PSP Swiss Property confirms forecast
Rental income, operating income and net profit declined in the first quarter. However, the expectations for the year as a whole, which the company issued at the end of the last financial year, remain unchanged.
Excluding acquisitions and sales, the value of PSP Swiss Property's properties increased slightly from CHF 9.8 billion to CHF 9.9 billion in the first quarter. Real estate income fell by CHF 2.5% to CHF 86.9 million compared to the same period of the previous year, which was characterized by two special effects. On a like-for-like basis, however, real estate income rose by CHF 1.7% or CHF 1.3 million, of which CHF 0.7 million came from indexation.
Valuation gain lower than in previous year
The operating result decreased by CHF 11.7% to CHF 50.0 million and net profit fell from CHF 81.9 million to CHF 60.6 million. The decrease of CHF 25.2% is due in particular to the lower portfolio revaluation of CHF 13.7 million (Q1 2024: CHF 31.2 million).
Purchases remain cautious
PSP believes that the transaction market is somewhat livelier. "However, the supply of first-class properties that match our strategy is likely to remain scarce," the company writes. "As buyers, we remain cautious and only take advantage of purchase opportunities that offer the prospect of added value in the medium to long term." PSP continues to expect EBITDA excluding gains/losses on real estate investments of around CHF 300 million for the 2025 financial year (2024: CHF 304.9 million). A vacancy rate of 3.5% is still expected at the end of 2025. (aw)
