Senior residence grows operationally in 2022
Senior Residence increased rental income by 13% in FY2022. However, due to a revaluation loss, profit was lower than the previous year.
Senioresidenz AG reports a portfolio growth from CHF 213.9 million (end of 2021) to CHF 228.4 million for the reporting year 2022 - in particular due to the acquisition of the new construction project Croix Blanche in Aigle (VD) and the investment activities in the new construction project Leuenegg in Oberdiessbach (BE). This was announced by the real estate company in the presentation of its annual report 2022.
On an annualized basis, the target rentals of the investment properties climbed by 5% to CHF 11.1 million last year. This was mainly due to a contractually staggered interest rate increase at the rehabilitation center property in Leukerbad. In the current year, Senioresidenz expects an increase of a further 1.5 million CHF due to the completion of three new construction projects in Aigle, Oberdiessbach and Bad Zurzach (AG).
Rental income in plus
Rental income in the reporting year 2022 increased by 13% to CHF 10.9 million (previous year: CHF 9.6 million), which, according to Senioresidenz, is due on the one hand to the acquisition of three properties in 2021. On the other hand, rental income from the rehabilitation center property in Leukerbad had increased due to a contractual staggering of the rent. The vacancy rate of the portfolio was 0.4% (PY: 0.3%). The real estate company puts the gross and net yields at 5.3% and 4.9% respectively (prev. year: 5.0% and 4.6%).
Revaluation loss hampers earnings
In the valuation of the real estate portfolio, Senioresidenz had to report a loss from revaluation of CHF 2.4 million, following a slight gain of CHF 0.2 million in the previous year. The revaluation effect is directly related to the operation-specific, long-term investment requirements of the rehabilitation and hospital properties in Leukerbad and Richterswil, respectively, the company said.
Including the revaluation loss, EBIT reached CHF 4.6 million (previous year: CHF 5.9 million). At CHF 3.1 million, profit including revaluation result was CHF 1.2 million below the previous year (CHF 4.3 million). In contrast, profit excluding revaluation result increased by 24% to CHF 5.0 million (previous year: CHF 4.1 million). (ah)
