Swiss Prime Site with lower net profit in 2023
Published: Thursday, Feb 8th 2024, 07:40
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Swiss Prime Site performed well operationally in the past financial year. However, special factors had an impact on the result. The real estate group is positive about the future outlook.
The largest listed Swiss real estate group increased its rental income by 1.3% to CHF 438.3 million in 2023, according to figures released on Thursday. Operating income rose by 1.9 percent to 658.6 million francs.
Profit before revaluations amounted to CHF 459.8 million after CHF 300.6 million in the previous year. The sale of Wincasa had a positive effect. Investors will now receive a stable dividend of CHF 3.40 per share.
Including revaluations, profit fell to CHF 86.7 million, which corresponds to a drop of 78%. Devaluations amounted to CHF 250.5 million after CHF +169.7 million in the previous year. The decline is largely due to the increase in discount rates. Rising interest rates have a negative impact on property valuations.
The value of the entire portfolio remained at around CHF 13.1 billion. The vacancy rate fell from 4.3 percent to 4.0 percent.
SPS looks to the future with confidence. Specifically, Swiss Prime Site expects an increase in consolidated FFO I to CHF 4.10 to 4.15 per share in 2024 (2023: CHF 4.05). In operational terms, Swiss Prime Site anticipates a vacancy rate of less than 4% and a further increase in assets under management at Swiss Prime Site Solutions to over CHF 9 billion
©Keystone/SDA
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