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Update: Asian property companies release damage reports after Osaka earthquake


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Update: Asian property companies release damage reports after Osaka earthquake

A 6.1 magnitude earthquake hit the northern area of Japan's Osaka Prefecture at 7:58 a.m. local time on June 18, leading property developers to release damage reports.

MCUBS MidCity Investment Corp. said some of its eight properties in the region sustained minor damages such as detached tile cells from exterior walls and minor cracks on interior walls and ceiling boards. Elevators at some of the properties are also still closed for safety check reasons. It added that no personal damage or fire disasters have been reported.

Kenedix Retail REIT Corp. noted minor damages to the interior and exterior wall tiles on certain of its assets in the area. Meanwhile, Kenedix Office Investment Corp. said its eight properties in the Osaka and Kyoto Prefectures did not sustain any damages that have a material impact on its management conditions.

Daiwa House REIT Investment Corp. has four properties affected by the earthquake, with D Project Neyagawa and Foleo Hirakata sustaining minor damages such as partial damages to interior fittings, with the latter property suspending operations to confirm safety.

ORIX JREIT Inc. said none of its nine properties in Osaka and four properties in the Hyogo Prefecture suffered any fire disaster or human damage. However, the company's Konami Sports Club Korien property in Osaka suspended its operations because of facility issues.

Japan Retail Fund Investment Corp. said some of its properties in the area sustained damages and suspended operations. It has 23 properties in the Osaka Prefecture.

Singapore-based Ascendas Hospitality Trust said no physical damage was found at the company's Hotel Sunroute Osaka Namba nor at the three WBF hotels it is poised to acquire in Osaka, following the earthquake.

Nippon REIT Investment Corp. said none of its properties in the area were damaged by the earthquake. The assets in the region that it also plans to buy as part of a ¥40.20 billion deal were also reported to be safe.

The following Japanese developers also reported no damages or personal injuries in its portfolio, while listing the number of its properties in the area: Comforia Residential REIT Inc. has seven, Activia Properties Inc. has eight, MIRAI Corp. has six, Industrial & Infrastructure Fund Investment Corp. has 13 and Japan Prime Realty Investment Corp. has five.

Japan Logistics Fund Inc. said none of its four properties in Osaka recorded significant damages.

AEON REIT Investment Corp. said six of its properties were affected by the earthquake but none sustained major damages or resulted to casualties. All but one of the malls are open for business, and the reason for the closed mall is a delay in elevator restoration.

Following an investigation, Advance Residence Investment Corp., Japan Excellent Inc. and MORI TRUST Sogo Reit Inc. in separate reports also confirmed that none of their properties sustained damages that would be significant to its management status or operation results.

Japan Real Estate Investment Corp. recorded no material damage at its properties in the area.

Hankyu REIT Inc. found no personal injuries nor physical damages at its properties that would have an impact on its operating status. Some of its assets in the area, however, sustained some breakages, with recovery measures already being implemented.

Nippon Prologis REIT Inc.'s preliminary inspection of its portfolio in the area showed no material property or human damages that could cause significant operations disruptions or losses. GLP J-REIT, meanwhile, said it did not find any significant damages at its properties after the earthquake.

Japan Rental Housing Investments Inc. said none of its 38 properties in the Kinki region sustained serious damages, same as Nomura Real Estate Master Fund.

Invincible Investment Corp. said none of its properties were damaged in a way that would impact its business outlook.

Invesco Office J-REIT Inc. reported no injuries, casualties or damage at the Aqua Dojima East building, its sole property in Osaka's Kansai area, that would materially affect its business outlook.

Parkway Life REIT said none of its eight properties in Osaka suffered structural damage nor operational disruptions.