I have been in this over a year, but am frankly worried about...

I have been in this over a year, but am frankly worried about viability of dividend & the next nav. As a result I have sold for the time being. The situation a year ago was a divi of around 13c so that was virtually halved a year later to 7c who is to say it will not halve again (funds diverted to top up loans)?

Japan is now suffering falling prices - so in that environment why should both rental levels & property prices not fall - frankly I don't see why they should not? (They did before in mid 1990s). They also have a new socialist government already turning back the limited reforms of the Koizumi period.
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6480289/It-is-Japan-we-should-be-worrying-about-not-America.html

The last NAV revision saw a 33% fall to 93c. Based on company figures given in the last report a 10% fall in the property portfolio would reduce nav to 61c, a 15% fall to 45c. The trust's gearing is already at 69% any further deterioration suggests to me a possible significant rights issue to put that right. Until next figures are out I will likely stay on the sidelines.