Swiss Life: REF Swiss Properties increases dividend
The fund, which is now worth CHF 3.2 billion, increased its net income in the last financial year, which was characterized by a record capital increase.
The listed real estate fund Swiss Life REF (CH) ESG Swiss Properties added 47 newly acquired properties to its portfolio in the 2023/2024 financial year and increased rental income from CHF 92.7 million to CHF 103.3 million. Like-for-like, rental income increased by 4.5%.
The real estate portfolio now comprises a total of 201 existing properties with a market value of CHF 3.2 billion. The properties held throughout the financial year recorded a positive net change in market value of 0.4% after deduction of investments made. The net asset value per unit remained stable at 113.73 before distribution.
Sold at a profit
A portfolio with a market value of around CHF 701 million was acquired from Swiss Life AG through a record capital increase of around CHF 610 million. The fund sold seven properties during the financial year, resulting in a net capital gain totaling CHF 7.2 million (after deduction of taxes and sales costs). The vacancy rate remained low at 1.6% (2022/2023: 1.5%). The debt ratio fell from 26.05TP3T to 22.11% as a result of the sales and the increase in equity.
Dividend increased to CHF 2.70
The fund's net income rose from CHF 44.0 million to CHF 57.0 million and, together with the gains on sales, resulted in realized income of CHF 64.2 million. Of this, CHF 58.3 million or CHF 2.70 per unit will be distributed to investors (previous year CHF 2.60).
At around CHF -4.2 million, the unrealized capital loss was significantly lower than in the previous year (CHF -35.2 million), resulting in a significantly improved overall result of CHF 57.6 million (previous year: CHF 11.9 million). (aw)
