SF Urban Properties significantly reduces vacancy rate
SF Urban Properties AG's net profit fell by around one third, while earnings before revaluation rose - also by one third.
Lower revaluations of CHF 15.2 million (PY: CHF 36.8 million) pushed SF Urban Properties' net profit down from CHF 40.5 million to CHF 26.8 million (-33.8%). Excluding revaluations, however, net income reached CHF 14.7 million (+32.3%). Rental income increased by 4.7% to CHF 28.4 million, the portfolio value by 5.1% to CHF 754.5 million. The company set a new record for vacancy, which fell from 2.6% to 1.5% over the course of the year.
Meanwhile, profit from development properties doubled. It increased by CHF 4.5 million to CHF 8.3 million. For the development portfolio, SF Urban Properties 2022 acquired Alte Landstrasse 26 in Rüschlikon for CHF 5.7 million, Seefeldstrasse 186 in Zurich for CHF 8.3 million and the project at Ruchenacher 17 in Zumikon for CHF 8.6 million. For the yield portfolio, there was the acquisition of Binningerstrasse 5/Innere Margarethenstrasse 2 in Basel for CHF 18.2 million.
Financial expense down despite higher interest rates
The average interest rate on financial liabilities in the reporting year was 2.01%. Although the interest rate in the previous year was significantly lower at 1.35%, net financial expenses fell from CHF 5.2 million to CHF 4.8 million. According to the fund management, this was due to revaluations of interest rate hedges.
Distribution yield at 4.0%
The distribution to shareholders is expected to remain unchanged compared to the previous year at CHF 3.60 per share. This corresponds to a distribution yield based on the share price at year-end of 4.0%. (aw)
