Immofonds: Further growth
The Immofonds reports net income of CHF 47.9 million for the 2020/2021 fiscal year. This is 4.7% more than in the previous year.
Gabriela Theus, managing director of Immofonds Asset Management AG, says that despite the ongoing covid pandemic, Immofonds lowered its rent default rate in fiscal 2020/21, falling from 4.7% to 4.0%. Rental income increased by 3.1% to CHF 78.4 million over the same period. Net income increased by 4.7% to 47.9 million, while total income climbed by 33.3% to 104.5 million, mainly due to unrealized capital gains, which increased from 32.0 million to 53.2 million in the reporting period, a statement said.
The market value of the portfolio reportedly increased by 7.3% to 1.81 billion, roughly half of which was due to investments in the portfolio and acquisitions, and half to market-related changes.
The net fund assets of the Immofonds increased by 14.2% to 1.29 billion as of the reporting date of June 30, 2021. The net asset value per unit increased from CHF 351.00 to CHF 367.35. The fund's share price, adjusted for the October 2020 capital increase, reportedly increased by 17.7% to CHF 590.00 during the fiscal year. Market capitalization increased to 2.07 billion, and a performance of 20.4% was achieved. As in the previous year, the distribution is expected to be CHF 13.50, which corresponds to a distribution yield based on the market price as of June 30, 2021 of 2.3%. (ah)
