JAPAN REAL ESTATE INVESTMENT

Capitalizing on the principals' significant Japanese experience and contacts in the Japan market, Trinity targeted a number of Japan office buildings, retail and other commercial properties, and condominium projects for acquisition. In order to implement its acquisition and operational strategies, Trinity formed Tozai Asset Management Company ("Tozai") with minority shareholder Tokyo Biso Kogyo Corporation to execute due diligence, and property and asset management functions. Effective March 31, 2008, due to the government’s more stringent regulations of asset management companies, Tozai will be one of only approximately 60 licensed asset managers in Japan.

UNITED URBAN INVESTMENT CORPORATION

In 1998, Japan revised its Special Purpose Company (SPC) law with the objective of creating a securitization market. On September 10, 2001, Japanese real estate investment trusts, so-called "J-REITs", were listed for the first time on the Tokyo Stock Exchange. One of the first ten funds, United Urban Investment Corporation ('UUIC'), was listed on the Tokyo Stock Exchange on December 21, 2003. With this listing, Trinity successfully entered the J-REIT market, and UUIC represented the first foreign-controlled REIT in Japan.

Japan Reit Advisors, with majority shareholders being Trinity and Marubeni Corporation, serves as UUIC's Advisor and Asset Management Company.

UUIC invests in a range of asset classes, including retail properties, office buildings, hotels and residences. Its initial portfolio consisted of 12 properties, with a heavy concentration on real estate in the Tokyo metropolitan area. The fund has 23 properties in its current portfolio with a total yen capitalization valued at US$1.25 billion.

INDIVIDUAL INVESTMENTS

Aiming to take advantage of illiquidity in the real estate sector, Trinity has recently refocused in Japan. In the first quarter of 2008, Trinity acquired a 185-unit apartment building in Nagoya in a sale-leaseback arrangement with Japan’s largest homebuilder. This marks what is anticipated to be the first of a series of transactions in Japan in the current market downcycle.