PSP presents quarterly figures
PSP Swiss Property achieved a net profit (excluding valuation effects) of CHF 134.8 million in the first nine months of the financial year. For the full year, the real estate company confirms its Ebitda forecast of CHF 240 million.
Net income excluding valuation effects was three million or 2.2 percent below the previous year, but in line with the company's expectations, according to PSP. In the same period of the previous year, income from the sale of condominiums was 9.4 million higher. In the reporting period, however, rental income improved by 4.7 million to 208.9 million. The increase resulted primarily from the Acquisition of the Rothschild portfolio with properties in western Switzerland and Ticino.
Net income (including valuation effects) increased significantly compared to the same period last year, reaching 220.3 million compared to 164.8 million in the first three quarters of 2017. The increase mainly resulted from the revaluation of 107.6 million, PSP says. Of this, 91.5 million came from the portfolio valuation in mid-2018 and 16 million from the revaluation of the Grosspeter Tower investment property in Basel and the Atmos development property in Zurich West at the end of September 2018.
Project at Bahnhofplatz in Zurich will be delayed
Also the project Bahnhofquai/-platz in Zurich damaged by a major fire had been subjected to a value analysis, but this did not result in any valuation difference, PSP added. The real estate company intends to preserve the remaining listed facades and reconstruct the buildings in their previous appearance. According to current knowledge, the first stage will be delayed by about 1.5 years and the work will last until mid-2021.
As of the reporting date at the end of September 2018, net asset value (NAV) per share was CHF 88.61 (end of 2017: CHF 86.96). NAV before deduction of deferred taxes amounted to CHF 106.71 (end of 2017: CHF 104.22).
The balance sheet value of the entire portfolio was approximately 7.4 billion at the end of September 2018 (end of 2017: 7.05 billion). Among other things, PSP acquired the site of a former building lease property in Bern. In spring 2018, the Grosspeter Tower in Basel was completed and reclassified to the investment portfolio. A property in Petit-Lancy (Geneva) and a development project in Rheinfelden were sold. Properties at Bernerstrasse Süd 167/169 in Zurich and Route des Arsenaux 41 in Fribourg are also close to being sold, PSP says.
Vacancy decreased from 6.8 percent as of mid-2018 to 6.1 percent as of the end of September 2018, with 1.2-percentage points of the total vacancy attributable to ongoing renovation work, PSP said.
For the 2018 financial year, PSP confirms Ebitda (excluding valuation effects) of 240 million(2017: 242.2 million). In terms of vacancies, the real estate company now expects a lower rate of five percent. The previous forecast was below six percent. (ah)
