Over the year to the end of November 2013 Japan Residential Investment Company’s portfolio increased in value by 3% however adverse movements in the sterling / yen exchange rate pushed the net asset value down by 11%. Average occupancy nudged up to 95.6% from 95.2% but again yen weakness pushed down revenues. the dividend was maintained at 3.6p.
Shareholders saw the fund move from trading at a discount to a decent premium and the share price rose over the period.