bfw liegenschaften with significant profit increase
bfw liegenschaften AG generated a profit of CHF 12.5 million at EBIT level in the first half of 2015, compared to seven million in the first half of 2014. Excluding the fair value measurement of interest rate swaps and receiver swaptions at the reporting date, profit including revaluation gains and deferred taxes amounted to CHF 8.5 million (H1 2014: 4.4 million). Including these effects, profit including revaluation gain and attributable deferred taxes amounted to CHF seven million in the first half of 2015 (H1 2014: 1.9 million).
The net asset value (excluding valuation differences from interest rate swaps and receiver swaptions) was CHF 38.14/share.
The value of the property portfolio increased by 13 percent to CHF 392.4 million in the reporting period. The increase was due to the property at Hönggerstr. 40/Röschibachstr. 22 in Zurich (purchase price CHF 29.9 million), which has been newly included in the portfolio since January 2015, the successful development of new construction projects (9.8 million) and positive valuation effects (6.0 million), bfw liegenschaften wrote in a media release.
The overall portfolio currently shows annual target rental income of CHF 21.6 million. Net rental income increased by 17 percent year-on-year to CHF 9.4 million, mainly thanks to new additions to the existing portfolio and the completed Bellevue Park property in Kreuzlingen, which has been fully leased since February 2015.
The net return generated on investment properties in the reporting period was four percent, or 4.3 percent excluding new construction projects.
The vacancy rate excluding new buildings/conversion projects rose to 6.9 percent, which, according to bfw, is mainly due to the acquisition of the property in Zurich, which had a vacancy rate of 15 percent at the time of purchase.
Shareholders' equity amounted to CHF 186.7 million at the end of the first half of the year, corresponding to an equity ratio of 45.9 percent.
For the second half of 2015, bfw liegenschaften expects a similar result from operating activities at EBIT level (excluding revaluation effects of the properties) as in the first half of 2015. (ah)
