PSP Swiss Property Reports Earnings Results for the Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Year 2018
November 13, 2018 at 01:01 am EST
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PSP Swiss Property reported earnings results for the nine months ended September 30, 2018. For the nine months, the company reported rental income of CHF 208,929,000 compared to CHF 204,272,000 a year ago. Net income was CHF 220,317,000 compared to CHF 164,751,000 a year ago. EBITDA excl. gains/losses on real estate investments was CHF 184,550,000 compared to CHF 186,929,000 a year ago. Return on equity was 7.3% compared to 5.7% a year ago. Interest-bearing debt was CHF 2,570, 976,000 compared to CHF 2,510,896,000 a year ago. Earnings per share were CHF 4.80 compared to CHF 3.59 a year ago. Net asset value per share was CHF 88.61 compared to CHF 84.87 a year ago. Net income excl. gains/losses on real estate investments was CHF 134,797,000 compared to CHF 137,765,000 a year ago.
For the fiscal year 2018, the company now expects an improved EBITDA of CHF 240 million. Due to successful letting activities, the company now forecast a lower rate, which should be below 5% at year-end of 2018.
PSP Swiss Property AG is a Switzerland-based real estate holding company. It is organized into three business segments: Real Estate Investment, which includes the real estate business and comprises all properties of the Company; Real Estate Management, which includes all services and activities with regard to the management of the Companyâs own real estate portfolio, and Holding, which covers the traditional corporate functions, such as finance, legal, investor and public relations, human resources and information technology. The Company owns approximately 170 offices and commercial properties, as well as nine development sites throughout Switzerland, mainly in Zurich, Geneva, Basel, Bern and Lausanne. As of December 31, 2011, it had two direct subsidiaries: PSP Participations Ltd and PSP Finance Ltd, as well as such indirect subsidiaries as PSP Group Services Ltd, PSP Real Estate Ltd, PSP Management Ltd and Immobiliengesellschaft Septima AG, among others.
PSP SWISS PROPERTY AG 
