2.1 Property portfolio Overview
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Market value |
Gross rental income |
Vacancy rate |
|||
|
CHF million |
31.12.2023 |
31.12.2022 |
31.12.2023 |
31.12.2022 |
31.12.2023 |
31.12.2022 |
|
Residential properties |
1,361.5 |
1,383.1 |
49.6 |
47.6 |
0.9% |
1.1% |
|
of which in the Canton of Geneva |
1,032.3 |
1,044.4 |
36.7 |
34.9 |
0.7% |
1.4% |
|
of which in the Canton of Vaud |
313.6 |
322.8 |
12.3 |
12.1 |
0.4% |
0.4% |
|
of which in other cantons |
15.6 |
15.9 |
0.6 |
0.6 |
25.4% |
0.8% |
|
|
|
|
|
|
|
|
|
Commercial properties |
147.0 |
108.2 |
8.2 |
6.3 |
0.1% |
2.4% |
|
of which in the Canton of Geneva |
55.9 |
16.9 |
3.0 |
1.1 |
0.2% |
0.0% |
|
of which in the Canton of Vaud |
23.6 |
23.6 |
1.0 |
1.0 |
0.0% |
3.3% |
|
of which in other cantons |
67.5 |
67.6 |
4.2 |
4.2 |
0.0% |
2.8% |
|
|
|
|
|
|
|
|
|
Properties under construction |
0.3 |
0.3 |
|
|
|
|
|
of which in other cantons |
0.3 |
0.3 |
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|
|
|
|
|
|
|
|
|
|
|
|
Total investment properties |
1,508.8 |
1,491.6 |
57.8 |
53.8 |
1.0% |
1.3% |
|
|
|
|
|
|
|
|
|
Properties held for sale |
9.3 |
16.4 |
0.1 |
0.1 |
100.0% |
0.0% |
|
of which in other cantons |
9.3 |
16.4 |
0.1 |
0.1 |
100.0% |
0.0% |
|
|
|
|
|
|
|
|
|
Total property portfolio |
1,518.0 |
1,507.9 |
57.9 |
53.9 |
0.9% |
1.3% |
|
Accounting principles |
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Investment properties are held for long-term investment purposes with the aim of realising revenues from the letting of properties. Investment properties are accounted for at fair value and as such are not subject to depreciation. The fair values are updated and calculated using the discounted cash flow (DCF) method on a semi-annual basis by an independent property appraiser based on the individual risk profile per property. Single-family houses and condominiums are valued by the independent property appraiser using a sales comparison approach. In accordance with the provisions of Swiss GAAP FER, increases and decreases in fair value are recognised in the income statement in the period in which they occur. Investment properties under construction are recorded at fair value from the date on which their fair value can be reliably determined. Investis has defined the existence of a final construction permit, plus a definite construction project in which costs and revenues can be determined reliably, as mandatory requirements for a reliable market valuation. If the conditions for a reliable assessment of market value are not yet present, investment properties under construction are accounted for at cost. Provided they do not lead to an increase in market value, investments and refurbishments are recorded as an expense in the period in which they are incurred. Investment properties are classified into the categories of residential properties, commercial properties and properties under construction. |
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Investment properties intended for sale are classified under current assets. They are recognised at lower of cost or fair value less cost to sell. The costs of development properties (projects) intended for sale include the plot of land, the directly attributable construction costs in line with the construction progress including interest incurred during the construction phase. Discounts are recorded as a reduction in construction costs. Properties reclassed from investment properties (non-current assets, valued at fair value) are subsequently valued at the lower of this value (including construction costs after reclassification) or fair value less cost to sell. |
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Government grants are recognised when there is reasonable assurance that the entity complies with any conditions to the grant and the value can be estimated reliably. Government grants related to assets are offset against the asset. |