Fundamenta increases earnings and net profit
Fundamenta Real Estate AG increased its rental income from properties by 5.7 percent year-on-year to CHF 8.47 million in the first half of 2015. Net income including revaluation effects even increased by 92.4 percent to CHF 6.44 million (previous year CHF 3.35 million). However, excluding revaluation effects, net profit of CHF 2.96 million was slightly below the previous year's figure of CHF 3.29 million. The decline was due in particular to increased financing costs and was thus of a temporary nature, Fundamenta wrote in a statement.
The valuation of the existing portfolio by the independent property valuer resulted in a net revaluation effect (after deferred taxes) of CHF 4.37 million (prior-year period: 0.07 million). The market value of the 33 portfolio properties with a total of 962 residential units amounts to CHF 341.38 million. The vacancy rate of the real estate portfolio amounted to 5.7 percent in the reporting period (prior year 5.6%).
Fundamenta currently has a new construction project under construction in Amriswil with an investment volume of CHF 25.27 million. The project comprises 63 residential units and is scheduled to be transferred to the portfolio in the course of the second half of 2015.
In June 2015, the company acquired another new construction project with building permit in the city of Winterthur with an investment volume of CHF 17.67 million. The new construction project with 36 residential units is expected to be transferred to the portfolio on a turnkey basis in the third quarter of 2017 after completion and construction acceptance.
After the balance sheet date, Fundamenta acquired another building permit for a new construction project in a good location in Hinwil with an investment volume of CHF 19.32 million in August 2015. The turnkey construction of this pure residential project with a total of 38 residential units is expected to be completed in the third quarter of 2017.
Taking into account the new construction project Hinwil, the future portfolio (pro forma view) amounts to an investment volume of around CHF 404 million. The expected annual net target rental income is around CHF 20.84 million p.a. and the real estate portfolio will comprise a total of 36 properties and 1,099 residential units. (ah)
