Brief: PSP Swiss Property Improves EBITDA Guidance For FY 2024

PSP Swiss Property AG

07/05/2024 05:35

May 7 (Reuters) - PSP SWISS PROPERTY AG  PSPN.S :
    * PSP SWISS PROPERTY ACHIEVES SOLID OPERATING RESULTS AND
IMPROVES
THE EBITDA GUIDANCE FOR THE 2024 BUSINESS YEAR.
    * AT END OF Q1 2024, REAL ESTATE PORTFOLIO HAD A VALUE OF
CHF 9.6
BILLION AND A VACANCY OF 4.1%
    * EQUITY WAS CHF 5.3 BILLION, CORRESPONDING TO AN EQUITY
RATIO OF
54.5%
    * RENTAL INCOME INCREASED BY 9.9% TO CHF 89.2 MILLION (Q1
2023:
CHF 81.1 MILLION)
    * OPERATING RESULT, I.E., NET INCOME EXCLUDING GAINS/LOSSES
ON
REAL ESTATE INVESTMENTS, GREW BY 0.6% TO CHF 56.6 MILLION (Q1
2023: CHF 56.3 MILLION).
    * IMPROVED GUIDANCE: EBITDA EXCLUDING GAINS/LOSSES ON REAL
ESTATE
INVESTMENTS FOR 2024 FINANCIAL YEAR IS NOW EXPECTED TO BE CHF
300 MILLION (PREVIOUS GUIDANCE: ABOVE CHF 295 MILLION).
    * NET INCOME EXCLUDING GAINS/LOSSES ON REAL ESTATE
INVESTMENTS,
INCREASED BY CHF 0.3 MILLION OR 0.6% TO CHF 56.6 MILLION
    * HIGHER OPERATING EXPENSES (+ CHF 0.7 MILLION) AND HIGHER
FINANCING COSTS (+ CHF 4.4 MILLION) HAD A NEGATIVE IMPACT
    * FY 2024 VACANCY RATE IS STILL EXPECTED TO BE BELOW 4% AT
END OF
2024 (END OF 2023: 3.6%)

Source text for Eikon:  ID:nEQ9Gx9Sna 
Further company coverage:  PSPN.S 

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