BFW Liegenschaften AG reported earnings results for the first half of 2012. For the period, the company reported total earnings from rental income of CHF 7,840,000 against CHF 7,630,000 a year ago. Total earnings from sale of properties were CHF 283,000 against CHF 1,990,000 a year ago. EBIT was CHF 8,146,000 against CHF 11,867,000 a year ago. Earnings excl. fair value adjustments of interest rate swaps/deferred taxes was CHF 4,821,000 against CHF 7,427,000 a year ago. Earnings incl. effects from changes in fair value/deferred taxes was CHF 4,380,000 against CHF 6,539,000 a year ago. Net asset value was CHF 33.52 against CHF 33.80 a year ago. The difference in earnings compared to the previous year period is mainly due to non-recurring profits from the sale of properties in conjunction with the portfolio adjustment process and a substantial increase in valuation of the new real estate project at Romanshornerstrasse in Kreuzlingen, which had led to extraordinary, positive earnings of approximately CHF 2.7 million during the first half of 2011. Net rental income slight decline is due to the sale of properties as part of the strategic portfolio adjustment process (strategy decision taken in December 2009) during the previous year period.

The company expects demand for investment objects and attractive residential properties to remain high. For the second half of 2012, the company anticipates similar earnings from rental income as in the first half. The company expects EBIT to be in a range of CHF 14.5 million to CHF 16 million for the entire fiscal year 2012.