« Ad hoc » announcement pursuant to art. 53 LR
Baar, June 6, 2024: The listed real estate fund Patrimonium Swiss Real Estate Fund (SIX: PSREF) closed its 2023/24 financial year with a net income of CHF 18’397’744, comparable to the previous year (2022/23: CHF 18’523’237), and a positive agio of 15.98%. A dividend of CHF 3.70 will be paid on 18.06.2024 (ex-Dat: 14.06.2024). Thanks to its positioning in the medium- to low-rent urban residential property segment and active portfolio management, the fund is proving its solidity in a difficult real estate environment. The expected improvement in the economic climate and the development projects and acquisitions underway as part of a well-defined strategy mean that we can look to the future with optimism.
At the closing on March 31, 2024, the market value of the fund’s properties stood at CHF 1’209 mio (+2.83% vs. 2023). The weighted discount rate averaged 3.02% (3.00% vs. previous year) for the entire portfolio. Thanks to a conservative valuation policy, the discount rate for residential properties remained stable during the year, while the discount rate for mixed-use and commercial properties increased by an average of 0.1%.
Several factors contributed positively to the performance. Rents collected for the 2023/24 period were up by more than 6.2% compared to the previous year (from CHF 48.82 mio to CHF 51.85 mio), due to a 3.2% reduction in the vacancy rate, inflation-linked rent increases of 1.1% and the acquisition of residential properties (1.9% of this increase). Property expenses, excluding interest and taxes, fell by over 11% (- CHF 1.43 mio).
As part of portfolio optimization, two properties were acquired and one sold. The acquisitions represent an investment of CHF 27.2 mio and additional annual income of CHF 1.2 mio. The residential property at Chemin du Liseron 3-5 in Crissier, owned by the fund since 2008, was sold at the end of March 2024 with a net capital gain of CHF 3.43 mio.
The weighted average cost of debt increased to 1.92% at the end of March 2024 (vs. 1.77% at the end of March 2023), and mortgage expenses consequently rose from CHF 3.4 mio to CHF 5.9 mio.
The energy transition represents a major challenge for property owners. The trajectory of lowering CO2 emissions and reducing the heating index (IDC) continues. The fund’s greenhouse gas emissions (CO2 ) have fallen to 19.70 kgCO /m2 in 2022 (-26%), and the heat expenditure index (HDI) to 392 MJ/m2 (-3%).
New investment opportunities, the expected fall in interest and discount rates, and the fund’s development projects mean that we can look forward to the year ahead with optimism.
The annual report is available here (“Documents” section).
Official presentation of Annual Results 2023/24:
Thursday, June 13, 2024 (online)
Registration required to obtain videoconference access.