PSP Swiss Property AG (0QO8) Q1 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the PSP Swiss Property Q1 2024 results conference call. I am Maria, the cross-call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Mr. Giacomo Balzarini, CEO of PSP Swiss Property. Please go ahead, sir. Thank you, Maria, and good morning to everybody to our first quarter results report of 2024. As always, I will do a quick rundown on the major highlights in order to have plenty of time for the questions. As you have seen, in our view, we have achieved very solid operating results. in the first quarter. I will not enter into the market discussion as we have talked about it almost end of February and since then the market really didn't change so much. We are confronted with a very solid CBD market and clearly observe the bifurcation between CBD and non-prime. If we go directly into the key slides, I would ask to go to slide 9. I think one of the highlights is the rental income growth of almost 10%, driven on the one hand by the acquisition West Park to West we undertook last year. Secondly, we have recognized the full indexation of the first quarter of roughly 1.1 percentage points. Thirdly, we had to recognize turnover rent for the full 23 in Q1. And plus, we had a payout of a fit-out of a tenant, which is considered kind of a one-off for the Q1. This amounted of this increase of roughly 8 million for the first quarter. On the valuation gains, which are unusual for ...