GRAMERCY CAPITAL CORP

CUSIP: 384871109 Class: CMN

TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA's Holding History (CIK: 0000315038)

Note: Option positions (PUT/CALL) are excluded.

Q4 2005

Shares 348,700 Value ($000) $7,943 Avg Close — Range —

Q3 2005

Shares 308,700 Value ($000) $7,396 Avg Close — Range —

Q1 2005

Shares 1,800 Value ($000) $35 Avg Close — Range —

Q4 2004

Shares 38,818 Value ($000) $800 Avg Close — Range —

Q3 2004

Shares 446,400 Value ($000) $6,964 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2005	348,700	$7,943	—	—
Q3 2005	308,700	$7,396	—	—
Q1 2005	1,800	$35	—	—
Q4 2004	38,818	$800	—	—
Q3 2004	446,400	$6,964	—	—