Hiag Immobilien (HIAG) CMD 2024 Presentation summary

Key financial and operational highlights

• Net income rose to CHF 36.2m (+63.5%), with property income at CHF 37.1m (+5.3%) and a vacancy rate reduced to 3.5%.

• High equity ratio of 53.6% and low net LTV of 39.5% ensure strong financing security.

• Over CHF 80m development gain in H1 2024; more than CHF 200m since 2010.

• Ongoing projects expected to yield CHF 90m additional development gains by end 2026.

• Sale of condominiums and committed credit lines provide ample financing flexibility for the pipeline.

Portfolio and asset management

• Property income and yields have grown steadily, supported by active asset management and commercialisation.

• Vacancy rate has declined from 4.0% to 3.5%, with stable structural vacancy.

• WAULT remains high due to proactive re-letting and long-term tenant agreements.

• Net yield improvements achieved through cost savings, triple net leases, and insourcing property management.

Site development and project pipeline

• Completed projects in H1 2024 delivered strong IRRs (up to 19%) and significant development gains.

• Major ongoing developments include "Alto" in Zürich, "Chama" in Cham, and "Fahrwerk" in Winterthur.

• Expected rental income from projects under construction is CHF 11.2m, with CHF 140m cashflow from promotions.

• Median development gain to capex multiple is x2.1, with a median IRR of 14%.