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Japan’s Developers, REITs Seek to Confirm Quake Damage

Daikyo Inc., Japan’s top seller of apartments, and investment trusts including Japan Logistics Fund Inc. are among real estate companies checking whether any of their buildings were damaged in Japan’s strongest earthquake.

Tokyo-based Daikyo said it hasn’t been able to confirm whether its buildings in northeastern regions were damaged, nor confirm the safety of all staff, the company said in a statement today. Japan Logistics, owner of 28 warehouses, said some of its properties in greater Tokyo were damaged and it’s still investigating the destruction, the trust said in a statement.

The 8.9-magnitude earthquake on March 11 and subsequent tsunami engulfed towns on the northern coast, washing away buildings, vehicles and boats. The Topix Real Estate Index, which tracks 44 property firms, and the Tokyo Stock Exchange REIT Index dropped the most in more than two years.

Sumitomo Realty & Development Co., Japan’s third-largest developer, has closed apartment model rooms at five apartment projects in Miyagi and Fukushima prefectures, the areas hit by the quake and tsunami, the company said in a statement. The model rooms will be closed until March 21 and Sumitomo Realty hasn’t decided whether they will reopen on March 22.

Japan Retail Fund Investment Corp., the nation’s second-largest REIT, said three of its shopping malls, two of them occupied by Aeon Mall Co., have stopped operating due to damage to the interior and facilities.

Japan Prime Realty Investment Corp. said there is no serious damage to its 56 buildings, though cracks have been found in some of them.

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