Fundamenta: Net profit increases by more than one third

Fundamenta Real Estate AG reports that net rental income increased by CHF 10.6% to CHF 17.9 million in the reporting period (previous year: CHF 16.2 million). The reasons for the increase were the completion of five development and repositioning projects and the acquisition of five additional properties. This was offset by three disposals in the last twelve months. The vacancy rate fell to a record low 2.7% (previous year: 3.5%).

The revaluation gain (before deferred taxes) was reported to be 5.3m as at 30 June 2021, significantly higher than the same period last year (2.5m). Net profit increased by 36.7% to 12.0M (YoY: 8.8M), thanks in part to the revaluation gain, and return on equity reached 4.7% (YoY: 4.3%). Net operating profit excluding revaluation increased byTP1T 6.21 toTP1T 8.0 million (previous year:TP7.5 million).

Portfolio value cracks the billion mark

At the end of the 2021 financial year, the real estate portfolio had a balance sheet value of CHF 1.06 billion, compared with CHF 991.9 million at the end of 2020. As of mid-2021, the portfolio comprised 66 existing properties and two development projects. The aim is to make the building stock CO2-neutral by 2050. Fundamenta reports that the implementation of measures to reduce emissions has begun at several properties.

In July 2021, Fundamenta made another purchase and acquired a residential property in Richterswil (ZH) with 13 residential units. The development and repositioning projects are on track, the company adds. A new construction project in St. Gallen will be completed in the third quarter of 2021, and the repositioning of two existing properties in Zurich and Berne is scheduled for completion this year. In addition, the Board of Directors has approved a budget for the repositioning of further portfolio properties. (ah)