PSP Swiss Property Reports Stable Q3 2024 Results, Confirms EBITDA Guidance

PSP Swiss Property AG revealed its Q3 2024 performance and reaffirmed its guidance for a CHF 300 million EBITDA for the fiscal year 2024. The company's real estate portfolio rose to CHF 9.7 billion and its vacancy rate decreased to 3.6%, with expectations for further decline to 3.5% by year-end.

The commercial real estate market in central locations, particularly Zurich and Geneva, remained stable. PSP Swiss Property completed several transactions, including a CHF 58 million acquisition in Geneva and sales amounting to CHF 82.5 million, enhancing the portfolio value.

Operating net income fell by 19.2% to CHF 170.3 million due to lower income from property sales, while rental income grew by 5.8% to CHF 262 million. Net profits, however, surged by 45.4% to CHF 225.9 million, driven by portfolio appreciation.