Brief: PSP Swiss Property Q1 Rental Income Up At CHF 81.1 Mln

PSP Swiss Property AG

05/05/2023 05:35

May 5 (Reuters) - PSP SWISS PROPERTY AG  PSPN.S :
    * IN A CHALLENGING MARKET ENVIRONMENT, PSP SWISS PROPERTY
ONCE
AGAIN ACHIEVED A SOLID OPERATING RESULT IN Q1 2023. EBITDA AND
VACANCY GUIDANCE FOR FY 2023 CONFIRMED.
    * AT END OF MARCH 2023, VALUE OF PORTFOLIO WAS CHF 9.450
BILLION
(END OF 2022: CHF 9.421 BILLION), VACANCY RATE WAS 3.2% (END OF
2022: 3.0%)
    * OF LEASE CONTRACTS MATURING IN 2023 (CHF 43.0 MILLION),
66% WERE
RENEWED BY END OF MARCH 2023
    * IN Q1 2023, NO INVESTMENT PROPERTIES WERE PURCHASED. WE
SOLD
PROPERTY AT BAHNHOFSTRASSE 23 IN INTERLAKEN FOR CHF 3 MILLION
    * IN Q1 2023, RENTAL INCOME INCREASED FROM CHF 79.1 MILLION
BY CHF
2.0 MILLION OR 2.6% TO CHF 81.1 MILLION COMPARED TO PREVIOUS
YEAR'S PERIOD
    * OPERATIONAL RESULT, NET INCOME EXCLUDING GAINS/LOSSES ON
REAL
ESTATE INVESTMENTS, DECREASED BY CHF 13.4 MILLION OR 19.2% TO
CHF 56.3 MILLION (Q1 2022: CHF 69.7 MILLION)
    * Q1 OPERATING EXPENSES DECREASED BY CHF 0.9 MILLION OR 6.3%
TO
CHF 13.2 MILLION (Q1 2022: CHF 14.0 MILLION)
    * Q1 EARNINGS PER SHARE EXCLUDING GAINS/LOSSES ON REAL
ESTATE
INVESTMENTS, WHICH IS BASIS FOR DIVIDEND DISTRIBUTION, AMOUNTED
TO CHF 1.23 (Q1 2022: CHF 1.52)
    * Q1 NET INCOME REACHED CHF 57.0 MILLION (Q1 2022: CHF 78.0
MILLION)
    * Q1 EARNINGS PER SHARE AMOUNTED TO CHF 1.24 (Q1 2022: CHF
1.70)
    * AT END OF MARCH 2023, NET ASSET VALUE (NAV) PER SHARE WAS
CHF
114.59 (END OF 2022: CHF 113.33)
    * NEVERTHELESS, WE EXPECT HIGHER RENTAL INCOME OVERALL IN
2023
THAN IN 2022 DUE TO INDEXATION (INFLATION ADJUSTMENT) OF RENTAL
CONTRACTS, COMPLETION OF SEVERAL PROJECTS AS WELL AS
ACQUISITIONS OF PREVIOUS YEAR
    * FOR BUSINESS YEAR 2023, WE STILL EXPECT AN EBITDA
EXCLUDING
GAINS/LOSSES ON REAL ESTATE INVESTMENTS OF CHF 285 MILLION
(2022: CHF 293.8 MILLION)
    * OUTLOOK 2023: INCOME FROM SALE OF DEVELOPMENT PROJECTS AND
CONDOMINIUMS WILL DECLINE
    * AS PER YEAR-END 2023, WE STILL FORECAST A VACANCY RATE OF
BELOW
4% (END OF Q1 2023: 3.2%)

Source text for Eikon:  ID:nEQ9Cssg4a 
Further company coverage:  PSPN.S 

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