PSP Swiss Property has a good start to the year
PSP Swiss Property increased its property income in the first quarter of 2021 year-on-year by around 5 percent to CHF 77 million. The net profit almost doubled to just under CHF 89 million. The book value of the portfolio increased compared to the end of 2020.
According to a statement from PSP Swiss Property , the Zug-based real estate company generated real estate income totaling CHF 77.4 million in the first quarter of 2021. Compared to the same period in the previous year, this corresponds to growth of 4.6 percent. Operating expenses remained at the previous year's level at 13.2 percent.
The operating result (EBITDA) excluding real estate successes and valuation differences amounted to 78.5 million francs in the quarter under review, 23.9 percent more than in the first quarter of 2020. The profit without real estate successes rose by 28.5 percent year-on-year to 61.8 million Francs too.
At 88.8 million, net profit was 85.3 percent higher than in the previous year. The real estate company attributes the sharp rise to higher rental income, profits from the sale of development projects and condominiums, and a portfolio revaluation of CHF 33.2 million.
The balance sheet value of the portfolio on the reporting date at the end of the quarter was CHF 8.641 billion, compared to CHF 8.577 billion at the end of 2020. In the quarter under review, PSP Swiss Property sold the Seestrasse development project in Kilchberg ZH and 13 floor units in the Residenza Parco Lago project in Paradiso near Lugano. The vacancy rate rose from 3.0 to 3.1 percent due to renovation work, among other things.