Peach Property achieves operational growth in H1
While rental income and FFO I at Peach Property increase significantly in H1, lower valuation gains had a negative impact on the bottom line.
Peach Property Group increased rental income by 18.1% in the 1st half of the year. On a like-for-like basis, the increase amounted to 3.4%. Strong new leasing also had a positive impact on the vacancy rate. This fell from 8.0 to 7.6% in the half-year. The price per square meter for new leases was on average more than 15% higher than the existing rent at the end of 2021. The FFOI operating indicator increased by an impressive 93%.
However, profit more than halved to CHF 47 million, partly due to a lower valuation result from investment properties (CHF 78.7 million after CHF 126.4 million in the same period of the previous year). Currency effects, however, had a negative impact of CHF -21 million in H1 (in H1 2021 they were still positive at CHF 4.3 million).
The guidance remains unchanged compared to the spring: Peach continues to expect full-year FFO I of CHF18 million to CHF21 million, a 3.5% increase in like-for-like rental income and net rental income of CHF113 million to CHF119 million. (aw)
