SF Urban Properties (SFPN) H1 2024 earnings summary

Executive summary

• Portfolio strengthened by improved operational performance, disciplined cost management, and low vacancy rate maintained.

• Rental income increased, with EBIT margin (excluding revaluation effects) showing improvement.

• Acquired investment property in Basel and reclassified Seefeldstrasse 186 as an investment property.

• Successful marketing start for Rüschlikon project and focus on new construction projects for H2 2024.

Financial highlights

• Net profit excluding revaluation effects rose to CHF 6.4 million in H1 2024 from CHF 5.4 million in H1 2023.

• Property income increased 5.7% year-over-year to CHF 15.6 million in H1 2024.

• EBIT margin for investment properties (excl. revaluation) improved to 63.63%.

• Earnings per share (excl. revaluation) increased to CHF 1.90 from CHF 1.62 year-over-year.

• Loan-to-value (LTV) ratio at 45.34% as of June 2024.

Outlook and guidance

• Optimistic outlook for full-year 2024, targeting stable property income above CHF 31.2 million and vacancy rate below 2%.

• Management to intensify acquisitions and focus on marketing and sales of new and existing units in H2 2024.

• EBIT contribution from development expected between CHF 4.0–5.0 million for FY 2024.

• Building application for Seefeldstrasse 186 project to be submitted in Q4 2024.