29th Jun 2011 07:00
29 June 2011
Japan Residential Investment Company Limited ("the Company")
Investment Property Valuations
Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey registered company established to make and hold investments in residential property in Japan. The Company, its subsidiaries and entities in which it has a beneficial interest are referred to collectively as "the Fund".
Portfolio property values have stabilised according to recent external valuations as at 31 May 2011. Investment Property values increased ¥20 million (£155,000) or 0.1% in the first half to ¥31,072 million (£241 million). This represents the first increase in portfolio value since Autumn 2008 on a like-for-like basis. Of the 51 properties held in the Fund, 21 increased in value, 16 declined, and 14 experienced no change from their fiscal year end valuations. Portfolio value has declined 20% from purchase price on a like-for-like basis and is down 1.8% year-on-year. The unleveraged net yield of the portfolio (appraised net operating income over value) was 6.0% as at 31 May 2011.
Portfolio valuation trend by region:
H1 2010 | H2 2010 | H1 2011 | Net Operating Income Yield 31 May 2011 | |
Tokyo | -4.2% | -1.8% | 0.3% | 5.5% |
Osaka | -4.4% | -2.7% | -0.1% | 6.1% |
Nagoya | -5.4% | -2.1% | -0.4% | 6.4% |
Other | -8.2% | -0.3% | 0.0% | 6.8% |
Total | -5.0% | -1.9% | 0.1% | 6.0% |
Enquiries:
K.K. Halifax Asset Management
| Alec Menikoff | +81 (0)3 5563 8771 |
Smith & Williamson Corporate Finance Limited
| Azhic Basirov David Jones | +44 (0)20 7131 4000 |
Fairfax I.S. PLC | John Korwin-Szymanowski Gillian McCarthy | +44 (0)20 7460 4376 |
Related Shares:
JRIC.L