SF Urban Properties with higher profit
SF Urban Properties AG looks back on a stable fiscal year 2019. The operating result decreased slightly. At the same time, higher revaluations, the very low vacancy rate and lower taxes led to a significantly higher profit than in the previous year.
For SF Urban Properties AG, the fiscal year 2019 has been gratifying. Although net profit excluding revaluation effects/deferred taxes fell year-on-year to CHF 12.4 million (-3.6%), which the company attributes to increased maintenance expenses and more defensive accounting of investments made. But at the same time, higher revaluations (+9.4 million), the very low vacancy rate and lower taxes resulted in a significantly higher profit than in the previous year.
EBIT increased from 21.9 to 27.0 million, net profit including revaluations from 13.4 to 18.5 million (+38.4%). Earnings per share excluding revaluation effects amounted to CHF 3.70 (PY: CHF 3.83), equity (NAV) per listed share was CHF 95.22 (PY: CHF 95.65), and EPRA NAV was CHF 114.92 (PY: CHF 111.35).
By the end of the fiscal year, the portfolio value (including development properties) had increased by 20.6 million to 670.4 million (+3.2%), while the vacancy rate had fallen to 1.66% (previous year: 3.84%), SF Urban Properties further reports.
The Board of Directors proposes an unchanged cash distribution of CHF 3.60 in the form of a par value reduction per listed ordinary share with a par value of CHF 12.60. The Board of Directors proposes a par value reduction of CHF 12.60 per ordinary share with a par value of CHF 12.60 per ordinary share. Thus, the distribution yield in relation to the share price on December 31, 2019, amounts to 3.65%, it says.
With an equity ratio of 46.5% (previous year: 47.2%), SF Urban Properties AG considers itself "robustly financed". The average interest rate including swaps of interest-bearing debt in the reporting year was 1.52% (previous year: 1.86%), the average fixed interest rate was 9.20 years (previous year: 7.93).
In view of the ongoing development projects, the Board of Directors and the Executive Board also expect "a convincing corporate result" for the 2020 financial year. Due to the current uncertainties, the focus will remain on leasing - with the aim of keeping the vacancy rate below 3% for 2020. In the event of acquisitions, the focus will remain on the dynamic economic areas of Zurich and Basel. (bw)
