Truststone closes the financial year with a lower net result
The overall result even slipped into negative territory. However, the Sicav is optimistic about the coming years.
The unlisted real estate sicav Truststone Real Estate closed its 2023/24 financial year with a net result of CHF 804,631. Extraordinary expenses depressed the result by CHF 31.9% compared to the previous year, including heating bills for the three previous financial years for the building in Etoy and the creation of provisions for accounts receivable of CHF 676,967. Devaluations totaling CHF 2.74 million (previous year: CHF +0.52 million) resulted in a negative overall result of CHF 1.84 million, compared to a profit of CHF 1.59 million in the 2022/23 financial year. However, the outlook for the coming financial years is optimistic, according to the press release. This is based on the expected improvement in the economic environment, soon to be completed expansion projects and a foreseeable reduction in vacancies.
As at March 31, the market value of the fund's properties amounted to CHF 115.5 million, which is +9.3% more than a year earlier. The weighted discount rate for the entire portfolio remained virtually unchanged at 4.10% (previous year: 4.07%). Rental income increased by a considerable 15.4% to 4.3 million. CHF. This growth is attributable to an acquisition (+8.7%), the reduction in the vacancy rate, the impact of increases in the reference interest rate and the consumer price index on rents (+4.5%) and the full-year receipt of rents from properties acquired in the previous year (+2.2%).
As the energy-related renovation work and the addition of extra storeys and space were financed with borrowed capital, the debt ratio increased from CHF 28.6 million to CHF 32.4 million or 28.01%.
The only transaction was the purchase of the property at 22 Rue Voltaire in Geneva. IB had already here reports. (aw)
