,5404,766
51,306
9,583
3,531
213
3,932
13,56830,82920,47734,045
5.2%
A21
Inage Daiei
Mansion

A17
ComfortNaka Meguro

15,762568
16,331
2,829
704
77
1,410
4,826
9,848
6,482
11,3095.4%
A23
Fine Court
Tateishi

21,823
2,786
24,610
4,902
1,893
223
1,282
6,100
14,402
10,207
16,308
5.3%

32,172
5,164
37,336
5,783
1,957
147
2,189
9,009
19,087
18,24927,2585.1%
A25
Belle Maison
Ikegami17,2852,751
20,036
2,763
1,294
144
1,866
3,943
10,012
10,024
13,9675.6%

A18Growth Maison
Waseda Tsurumaki

27,036983
28,020
3,855
270
166
1,547
6,629
12,46915,551
22,180
4.6%
A26
Nisshin Palacestage
Daitabashi

13,500571
14,071
2,224
429
82
632
1,926
5,296
8,774
10,701
7.4%

39,546
4,129
43,676
10,365
1,542
141
2,826
11,993
26,86816,80728,801
4.6%*1) Figures are rounded down to yen thousands and percentages are rounded to one decimal place*2) NOI Yield=(Actual NOI / Days of operation*365) / Acquisition values

40Performance by Property in the 9th fiscal period (2)Residences 2/3（yen in thousand）
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
Nisshin Palaistage
Higashi Nagasaki

42,506
5,995
48,502
9,468
2,796
240
2,279
12,802
27,586
20,91533,7185.5%
A33
Growth Maison
Shin Yokohama

32,9652,582
35,547
4,038
1,408
209
1,028
5,921
12,606
22,941
28,8635.5%

A28
Growth Maison
GotandaA29
Growth Maison
Kameido26,772577
27,349
2,600
462
187
782
4,350
8,385
18,96323,314
5.3%
A34
Belle Face
Ueno Okachimachi

31,3595,240
36,599
5,016
568
150
3,509
5,355
14,60021,99927,354
5.4%

A30
Emerald House

32,678
1,113
33,791
3,211
572
226
1,719
5,836
11,56622,22528,062
5.3%
A35Grand Rire
Kameido40,576
21,58362,160
8,465
1,394
272
8,140
8,347
26,62035,53943,8865.9%
A36Growth Maison
Ikebukuro26,619026,619
125
613
195
1,033
5,479
7,447
19,172
24,652
5.5%

24,351451
24,803
2,629
385
135
1,027
5,148
9,326
15,476
20,624
5.0%

A31
Harmonie
Ochanomizu

A32
Suncrest
Shakujii Koen

38,397
5,094
43,492
6,616
978
213
4,209
6,591
18,611
24,881
31,4734.4%
A37Growth Maison
Yoga

23,275
1,079
24,354
2,643
466
138
1,012
3,779
8,040
16,31320,093
5.1%

33,4498,825
42,274
5,965
1,601
228
1,629
6,015
15,43926,83432,850
6.1%
A38
Route Tachikawa

21,3401,770
23,111
2,773
568
115
2,887
3,509
9,855
13,255
16,7655.0%*1) Figures are rounded down to yen thousands and percentages are rounded to one decimal place*2) NOI Yield=(Actual NOI / Days of operation*365) / Acquisition values

41Performance by Property in the 9th fiscal period (3)Residences 3/3（yen in thousand）
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
Shibuya Honmachi
Mansion

21,3791,077
22,457
3,448
459
121
2,023
1,766
7,820
14,636
16,403
5.1%
A45
WacoreTsunashima Ⅰ

19,072
1,238
20,311
4,296
486
108
2,081
3,796
10,768
9,542
13,339
4.7%

A40City Heights Kinuta

16,683
1,199
17,883
4,118
461
135
1,359
1,573
7,646
10,236
11,809
3.7%
A46
Foros
Nakamurabashi

16,656
1,762
18,419
3,845
544
139
2,289
4,212
11,0297,389
11,602
4.1%

A41
Acseeds Tower
Kawaguchi Namiki

A42
Capital Heights
Kagurazaka

24,1482,144
26,292
2,941
678
139
2,177
5,038
10,97615,316
20,3546.6%
A47
Growth Maison
KaijinA43
College Square
Machida18,287368
18,656
3,390
551
119
1,766
1,624
7,452
11,204
12,828
4.3%
A48
College Square
Machiya

20,5892,262
22,851
4,639
1,131
142
1,658
4,816
12,388
10,463
15,2795.5%

14,7060
14,706
0
330
116
1,010
3,545
5,002
9,703
13,2495.2%

18,2680
18,268
208
524
104
614
2,527
3,980
14,28816,816
5.8%

A44
Belair Meguro16,163
1,133
17,296
2,580
291
95
1,470
2,199
6,638
10,65812,858
4.4%

Subtotal

908,286
102,519
1,010,806
143,896
36,014
5,334
67,004
182,118
434,368
576,438
758,556
5.3%*1) Figures are rounded down to yen thousands and percentages are rounded to one decimal place*2) NOI Yield=(Actual NOI / Days of operation*365) / Acquisition values

42Performance by Property in the 9th fiscal period (4)Offices & Commercial facilities（yen in thousand）
B01
Item

Asahi Building

19,987
3,373
23,361
4,333
2,278
63
1,210
2,724
10,611
12,75015,474
7.0%

Rents and Common expenses
Other income
Rental revenues（1）Facilities management fees
Taxes ant other public charges
Insurance expenses
Other expenses
Depreciation expenses（3）Property related expenses（2）（1）-（2）
NOI：（1）-（2）+（3）NOI Yield
B09
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

Shinjuku Island*3）

10,0405.3%

B03
Nihonbashi 2nd
Building

B04
Nakano NK
Building

125,051
9,139
134,191
19,753
12,490725
1,122
49,412
83,50550,686
100,098
6.8%
B10
Baysite Court
Yokohama

B06
Imperial
Higashi Kurume D

46,4398,873
55,312
9,687
4,128
93
2,237
4,707
20,85334,45839,166
8.6%
B11
Yakuodo Hirosaki
Yasuhara

620
165
786
181
0
13
14
123
333
452
575
7.3%

*3）

14,0958.1%

B07
IWATA Building

42,758
12,95655,715
16,668
4,752
171
2,169
15,851
39,613
16,101
31,9537.2%

B08
Kindai Kagakusha
Building

42,324
6,818
49,143
8,338
2,208
226
1,324
8,288
20,38628,75637,045
5.7%

Subtotal

*3）

446
6.6%

309,236
41,328350,564
64,43327,131
1,401
8,700
85,329186,996
163,567
248,897
6.9%*1) Figures are rounded down to yen thousands and percentages are rounded to one decimal place*2) NOI Yield=(Actual NOI / Days of operation*365) / Acquisition values*3) Figures are not written on this lists since the tenants don’t give approvals to disclose them in public.

43

Performance by Property in the 9th fiscal period (5)Parking Lots（yen in thousand）
Item

C1
Stop Parking
Kanda Sudacho

C2
Stop Parking
Chiba Chuo

C3
Stop Parking
Tokuyama Ekimae

C4
Kokura Kosan
East Parking

2,167
2,281
7,024
0
0
0
2,167
2,281
7,024
0
0
0
0
0
0
0
0
0
0
0
0
11
19
28
11
19
28
2,155
2,261
6,996
2,167
2,281
7,024
5.0%
5.6%
5.8%
*1)Figures are rounded down to yen thousands and percentages are rounded to one decimal place*2)NOI Yield=(Actual NOI / Days of operation*365) / Acquisition values
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

Subtotal

483
0
483
0
0
63
0
36
99
383
419
7.0%

11,956
0
11,956
0
0
63
0
96
159
11,797
11,893
6.6%

Properties sold
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）Total

1,229,480
143,847
1,373,327
208,329
63,145
6,799
75,705267,544621,524
751,8021,019,347
5.7%（yen in thousand）
A08

A22

A24

B5

Lifetech Kawasaki

Maison de Crane

Edelrosen

Ueno Toso Building

0
0
0
2
0
0
0
0
3
-3
-3

18,533
1,682
20,216
3,441
3,640
102
1,507
1,859
10,552
9,664
11,524

0
0
0
0
0
0
2
0
2
-2
-2

* Figures are rounded down to yen thousands and percentages are rounded to one decimal place

46,623
12,68659,3099,240
12,676
185
13,178
8,632
43,913
15,39624,028Subtotal

65,156
14,36979,525
12,684
16,316288
14,68910,49254,471
25,05435,546

Total included
assets sold1,294,636
158,216
1,452,853
221,01379,462
7,088
90,395
278,036
675,995
776,857
1,054,893

44

Appraisal Value & Book Value (1)Residences 1/2（yen in thousand）
A04
Park Villa
YakumoAppraisal Value

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

A06
J-stage
Wakabayashi

1,770,000
1,800,000
1,820,000
1,840,000
2,040,000
2,100,000
2,180,000
1,792,569
A19
Growth Maison
Ginza

Appraisal Value

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

Appraisal Value

A20
Claire Maison

728,000
722,000
723,000
720,000
721,000
735,100

1,300,000
1,280,000
1,350,000
1,360,000
1,310,000
1,211,309

A15
Court Core
Yurigaoka

696,000

458,000
462,000
459,000
461,000
464,000
466,000
450,000
407,664
A23
Fine Court
Tateishi

A28
Growth Maison
Gotanda991,000
1,000,000
1,000,000
1,010,000
907,555

A29
Growth Maison
Kameido1,100,000
1,100,000
1,110,000
1,140,000
1,150,000
1,170,000
1,085,344

508,000-

619,000
615,000
627,000
617,000
617,000
620,439
A30

Emerald House

1,570,000
1,640,000
1,640,000
1,525,260

985,000
1,000,000
1,000,000
1,010,000
1,010,000
1,000,000
969,262
A26
Nisshin Palacestage
Daitabashi

301,000-

505,000
509,000
526,000
566,000
568,000
502,923

1,110,000
1,120,000
1,140,000
1,150,000
1,093,470

A18
Growth Maison
Waseda Tsurumaki

A25
Belle Maison
Ikegami

640,000-

677,000
687,000
726,000
765,000
774,000
682,645

A17
ComfortNaka Meguro

1,420,000
1,380,000
1,440,000
1,400,000
1,450,000
1,530,000
1,510,000
1,297,396
A21
Inage Daiei
Mansion-

A27
Nisshin Palaistage
Higashi Nagasaki
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
Book Value in this fiscal period

Habitation Claire

640,000
638,000
633,000
633,000
696,000
710,000
710,000
646,124756,000-

A14

300,000
303,000
327,000
343,000
350,000
292,504
A31
Harmonie
Ochanomizu

1,710,000
1,630,000
1,620,000
1,461,893

1,300,000
1,310,000
1,330,000
1,360,000
1,350,000
1,230,454
A32
Suncrest
Shakujii Koen

1,220,000
1,220,000
1,210,000
1,103,761* Figures are rounded down to yen thousands and percentages are rounded to one decimal place

45

Appraisal Value & Book Value (2)Residences 2/2（yen in thousand）
A33
Growth Maison
Shin Yokohama
Appraisal Value

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

1,110,000
1,150,000
1,150,000
1,074,956
A39
Shibuya Honmachi
MansionAppraisal Value

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

Appraisal Value

1,100,000
1,090,000
1,060,000
1,058,100
A40
City Heights Kinuta

678,000
678,000
685,000
663,739930,000

A46
Foros
Nakamurabashi

A41
Acseeds Tower
Kawaguchi Namiki

A42
Capital Heights
Kagurazaka

A47
Growth Maison
Kaijin634,000
628,000
584,865

A43
College Square
Machida

647,000

A48
College Square
Machiya603,000

610,000
594,000
565,839* Figures are rounded down to yen thousands and percentages are rounded to one decimal place

Belair Meguro

608,000

591,000
587,000
601,994

A22
Maison de Crane

650,000-

529,000
530,000
527,090A44615,000
602,000
600,379

521,000-

734,000
768,000
687,266

597,000-

648,000
642,000
614,308-

749,000-

831,000
859,000
815,866

698,000
694,000
642,131

Route Tachikawa

880,000
869,000
848,182

698,000

A38

831,000

949,000
949,000
931,737

634,000

A37
Growth Maison
Yoga

856,000--

665,000
634,000
589,936A36
Growth Maison
Ikebukuro

685,000
664,000
658,232

665,000-

A35
Grand Rire
Kameido707,000-

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
Book Value in this fiscal period

A34
Belle Face
Ueno Okachimachi

648,000
655,000
693,000
754,000-

Subtotal

31,059,000
4,280,000
9,929,000
12,525,000
15,222,000
32,068,000
31,255,000
29,030,309

46

Appraisal Value & Book Value (3)Offices & Commercial facilities
B01
Asahi Building

450,000
484,000
491,000
495,000
515,000
537,000
557,000
455,635

Appraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
Book Value in this fiscal period
B09

Shinjuku Island

871,000

Appraisal Value

As of acquisition
As of the end of Dec. 2004
As of the end of Jun. 2005
As of the end of Dec. 2005
As of the end of Jun. 2006
As of the end of Dec. 2006
As of the end of Jun. 2007
Book Value in this fiscal period（yen in thousand）

B03
Nihonbashi 2nd
Building

873,000
733,824

3,033,000
2,960,000
2,980,000
2,990,000
3,290,000
3,430,000
3,500,000
2,712,375
B10
Baysite Court
Yokohama

B04
Nakano NK
Building

B06
Imperial
Higashi Kurume D

940,000
1,040,000
1,040,000
1,050,000
1,150,000
1,180,000
1,290,000
933,451
B11
Yakuodo Hirosaki
Yasuhara

1,020,000
1,020,000
992,419

B07
IWATA Building

360,000
345,000
356,000
371,000
376,000
370,000
326,320
B5
Ueno Toso
Building

416,000

417,000
416,124

939,000
951,000
961,000
1,110,000
1,220,000
856,301

11,013,000
4,484,000
7,375,000
7,462,000
7,957,000
9,713,000
10,557,000
8,728,967

Parking Lots（yen in thousand）

C1
Stop Parking
Kanda Sudacho
Appraisal Value

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

1,340,000
1,340,000
1,310,000
1,302,513

Subtotal

1,660,000
1,580,000
1,620,000
1,670,000
1,740,000--

923,000-

B08
Kindai Kagakusha
Building

C2
Stop Parking
Chiba Chuo

100,000-

C3
Stop Parking
Tokuyama Ekimae

100,000-

C4
Kokura Kosan
East Parking

294,000-

100,000
100,000
288,000
100,348
95,164
303,779* Figures are rounded down to yen thousands and percentages are rounded to one decimal place

1,110,000
1,110,000
1,126,998

Subtotal

1,604,000
1,598,000
1,626,291

Total

43,676,000
11,707,000
17,304,000
19,987,000
23,179,000
41,781,000
43,410,000
39,385,567

47

Portfolio lists (1)Residences 1/2
Property Type No.

Size(06/30/2007)
Location

Property Name

Acquisition Appraisal
Value
Value
( \millions) (\millions)

Date of
Acquisition

Date ofCompletion

Property
Age(years)

Total
Rentable
units

Total
LeasableArea(㎡)

Occupancy
Rate(%)

A4

LPark Villa Yakumo

23 wards

Meguro, Tokyo

1,740

2,180

May.2004

Mar.1989

18

14

3,061.03

100.0%A6

L

J-stage Wakabayashi

23 wards

Setagawa, Tokyo

629

710

May.2004

May.1991

16

20

1,280.55

100.0%

A14

L

Habitation Claire

23 wards

Ota, Tokyo

1,317

1,510

Sep.2004

Jan.1992

15

60

3,407.19

97.1%

A15

L

Court Core Yurigaoka

OthersKawasaki, Kanagawa

423

450

Sep.2004

Jan.1993

14

22

901.67

90.9%

A17

L

Comfort Naka Meguro

23 wards

Meguro, Tokyo

1,086

1,170

Feb.2005

May.1991

16

22

1,575.68

92.8%

A18

C

Growth Maison Waseda Tsurumaki

23 wards

Shinjuku, Tokyo

971

1,000

Feb.2005

Aug.2004

2

28

1,256.07

86.0%

A19

C

Growth Maison Ginza

23 wards

Chuo, Tokyo

734

721

Feb.2005

Sep.20042

20

821.40

74.8%

A20

L

Claire Maison

23 wards

Chiba, Chiba

678

774

Feb.2005

Feb.1990

17

29

1,803.80

93.1%

Residences A21

L

Inage Daiei Mansion

OthersNerima, Tokyo

621

617

Feb.2005

Mar.1989

18

34

2,151.41

88.2%

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

1330

495.00100.0%

A26

C

Nisshin Palacestage Daitabashi

23 wards

Suginami, Tokyo

1,251

1,350

Jul.2005

Dec.1992

14

98

1,771.13

92.0%

A27

L

Nisshin Palaistage Higashi Nagasaki

23 wards

Toshima, Tokyo

1,229

1,310

Jul.2005

Mar.1989

18

60

2,681.94

96.2%

A28

C

Growth Maison Gotanda

23 wards

Shinagawa, Tokyo

888

1,010

Jan.2006

Jul.2005

1

48

1,051.50

100.0%

A29

C

Growth Maison Kameido

23 wards

Koto, Tokyo

1,070

1,150

Mar.2006

Oct.2005

1

66

1,367.96

100.0%

A30

C

Emerald House

23 wards

Itabashi, Tokyo

1,505

1,640

Aug.2006

Feb.1995

12

962,152.31

99.0%

A31

C

Harmonie Ochanomizu

23 wards

Bunkyo, Tokyo

1,428

1,620

Aug.2006

Mar.1997

10

65

1,748.24

97.4%*1) Figures are rounded down to yen millions*2) Property age and occupancy rate are rounded to one decimal place*3) Areas that are not part of the 23 wards of Tokyo are defined as “Others” in this document*4) Property ages in the “subtotal” and “total” fields are average figures*5) As for flat parking lots, there is no buildings on the ground so they don’t have “Date of Completion” and “Property Age”
*6) TGR defines "Compact property” a rentable unit with an area of less than 30㎡ and "Large ones” as a rentable unit with an area larger than 30㎡

48

Portfolio lists (2)Residences 2/2
Property Type No.

Size(06/30/2007)
Acquisition Appraisal
Value
Value
( \millions) (\millions)

Location

Property Name

Date of
Acquisition

Date ofCompletion

Property
Age(years)

Total
Rentable
units

Total
LeasableArea(㎡)

Occupancy
Rate(%)

A32

L

Suncrest Shakujii Koen

23 wards

Nerima, Tokyo

1,088

1,210

Aug.2006

Mar.1990

17

29

3,029.16

94.0%

A33

C

Growth Maison Shin Yokohama

OthersYokohama, Kanagawa

1,059

1,150

Aug.2006

Mar.2006

1

68

1,858.44

100.0%A34

C

Belle Face Ueno Okachimachi

23 wards

Taito, Tokyo

1,023

1,060

Aug.2006

Feb.2006

164

1,351.11

98.5%

A35

C

Grand Rire Kameido

23 wards

Koto, Tokyo

906

949

Aug.2006

Mar.2006

1

72

1,562.26

100.0%

A36

C

Growth Maison Ikebukuro

23 wards

Toshima, Tokyo

825

869

Aug.2006

Jan.20061

42952.89100.0%

A37

C

Growth Maison Yoga

23 wards

Setagawa, Tokyo

795

859

Aug.2006

Mar.2006

1

39

1,015.34

100.0%

A38

L

Route Tachikawa

OthersTachikawa, Tokyo

676

768

Aug.2006

Mar.1997

10

24

1,368.57

93.2%

A39

L

Shibuya Honmachi Mansion

23 wards

Shibuya, Tokyo

651

685

Aug.2006

Dec.1986

20

25

1,167.50

100.0%

Residences A40

LCity Heights Kinuta

23 wards

Setagawa, Tokyo

646

664

Aug.2006

Mar.1983

24

19

1,235.93

89.2%

A41

C

Acseeds Tower Kawaguchi Namiki

OthersKawaguchi, Saitama

620

694

Aug.2006

Feb.2006

1

57

1,210.74

96.5%

A42

L

Capital Heights Kagurazaka

23 wards

shinjuku, Tokyo

604

642

Aug.2006

May.1987

20

24

1,141.99

95.2%

A43

C

College Square Machida

Others

Machida, Tokyo

589

602

Aug.2006

Mar.1984

23

62

1,047.75

100.0%A44

C

Belair Meguro

23 wards

Meguro, Tokyo

589

587

Aug.2006

Oct.2005

1

25

557.05

96.0%

A45

C

Wacore Tsunashima Ⅰ

OthersYokohama, Kanagawa

572

634

Aug.2006

Feb.1991

16

50

908.99

91.9%

A46

C

Foros Nakamura-bashi

23 wards

Nerima, Tokyo

566

628

Aug.2006

Sep.20015

37815.76

96.2%

A47

L

Growth Maison Kaijin

OthersFunabashi, Chiba

557

594

Aug.2006

Oct.1993

13

34

2,040.27

96.7%

A48

C

College Square Machiya

23 wards

Arakawa, Tokyo

510

530

Aug.2006

Mar.2006

1

43871.35100.0%

28,654

31,255

-

-

10.4

1,452

51,020.91

95.9%

Subtotal

-

-

-

-

*1) Figures are rounded down to yen millions*2) Property age and occupancy rate are rounded to one decimal place*3) Areas that are not part of the 23 wards of Tokyo are defined as “Others” in this document*4) Property ages in the “subtotal” and “total” fields are average figures*5) As for flat parking lots, there is no buildings on the ground so they don’t have “Date of Completion” and “Property Age”
*6) TGR defines "Compact property” a rentable unit with an area of less than 30㎡ and "Large ones” as a rentable unit with an area larger than 30㎡

49

Portfolio lists (3)Offices & Commercial facilities
No.

Property Type

Offices andCommercial
facilities

Location

Property Name

B1

Asahi Building

B3

Nihonbashi 2nd

B4

Date of
Acquisition

Date ofCompletion

Property
Age(years)

Total
Rentable
units

Total
LeasableArea(㎡)

Occupancy
Rate(%)

23 wards

Chuo, Tokyo

443

557

Apr.2004

Jun.1988

19

11808.3572.2%

23 wards

Chuo, Tokyo

2,950

3,500

May.2004

Nov.1993

13

10

3,992.60

100.0%Nakano NK Building

23 wards

Nakano, Tokyo

913

1,290

May.2004

Jun.1986

21

122,128.84

100.0%

B6

Imperial Higashi Kurume D

23 wards

Higashi-kurume,Tokyo

349

370

Feb.2005

Jan.1989

18

1

1,445.24

100.0%

B7

IWATA Building

OthersYokohama, Kanagawa

890

1,220

May.2005

Sep.1991

15

93,286.59

100.0%

B8

Kindai Kagakusha Building

Others

Shinjuku, Tokyo

1,301

1,310

Aug.2006

Jun.1991

16

131,450.71

100.0%

B9 NEW Shinjuku Island(*)

23 wards

Shinjuku, Tokyo

715

873

Mar.2007

Jan.1995121526.43100.0%

B10 NEW Baysite Court Yokohama

OthersYokohama, Kanagawa

960

1,020

Jun.2007

Feb.1997105953.72100.0%

B11 NEW Yakuodo Hirosaki Yasuhara

OthersHirosaki, Aomori

410

417

Jun.2007

Nov.2006

01

1,724.55

100.0%

8,932

10,557

-

-

13.8

63

16,317.03

98.6%

-

Subtotal(06/30/2007)
Acquisition Appraisal
VAlue
Value
( \millions) (\millions)

Building---

Parking Lots
C1 NEW Stop Parking Kanda-sudacho

23 wards

Chiyoda, Tokyo

97

100

Jan.2007

-

-

1

81.04

100.0%

C2 NEW Stop Parking Chiba-chuo

OthersChiba, Chiba

92

100

Jan.2007--

1

312.40100.0%

C3 NEW Stop Parking Tokuyama-eki-mae

Others

Shunan, Yamaguchi

293

288

Feb.2007--

1

1,678.49

100.0%

C4 NEW Kokura Kosan East Parking

Others

Kitakyushu, Fukuoka

1,100

1,110

Jun.2007--

1

6,950.00

100.0%

4

9,021.93

100.0%

1,519 76,359.87

97.0%

Parking lots

Subtotal

-

-

-

-

1,584

1,598

-

-

-

Total

-

-

-

-

39,171

43,410--11.1*1) Figures are rounded down to yen millions*2) Property age and occupancy rate are rounded to one decimal place*3) Areas that are not part of the 23 wards of Tokyo are defined as “Others” in this document*4) Property ages in the “subtotal” and “total” fields are average figures*5) As for flat parking lots, there is no buildings on the ground so they don’t have “Date of Completion” and “Property Age”
*6) TGR defines "Compact property” a rentable unit with an area of less than 30㎡ and "Large ones” as a rentable unit with an area larger than 30㎡

50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 Tokyo Growth REIT
Investment Inc. 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 Tokyo
Growth REIT Investment Inc.
◆ 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
of Japan 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 Tokyo Growth REIT Investment Inc. and GrowthREIT Advisors, Ltd. with respect to financial
condition and future results of operations. 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 fromthose indicated in the forward-looking statements.
◆ The management of Tokyo Growth REIT Investment Inc. believes that the information contained in thesematerials is accurate. However, there is no assurance given as to the accuracy, certainty, validity or fairness of any
such information and such information 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

51