Senior residence reaches agreement with largest tenant
The real estate company has concluded a new rental agreement with the Leukerbad Clinic and significantly devalued the clinic property.
Senioresidenz AG has concluded a new, long-term rental agreement with Leukerbad Clinic AG for the clinic property at Willy-Spühlerstrasse 2 in Leukerbad (VS). The new contract will again run until 2038 and includes an annual base rent of CHF 1.44 million, Senioresidenz writes in an ad hoc release. In addition, there is a potential turnover rent, which is based on the clinic company's turnover once it reaches a certain annual turnover. According to the information provided, the new rental agreement applies retroactively from 1 May 2023. This agreement also marks the end of Leukerbad Clinic's debt-restructuring moratorium proceedings by order of the competent court.
As can be seen from the report on the first half of 2023, Leukerbad Clinic was the largest tenant of the Senioresidenz with a target rent of CHF 3.1 million per year - at least to date. Leukerbad Clinic's share of the target rents in the entire Senioresidenz portfolio amounted to 23.8%.
Devaluation of almost 13 million francs
The company has now announced that the property in Leukerbad has been devalued by CHF 12.9 million compared to the 2023 half-year valuation. According to preliminary, unaudited results, the total value of the real estate portfolio amounted to CHF 240.6 million at the end of 2023, compared to CHF 228.4 million in 2022. The loss from revaluation amounted to CHF -22.0 million (previous year: CHF -2.4 million). In addition to the devaluation of the Leukerbad property, this was due in particular to an increase in the discount rates for the existing investment properties as a result of the higher interest rate environment, according to Senioresidenz. Rental income in 2023 amounted to CHF 10.8 million (previous year: CHF 10.8 million).
Senioresidenz expects a loss including revaluations of CHF 12.9 million (previous year: CHF +3.1 million). The profit excluding revaluations is CHF 4.9 million (previous year: CHF 5.0 million).
The company plans to publish the full 2023 annual report and further details on February 23. (ah)
