SF Commercial Properties Fund – Annual Figures 2025: Solid Result Thanks to Stable Earnings Power

• Portfolio optimised through two sales: 14 properties with a market value of CHF 263.27 mn (previous year: CHF 278.19 mn)
• Net income: CHF 9.92 mn or CHF 4.31 per unit (previous year: CHF 10.04 mn or CHF 4.36 per unit)
• Vacancy rate: reduced to 5.90% as at the balance-sheet date (previous year: 6.76%)
• Gross yield: 6.32% (previous year: 6.41%)
• GRESB rating: improvement to 91/100 points and 5 stars, rank 1 in peer comparison
   

“We earn more operationally than we distribute. The distribution yield is just under 5%. This is attractive for our existing investors. At the same time, our valuation offers an attractive entry point for future investors,” says Portfolio Manager Hans-Peter Wasser regarding the annual result.

Real Estate Portfolio

As at the end of 2025, the portfolio comprises 14 properties with a rental area of 127 677 m². Compared with the previous year, the market value of the portfolio increased by 0.96% on a like-for-like basis and amounts to CHF 263.27 mn (previous year: CHF 278.19 mn). The vacancy rate was further reduced. As at the reporting date it stands at 5.90%, placing it within the typical range for a commercial portfolio (previous year: 6.76%).

Through the targeted sale of the properties in Staad and Meisterschwanden, significant investment requirements and risks of rental income losses were eliminated. The transactions streamlined the portfolio and support the stabilisation of the earnings base.

Thanks to committed letting activities and intensive tenant management, contracts were concluded for 18 374 m², corresponding to 14.39% of the total rental area. At 3.94 years, the weighted  average unexpired lease term (WAULT) remains at a good level (previous year: 4.59 years).

Financial Result

As at 31 December 2025, the real estate portfolio of the SF Commercial Properties Fund shows a market value of CHF 263.27 mn (previous year: CHF 278.19 mn). From target rental income of CHF 16.63 mn (previous year: CHF 17.84 mn) and the market value of CHF 263.27 mn, a gross yield of 6.32% results (previous year: 6.41%).

Total income in the completed financial year amounts to CHF 15.45 mn (previous year: CHF 16.32 mn). Rental income decreased by CHF 0.84 mn to CHF 15.31 mn (previous year: CHF 16.15 mn) due to the properties sold during the reporting year.

Total expenses amount to CHF 5.53 mn (previous year: CHF 6.29 mn). Net income at year-end stands at CHF 9.92 mn (previous year: CHF 10.04 mn). This corresponds to CHF 4.31 per unit (previous year: CHF 4.36 per unit).

Net fund assets decreased during the reporting period by CHF 2.28 mn to CHF 197.62 mn (previous year: CHF 199.89 mn). The change results from total income as well as the distribution made for the 2024 financial year. This results in a net asset value of CHF 85.81 per unit (previous year: CHF 86.80) as at the reporting date.

GRESB Rating

Thanks to a wide range of measures relating to sustainability and tenant management, the maximum of 5 stars was achieved in the GRESB rating. During the reporting year, the fund improved to 91 points (previous year: 85 points), ranking first in the direct peer comparison (Europe, Industrial, Listed).

Outlook

With the funds released from the sales, the timely acquisition of a property is being pursued. Operationally, the focus is on further reducing vacancy. Marketing activities as well as maintenance and refurbishment measures are continuously reviewed and implemented taking into account economic and sustainability aspects.

The development projects in Aarau and Möhlin will be consistently continued. For the site in Aarau, the open questions regarding usage are expected to be clarified by mid-2026 as part of a usage concept.

In addition to unlocking potential, preserving value and further reducing the vacancy rate, stabilising net income through active letting activities and consistent cost management remains the central objective. Based on the stable earnings situation, the fund continues to aim for an attractive distribution with a distribution payout ratio of below 100%.