Senioresidenz posts loss of 13.3 million

Senioresidenz increased the value of its property portfolio from CHF 228.4 million to CHF 240.6 million in the past financial year. The increase is primarily due to the acquisitions of the properties in Salmsach and Bad Zurzach (+CHF 22.9 million) and the investments in the completed new construction projects in Aigle and Oberdiessbach (+CHF 11.4 million). Annual target rental income from investment properties increased by 6% to CHF 11.8 million. A small property in Court (BE) was sold for CHF 0.2 million at a profit of CHF 50,000.
Net rental income was almost unchanged at CHF 10.8 million (previous year: CHF 10.9 million). The new construction project in Aigle, which was completed in the first quarter of 2023, and the property in Salmsach, which was acquired in the second quarter of 2023, contributed to an increase in income from the respective dates of inclusion in the portfolio. For the property in Bad Zurzach, a reduced rent was agreed for the first year and a bad debt provision of CHF 0.2 million was recognized for the property in Leukerbad due to the terms of the new contract with the tenant Leukerbad Clinic AG on the outstanding rent receivables from the clinic as at 31 December 2023. The vacancy rate of the portfolio was 0.5% as at December 31, 2023. The gross yield achieved amounted to T€4.91 thousand and the net yield to T€4.71 thousand.

Profit before valuation remains almost unchanged

The valuation of the real estate portfolio led to a revaluation result of CHF -22.6 million (2022: CHF -2.4 million). More than half of this revaluation effect is attributable to the valuation adjustment made to the property in Leukerbad (VS), while the remaining change is due to an increase in the discount rates for the existing investment properties as a result of the higher interest rate environment and the investment requirements of the property in Richterswil (ZH) as well as an extraordinary valuation adjustment to the property in Couvet (NE). The bottom line for Senioresidenz is a loss including revaluations of CHF 13.3 million, following a profit of CHF 3.1 million in the previous year. The company had anticipated that it would post a loss. already announced. Excluding revaluations, however, profit fell only slightly from CHF 5.0 million to CHF 4.9 million.

The loan-to-value ratio of the properties increased from 42.1 to 49.8% over the course of the year. The average interest rate on mortgage liabilities increased from 0.7 to 1.6% compared to the previous year.
As reported, Senioresidenz is in merger negotiations with Novavest Real Estate, although the process is at an early stage according to both parties.

CEO Peter Mettler resigns from the Board of Directors

Along with the annual figures, Senioresidenz is also announcing a personnel change: Claudia Suter, who has been a partner at the law firm Homburge since 2018, has been nominated for the Board of Directors. She was admitted to the bar in 2008 and also holds a doctorate in law from the University of St. Gallen and is a certified tax expert. Peter Mettler, a member of the Board of Directors (Delegate) and Chief Executive Officer since the company was founded in 2017, will not be standing for re-election at the Annual General Meeting. However, he will remain active as CEO of the company, it is reported. (aw)