Global Logistic Properties (MC0.SG) may be supported after it releases a reduced damage estimate for its 69-property Japan portfolio, after the massive earthquake that hit Japan Friday. The company now estimates damage worth JPY3.17 billion ($49.3 million), 18% lower than its JPY3.9 billion estimate after market Friday.
The group -- partly owned Singapore’s GIC sovereign wealth fund -- estimates loss of rental income at Y890 million ($13.7 million), with the majority of repairs taking place in the next 30 days.
GLP says the total estimated cost is less than 0.6% of its Japan portfolio value; the company says: “We are committed to our shareholders and business partners to continue to monitor the situation and to report any material changes to our assessment or any significant developments.”
GLP’s shares closed 3.1% lower Friday, at $1.90 with 47 million shares traded, though the stock recovered from its $1.84 intraday low, its lowest level since listing in October 2010.