SF Commercial Properties Fund – Half-Year Results 2026: Stability at a High Level

• Stable net income of CHF 4.97 mn or CHF 2.16 per unit (30 June 2025: CHF 2.17 per unit) 
• Slight increase in the vacancy rate to 6.29% (31 December 2025: 5.90%) 
• Weighted average lease term (WAULT) is 4.41 years (31 December 2025: 3.94 years) 
• Acquisition of a property after the balance-sheet date of 30 June 2026 with a gross yield of 5.61% and a WAULT of 8.40 years 

“We are performing well with our portfolio. Net income is on track, the vacancy rate remains at a level appropriate for the portfolio, and with the acquisition in Uetendorf (BE) we were able to optimise the portfolio in a targeted manner after the balance-sheet date. On this basis, we continue to aim for an unchanged distribution per unit of CHF 4.25 for the 2026 financial year,” says Hans-Peter Wasser, Portfolio Manager of the SF Commercial Properties Fund, commenting on the half-year results. 

Real Estate Portfolio

As at 30 June 2026, the portfolio continued to comprise 14 properties with a market value of CHF 266.09 mn (31 December 2025: CHF 263.27 mn). In the first half of 2026, various successful lettings totalling around 18 000 m², or 14% of the total lettable area, were secured under contract. The vacancy rate rose temporarily to 6.29% as at the balance-sheet date (31 December 2025: 5.90%). Due to tenancy agreements that have already been concluded but will only be recognised in income in the second half of the year, a vacancy rate of less than 6.00% is expected again by the end of 2026. Successful lease renewals have resulted in a significant increase in the weighted average lease term (WAULT) to 4.41 years (31 December 2025: 3.94 years). 

After the balance-sheet date, a property with a market value of CHF 8.54 mn, a WAULT of 8.40 years and a gross yield of 5.61% was acquired in Uetendorf near Thun. This property strengthens the portfolio in terms of both quality and yield profile. 

Financial Result 

Rental income amounted to CHF 7.65 mn in the first half of 2026 (30 June 2025: CHF 7.74 mn). Total income of CHF 7.71 mn (30 June 2025: CHF 7.74 mn) and total expenses of CHF 2.74 mn  (30 June 2025: CHF 2.75 mn), net income amounted to CHF 4.97 mn (30 June 2025: CHF 5.00 mn). A key factor in the stable net income was the fact that the increased expenditure on maintenance and repairs and taxes were largely offset by reduced borrowing costs resulting from refinancing. This results in an attractive net income per unit of CHF 2.16 (30 June 2025: CHF 2.17 per unit). 

Net fund assets fell by CHF 3.79 mn during the reporting period to CHF 193.83 mn  (31 December 2025: CHF 197.62 mn). This change results from the total income of CHF 6.00 mn and the distribution made for the 2025 financial year amounting to CHF 9.79 mn. 

The net asset value is therefore CHF 84.17 per unit (31 December 2025: CHF 85.81 per unit). The gross yield on the portfolio is 6.26% (31 December 2025: 6.32%). 

Outlook

Portfolio management is actively seeking to optimise the portfolio by realising rental potential from vacancies and development projects. In addition to preserving value and maintaining a high level of stability, increasing net income through efficient letting activities and consistent cost management is a high priority. 

With a net income of CHF 2.16 per unit in the first half of the year, the fund is on track. Based on the current income situation, the portfolio management is aiming for an unchanged distribution of CHF 4.25 per unit for the 2026 financial year, with a distribution payout ratio of less than 100%.