Plazza AG: On course
Plazza AG slightly increased its property income and operating result in the 2020 financial year. Revaluations led to a significantly higher profit.
The financial statements for the 2020 financial year once again exceed expectations, according to Plazza's management. Real estate income increased to CHF 24.6 million in 2020 (previous year: CHF 24.3 million), while operating income before depreciation and revaluation rose to CHF 20.0 million (previous year: CHF 18.9 million). At CHF 17.0 million, profit before revaluation remained at the previous year's level due to a special effect in 2019. Market-related factors (including falling discount rates) again led to high revaluation gains and thus to a significantly higher profit of CHF 63.3 million (previous year: CHF 36.7 million).
No vacancies at residential properties
The vacancy rate of existing properties fell to 3.7 percent in the reporting period (PY: 4.0%); this mainly affects commercial space; no apartments were vacant in the reporting period. Due to its primary investment focus on residential properties, Plazza has so far been largely spared the effects of the Covid 19 pandemic, management said. In terms of target net rental income, the share of residential properties remains unchanged at 73 percent. With the acquisition of 80 apartments in Tiergarten at the beginning of 2021, this share will increase further, it says.
With some of the tenants directly affected by the lockdown and the resulting closures, deferments have been agreed and, in individual cases, rent reductions granted in order to prevent the threat of bankruptcy and vacancies. According to Plazza's management, this has so far made it possible to maintain a stable leasing situation in the commercial space segment. At the beginning of 2020, Plazza had sold a commercial space of around 1,000 sqm in the Wallisellen business park for around CHF 1.7 million. The value of the real estate portfolio held as fixed assets increased by CHF 72.4 million to CHF 733.3 million in the reporting period (previous year: CHF 660.9 million).
For fiscal year 2021, Plazza's management is positive and expects operating income before depreciation and revaluation to be at least in the order of magnitude of the previous year. (bw)
