The full occupancy of Holbeinstrasse contributed to the increase in rental income whereas some vacancies - due to general fluctation - reduced rental income. The overall increase amounts to TCHF 207 compared to the same period of the previous year. The vacancy rate therefore decreased by TCHF 245.

Real estate expenses decreased by TCHF 42 compared to the previous year. The non recoverable service charges have decreased due to the lower vacancy and is with TCHF 17 the largest cost reduction driver. Service charges and insurance expenses represent the largest positions of the real estate expenses with about 60%.

Personnel expenses decreased by kCHF 135 or 16% compared to the same period of the previous year. This is mainly the result of personnel changes in the previous year.

The other personnel expenses include the premium for directorsʼ and officersʼ liability insurance, recruitment costs and expenses for further education and training for the staff.

Administrative expenses decreased by kCHF 33 or 7% compared to the same period of the previous year. This resulted in particular from lower other administrative expenses. The other administrative expenses item also includes due diligence costs.