Half-year report H1 2023
Short report
PSP Swiss Property - Short report H1 2023
Most important for H1 2023
- At the end of June 2023, the real estate portfolio had a total value of CHF 9.6 billion and a vacancy of 3.2 % (end of 2022: CHF 9.4 billion; 3.0 %).
- Rental income increased by 3.5 % to CHF 163.3 million (H1 2022: CHF 157.8 million).
- The operating result, i.e., net income excluding gains/losses on real estate investments, was up by 20.9 % to CHF 150.5 million (H1 2022: CHF 124.5 million).
- For the business year 2023, ebitda excluding gains/losses on real estate invest- ments is now forecasted to be CHF 295 million (previously: CHF 290 million). The vacancy rate at year-end 2023 is still expected to be below 4 %.
- PSP Swiss Property is well positioned and confident to achieve another good operating result in 2023 to continue its shareholder-friendly dividend policy.
The PSP share
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in CHF
2000 | 2002 | 2004 | 2006 | 2008 | 2010 | 2012 | 2014 | 2016 | 2018 | 2020 | 2022 |
PSP Swiss Property | Swiss Performance Index (rebased) | ||||||||||
7 March 2000 until 9 August 2023 Source: Bloomberg
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Portfolio value by area
57% Zurich
14% Geneva
7% Basel
6% Bern
4% Lausanne
4% Other locations
8% Sites and development properties
Rent by use
64% Office
15% Retail
6% Gastronomy
4% Parking
10% Other
Rent by type of tenant
22% Services
17% Retail
12% Financial services
7% Other
6% Government
8% Health care
9% Telecommunication
9% Technology
9% Gastronomy
PSP Swiss Property - Short report H1 2023
Key figures
Q2 | Q2 | |||||||||||||||
Key financial figures | Unit | 2022 | 2022 | 2023 | H1 2022 | H1 2023 | +/-1 | |||||||||
CHF | ||||||||||||||||
Rental income | 1 000 | 316 231 | 78 685 | 82 204 | 157 787 | 163 339 | 3.5% | |||||||||
EPRA like-for-like | ||||||||||||||||
change | % | 2.2 | 3.2 | 6.0 | 3.2 | 5.0 | ||||||||||
Net changes in | ||||||||||||||||
fair value of real | CHF | |||||||||||||||
estate investments | 1 000 | 124 886 | 120 030 - 90 712 | 131 894 | - 90 712 | |||||||||||
Income from property | CHF | |||||||||||||||
sales (inventories) | 1 000 | 25 181 | 3 058 | 9 374 | 21 502 | 10 312 | ||||||||||
Income from property | ||||||||||||||||
sales (investment | CHF | |||||||||||||||
properties) | 1 000 | - 447 | 0 | 0 | - 447 | 910 | ||||||||||
CHF | ||||||||||||||||
Total other income | 1 000 | 7 669 | 681 | 2 769 | 2 630 | 3 397 | ||||||||||
CHF | ||||||||||||||||
Net income | 1 000 | 329 960 | 149 179 | 19 893 | 227 154 | 76 916 - 66.1% | ||||||||||
Net income excluding | ||||||||||||||||
gains/losses on real | CHF | |||||||||||||||
estate investments2 | 1 000 | 235 714 | 54 793 | 94 240 | 124 478 | 150 522 | 20.9% | |||||||||
Ebitda excluding | ||||||||||||||||
gains/losses on real | CHF | |||||||||||||||
estate investments | 1 000 | 293 822 | 68 069 | 80 569 | 155 060 | 150 470 | - 3.0% | |||||||||
Ebitda margin | % | 83.9 | 82.6 | 85.4 | 84.7 | 85.0 | ||||||||||
CHF | ||||||||||||||||
Total assets | 1 000 9 483 866 | 9 766 970 | 3.0% | |||||||||||||
CHF | ||||||||||||||||
Shareholders' equity | 1 000 5 198 379 | 5 099 851 | - 1.9% | |||||||||||||
Equity ratio | % | 54.8 | 52.2 | |||||||||||||
Return on equity | % | 6.5 | 11.9 | 1.5 | 9.0 | 3.0 | ||||||||||
CHF | ||||||||||||||||
Interest-bearing debt | 1 000 3 092 389 | 3 516 278 | 13.7% | |||||||||||||
Interest-bearing debt | ||||||||||||||||
in % of total assets | % | 32.6 | 36.0 | |||||||||||||
Portfolio key figures | ||||||||||||||||
Number of investment | ||||||||||||||||
properties | Number | 162 | 161 | |||||||||||||
Carrying value | CHF | |||||||||||||||
investment properties | 1 000 8 886 673 | 8 845 033 | - 0.5% | |||||||||||||
Implied yield, gross3 | % | 3.5 | 3.6 | 3.7 | 3.6 | 3.7 | ||||||||||
Implied yield, net3 | % | 3.1 | 3.1 | 3.3 | 3.1 | 3.3 | ||||||||||
Vacancy rate (CHF)3, 4 | % | 3.0 | 3.2 |
Q2 | Q2 | ||||||||||||||||
Portfolio key figures | Unit | 2022 | 2022 | 2023 | H1 2022 | H1 2023 | +/-1 | ||||||||||
Number of sites | |||||||||||||||||
and development | Number | 13 | 14 | ||||||||||||||
properties | |||||||||||||||||
Carrying value sites | |||||||||||||||||
and development | CHF | ||||||||||||||||
properties | 1 000 | 534 382 | 756 243 | 41.5% | |||||||||||||
Headcount | |||||||||||||||||
Employees | Number | 100 | 100 | ||||||||||||||
Full-time equivalents | Number | 91 | 90 | ||||||||||||||
Per share figures | |||||||||||||||||
Earnings per share | CHF | 7.19 | 3.25 | 0.43 | 4.95 | 1.68 | - 66.1% | ||||||||||
(EPS)5 | |||||||||||||||||
EPS excluding gains/ | |||||||||||||||||
losses on real estate | |||||||||||||||||
investments5 | CHF | 5.14 | 1.19 | 2.05 | 2.71 | 3.28 | 20.9% | ||||||||||
EPRA EPS5 | CHF | 4.66 | 1.14 | 1.90 | 2.30 | 3.11 | 35.3% | ||||||||||
Distribution per share | CHF | 3.80 | 6 | n.a. | n.a. | n.a. | n.a. | ||||||||||
Net asset value | |||||||||||||||||
per share (NAV)7 | CHF | 113.33 | 111.19 | - 1.9% | |||||||||||||
NAV per share | |||||||||||||||||
before deduction | |||||||||||||||||
of deferred taxes7 | CHF | 136.62 | 133.57 | - 2.2% | |||||||||||||
EPRA NRV7 | CHF | 139.42 | 136.36 | - 2.2% | |||||||||||||
Share price end | |||||||||||||||||
of period | CHF | 108.50 | 99.90 | - 7.9% |
- Change to previous year's period 1 January to 30 June 2022 or to carrying value as of 31 December 2022 as applicable.
- "Net income excl. gains/losses on real estate investments" corresponds to the net income excl. net changes in fair value of the real estate investments, net income on sales of investment properties and all of the related taxes. Income from the sale of properties which were developed by the Company itself is, however, included in the "Net income excl. gains/losses on real estate investments".
- For investment properties.
- Equals the lost rental income in % of the potential rent, as per reporting date.
- Based on average number of outstanding shares.
- For the 2022 business year. Cash payment was made on 13 April 2023.
- Based on number of outstanding shares.
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PSP Swiss Property AG published this content on 18 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2023 04:34:04 UTC.