PSP Swiss Property with higher net profit
After three quarters, the operating forecast for the year as a whole is in place and net profit is benefiting from the fact that the valuation result has turned clearly positive.
PSP Swiss Property reports an operating profit of CHF 170.3 million for the first three quarters. Compared to the same period of the previous year, profit excluding gains/losses on real estate investments decreased by 19.2%. The company cites the reversal of deferred taxes of CHF 30.6 million, which had had a positive impact on the comparative result, as the reason for this. Property income, on the other hand, increased by CHF 5.8% to CHF 262.0 million. Like-for-like, the increase amounted to 3.7%, with 1.4 percentage points attributable to turnover rent, 1.6% to indexation and 0.7% to other factors. Proceeds from the sale of investment properties rose by CHF 10.4 million, while proceeds from the sale of development properties fell by CHF 12.9 million. Net financing expenses increased by CHF 9.8 million.
Earnings per share excluding gains/losses on real estate investments, which form the basis for the dividend distribution, fell from CHF 4.59 to CHF 3.71. Net profit, on the other hand, increased considerably by CHF 45.4% to CHF 225.9 million. A portfolio revaluation of CHF 61.4 million had a positive effect here. In the same period of the previous year, a devaluation of CHF 67.2 million was recorded.
EBITDA forecast of CHF 300 million
EBITDA excluding gains/losses on real estate investments of CHF 300 million is still expected for the 2024 financial year (2023: CHF 297.7 million). PSP now expects a vacancy rate of 3.5% at the end of 2024, compared to the previous guidance of "below 4%". The reason for the expected lower vacancy rate is the reclassification of four investment properties in Wallisellen as development properties, according to the statement. (aw)
