PSP Swiss Property achieves operational growth in H1
PSP's half-year figures show a lower revaluation and, excluding gains on real estate investments, a profit increase. The Ebitda forecast increases slightly.
PSP Swiss Property reports a significant decrease in net income of 38.8 % to CHF 227.2 million for H1. This was due to a lower portfolio appreciation of CHF 131.9 million (H1 2021: CHF 325.0 million). However, excluding gains/losses on real estate investments, net income increased by 10.6 % to CHF 124.5 million. The increase is mainly due to higher rental income (+4.5 million), higher gains from the sale of development projects and condominiums (+6.2 million) and more own work capitalized (+1.4 million CHF). The balance sheet value of the portfolio increased from CHF 9.13 billion to CHF 9.34 billion compared to the end of 2021.
There were virtually no more Corona-related rent reductions in the first half of the year - in the first half of 2021, there had been CHF 3.5 million. The vacancy rate declined from 3.8 to 3.7%, with 0.6 percentage points attributable to ongoing refurbishment work.
Ebitda forecast slightly increased
PSP minimally increases the forecast for the current financial year. Ebitda excluding gains/losses on real estate investments is now expected to reach CHF 290 million. The forecast was last raised in February - from 285 million to "above CHF 285 million". In 2021, 278.8 million CHF was reached. In terms of vacancies, PSP continues to expect a rate of below 4% by the end of the year (end of June 2022: 3.7%). (aw)
