SF Urban Properties increases net profit
SF Urban Properties AG increased its property income and net profit in the first half of 2019.
Rental income increased by 4.1%, while net income excluding revaluation effects rose by 2.2 million CHF year-on-year to 7.5 million CHF. According to SF Urban Properties, revaluation effects flattened slightly after years of sharply declining purchase yields. Thus, the contribution of revaluations to the overall result in the first half of 2019 amounted to 2.0 million compared to 2.9 million in the previous year.
Despite the lower revaluations, EBIT of 11.9 million was only slightly below the prior-year figure of 12.0 million. The EBIT margin is put at 73.7% after 74.5% in the previous year.
Earnings per share excluding revaluation effects amounted to CHF 2.22 (previous year: 1.57), while shareholders' equity (NAV) per listed share was CHF 91.92 as of June 30, 2019. At the end of 2018, the NAV was still CHF 94.26.
Portfolio value rises, vacancy rate falls
SF Urban Properties announces that its strategic focus remains on the cities of Zurich and Basel. In the first half of the year, two non-strategic properties were sold for 14.75 million, and at the same time the company acquired a development project at Sandreuterweg 39 in Riehen. At Schaffhauserstrasse 6 in Zurich, SF Urban Properties took over an existing property.
The portfolio value increased from 645.3 to 654.7 million (excl. promotional property Residenza Parco d'Oro) due to the two acquisitions and revaluations. The vacancy rate for the period fell from 3.4% to 3.1%. As of the reporting date on June 30, the vacancy rate was 2.4% (previous year: 3.8%). The low vacancy rate is expected to be maintained in the second half of the year, SF Urban Properties said. (ah)
