SaizenREIT: Region of Sendai, Koriyama and Morioka has been affected by an earthquake and the mgr of the REIT is contacting the local property managers to assess the impact but progress has been hampered by breakdown of communication lines. Saizen has 22 properties in Sendai (worth $66.0m), 3 in Koriyama ($16.9m) and 3 in Morioka ($8.2m) with a total of $90.2m in value...
This represents 15.5% of the total portfolio of 146 properties worth $581.8m. So far only 6 properties have been viewed and damage has been minimal. Co is trading at P/B of 0.4x at close of $0.155 and the potential cost impact if all 22 properties are affected to NAV will be 7.7c.
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