Japan Residential Investment Company : JRIC – interims

Japan Residential Investment Company has published interim figures for the period ended 31 May 2014. The net asset value climbed from 58.7p to 58.9p and the company paid a distribution of 1.8p per share (covered 94.7% by earnings). The property portfolio rose in value by 1.8% but this was offset by a fall in the value of the Yen vs. Sterling (the Board has reiterated that it has no plans to hedge the currency).

The loan to value ratio at the end of the period was 59.4% with a weighted average cost of debt of 0.91% with a weighted average maturity of 4.4 years. Occupancy at the end of the period was 95.2% but this had fallen to 93.9% at the end of June 2014.

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