PSP Swiss Property Reports Strong Half-Year Results, Confirms 2024 Guidance

PSP Swiss Property AG has announced solid operating results for the first half of 2024, reinforcing its guidance for an EBITDA of CHF 300 million and maintaining a vacancy rate below 4% for the 2024 fiscal year.

As of June 30, 2024, the value of the real estate portfolio increased to CHF 9.7 billion, compared to CHF 9.6 billion at the end of 2023. The vacancy rate was stable at 4.0%. The portfolio consisted of 157 investment properties, two sites, and eight development properties.

PSP Swiss Property reported net income of CHF 156.3 million for H1 2024, a significant increase from CHF 76.9 million in H1 2023. The result was boosted by property revaluations worth CHF 44.7 million. Rental income rose by 7.9% to CHF 176.2 million.

Equity totaled CHF 5.199 billion with an equity ratio of 53.4%. Interest-bearing debt stood at CHF 3.435 billion, with an average cost of debt of 1.02%. The firm continues to hold an A3 issuer rating from Moody’s, with a stable outlook.

The company anticipates higher rental income in 2024 due to new property acquisitions and the indexation of rental agreements to inflation, despite expecting increased financial expenses.