PSP with improved vacancy forecast
PSP Swiss Property improved its operating result in the first three quarters. However, net income decreased due to lower revaluations.
In the first nine months of the financial year, PSP Swiss Property generated net income excluding gains/losses on real estate investments of CHF 181.3 million, an increase of 8.7%. The increase is mainly due to higher rental income (+CHF 5.3 million), higher gains on the sale of development projects and condominiums (+CHF 6.7 million), more own work capitalized (+CHF 1.3 million) and increased other income (+CHF 1.4 million). Corona-related rent reductions were virtually non-existent in the reporting period (CHF 0.02 million), compared with CHF 3.6 million in the previous year.
Meanwhile, net income decreased by 34.1% to CHF 284.0 million, which PSP attributes to lower portfolio appreciation. This decreased from CHF 331.9 million to CHF 131.9 million.
Vacancy forecast decreases from 4% to 3.5%
The balance sheet value of the portfolio rose from CHF 9.1 billion to CHF 9.4 billion in the first nine months of the year. The vacancy rate, however, decreased from 3.8 to 3.1%. By the end of the year, PSP now expects a ratio of 3.5%. This is a more optimistic forecast than last time, as 4% had previously been expected. The forecast for Ebitda excluding gains/losses on real estate investments remains at CHF 290 million (2021: CHF 278.8 million). (aw)
