1. No category

Q1-3
RESULTS
14 November 2014
Agenda
Key Facts and Figures
3
Portfolio and Vacancy Rate
10
Financial Results Q1-3 2014
14
Capital Structure
20
Development Sites & Projects
23
Outlook
34
Annex
36
© PSP Swiss Property I Page 2
Current Market Environment
Swiss market environment
ƒ Stable prime office rents for well maintained buildings; higher lease incentives and longer
lease-up times; continuously strong interest for high street retail space
ƒ Growing supply in Zurich intensifies competition; vacancy rates are generally increasing
ƒ Outskirts of main cities, peripheral regions and smaller agglomerations: pressure on rents
ƒ Yields for prime assets expected to stay low due to strong investors’ demand
Economic outlook for Switzerland
2014
2015
GDP
1.5%
1.9%
Inflation
0.1%
Unemployment
3.2%
Source: Consensus forecast “The Economist”, 18 Oct 2014.
© PSP Swiss Property I Page 3
Main Developments
Real estate portfolio
ƒ Portfolio value CHF 6.6bn (1.4% compared with December 2013)
ƒ Stable rents across the portfolio, however with selectively more lease incentives and longer
lease-up times
ƒ Sale of one non-core property in Zurich for CHF 10.6m (23.7% above latest valuation)
ƒ Acquisition of one commercial property in Basel for CHF 71.9m (CHF 1.15m below valuation)
Vacancy and rental situation
ƒ Vacancy rate of 8.8%, of which 1.0%-point due to renovations
ƒ Of all 2014 maturities (CHF 42.1m), 62% renewed
ƒ Expected vacancy for FY 2014 reduced to ~10% (previous guidance: ~11%)
Financing
ƒ Passing average interest rate on 30 September 2014 of 1.67%
ƒ Low leverage with a LTV of 29.1%
ƒ Majority of bank lines maturing in 2019 and 2020
© PSP Swiss Property I Page 4
Property Portfolio (September 2014)
Portfolio value CHF 6.6 bn
1. Zurich 59%
CHF 3.9 bn
2. Geneva 14%
CHF 0.9 bn
3. Basel 7%
CHF 0.5 bn
4. Bern 4%
CHF 0.2 bn
5. Lausanne 5%
CHF 0.3 bn
Other locations 5%
CHF 0.3 bn
Sites & development
properties 6%
CHF 0.4 bn
In total, PSP owns and manages 161 properties and 5 sites and 5 projects.
© PSP Swiss Property I Page 5
Key Figures
2011
2012
2013
Q1-3 13
Q1-3 14
'
Ebitda excl. -RE
232.5
238.3
242.5
187.3
181.5
-3.1%
Net income excl. -RE
149.0
161.4
173.6
135.0
129.5
-4.1%
Net income
404.0
368.4
271.0
208.5
138.9
-33.4%
13.0%
10.6%
7.2%
7.4%
4.8%
Per share, in CHF
2011
2012
2013
Q1-3 13
Q1-3 14
'
EPS
9.40
8.21
5.91
4.55
3.03
-33.4%
EPS excl. -RE
3.47
3.60
3.79
2.94
2.82
-4.1%
NAV
75.28
80.48
83.70
82.33
83.00
-0.8%1
NAV before deferred taxes
89.02
95.00
99.25
97.61
98.74
-0.5%1
3.00
3.20
3.252
Consolidated, in CHF m
ROE (net income)
Distribution
1 Compared to year-end 2013.
2 Paid on 10 April 2014 (cash payment from capital contribution reserves).
© PSP Swiss Property I Page 6
Per Share Distribution (in CHF)
4
3.00
3
2.70
2.40
2.10
1.98
2
1.50
3.20
3.25
2.80
2.50
2.20
1.65
1.25
1.00
1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013*
Y-t-y growth
2002
For business year
2001
2000
0
25.0%
20.0%
10.0%
20.0%
6.0%
4.8%
9.1%
4.2%
8.0%
3.7%
7.1%
6.7%
1.6%
Payout ratio**
45.5%
52.1%
57.0%
53.6%
71.2%
76.9%
78.0%
86.3%
85.0%
82.7%
84.8%
86.5%
88.9%
85.8%
Payout yield***
2.6%
3.9%
4.0%
3.8%
4.0%
3.7%
3.1%
4.2%
4.7%
4.6%
3.7%
3.8%
3.7%
4.3%
*
Paid on 10 April 2014 (cash payment from capital contribution reserves).
** Payout / EPS excl. -RE.
*** Payout / share-price year-end.
© PSP Swiss Property I Page 7
Mrz. 00
Jul. 00
Nov. 00
Mrz. 01
Jul. 01
Nov. 01
Mrz. 02
Jul. 02
Nov. 02
Mrz. 03
Jul. 03
Nov. 03
Mrz. 04
Jul. 04
Nov. 04
Mrz. 05
Jul. 05
Nov. 05
Mrz. 06
Jul. 06
Nov. 06
Mrz. 07
Jul. 07
Nov. 07
Mrz. 08
Jul. 08
Nov. 08
Mrz. 09
Jul. 09
Nov. 09
Mrz. 10
Jul. 10
Nov. 10
Mrz. 11
Jul. 11
Nov. 11
Mrz. 12
Jul. 12
Nov. 12
Mrz. 13
Jul. 13
Nov. 13
Mrz. 14
Jul. 14
Nov. 14
Kurs (CHF)
Share Price (7.3.2000 – 11.11.2014)
140
120
100
80
60
40
20
0
PSP
Source: Bloomberg, 12 November 2014.
© PSP Swiss Property I Page 8
SPI Rebased
EPRA rebased (CHF)
Performance since 7.3.2000
PSP
SPI
EPRA
119.7%
78.9%
42.0%
Agenda
Key Facts and Figures
3
Portfolio and Vacancy Rate
10
Financial Results Q1-3 2014
14
Capital Structure
20
Development Sites & Projects
23
Outlook
34
Annex
36
© PSP Swiss Property I Page 9
Portfolio and Vacancy Rate
8
8.9%
7
8.9%
10%
9.3%
8.8%
9%
8.0%
8%
6
8.0%
7%
5
6%
5%
4
3
6.283
6.466
6.452
6.452
6.558
4%
3%
2
2%
1
1%
0%
0
2012
2013
Q1 2014
Real estate portfolio value in CHF bn
Vacancy rate in % (CHF)
Vacancy rate excl. properties reclassified to developments at the end of 2013
© PSP Swiss Property I Page 10
H1 2014
Q3 2014
Vacancy Rate (September 2014)
Total: CHF 6.1 bn
Total: 8.8%
9%
~ 0.1 bn
1
8%
7%
1.0%
Thereof
0.2% Lausanne, Rue St.-Martin 7
3.6%
Thereof
0.6% Hardturmstr. 181,183,185
0.5% Hardturmstr. 161/Förrlib.
0.4% Hardturmstr. 131,133,135
0.4% Bernerstr.Süd 167/169
0.7% Businesspark Wallisellen
2
6%
5%
4%
3%
4.2%
2%
Thereof
1.9% Zurich
0.9% Geneva
0.4% Lausanne
~ 0.8 bn
~ 5.2 bn
(85% of value
vacancy 5.3%)
1%
0%
Vacancy
1 Due
2
to renovation
Zurich West / Businesspark Wallisellen
© PSP Swiss Property I Page 11
Value (CHF m)
Expiry Profile of Leases (September 2014)
(Legal termination option by tenants)
25%
20%
21%
15%
15%
11%
10%
10%
9%
10%
8%
5%
6%
4%
0%
2014
2015
2016
2017
2018
2019
2%
2%
2%
2020
2021
2022
56% of the Q4 2014 maturities (CHF 16.7 m) are renewed;
Of all 2014 maturities (CHF 42.1 m), 62% are renewed as per end of September 2014
44% open
NL: Contracts not limited in time, but subject to notice
© PSP Swiss Property I Page 12
2023
2024+
NL
Agenda
Key Facts and Figures
3
Portfolio and Vacancy Rate
10
Financial Results Q1-3 2014
14
Capital Structure
20
Development Sites & Projects
23
Outlook
34
Annex
36
© PSP Swiss Property I Page 13
Consolidated Income
2011
20121
2013
Q1-3 13
Q1-3 14
'
Rental income
270’675
272’849
279’143
208’568
207’080
-0.7%2
Valuation gains
325’068
266’851
128’1443
95’7353
10’977
Property sales (inventories)
3’277
12’793
13’048
12’851
6’798
Property sales (portfolio)
4’227
130
0
0
2’026
68
94
5
8
9
3’042
2’656
2’791
1’987
2’053
7’2264
5’6025
3’2926
3’2887
4’0248
613’584
560’975
426’423
322’437
232’967
(CHF 1’000)
Income from associated companies
Capitalised own services
Other income
Total operating income
1
2
3
4
5
Restated, initial application of IAS 19 (revised).
Like-for-like rental growth was 0.2%.
Of which CHF 43.1m first time adoption of IFRS 13.
Of which CHF 6.3m VAT-opting-in effect.
Of which CHF 3.8m VAT-opting-in effect.
© PSP Swiss Property I Page 14
6
7
8
Of which CHF 2.9m VAT-opting-in effect.
Of which CHF 2.9m VAT-opting-in effect.
Of which CHF 3.3m VAT-opting-in effect.
-27.7%
Consolidated Expenses
2011
20121
2013
Q1-3 13
Q1-3 14
'
Properties’ opex
- 11’216
- 11’532
- 11’433
- 7’946
- 8’668
9.1%
Properties’ maintenance/renovation
- 16’554
- 18’122
- 17’984
- 11’698
- 10’856
-7.2%
Personnel expenses
- 18’203
- 18’834
- 19’135
- 14’258
- 13’927
-2.3%
- 69
- 52
- 49
- 36
- 38
- 6’823
- 7’414
- 7’198
- 5’446
- 5’216
0
0
- 247
0
- 338
- 666
- 567
- 526
- 412
- 340
- 53’531
- 56’521
- 56’571
- 39’797
- 39’382
(CHF 1’000)
Fees to subcontractors
General and administrative expenses
Impairment properties
Depreciation
Total operating expenses
1
Restated, initial application of IAS 19 (revised).
© PSP Swiss Property I Page 15
-4.2%
-1.0%
Consolidated Results
2011
20121
2013
Q1-3 13
Q1-3 14
'
Profit before financial expenses
560’053
504’455
369’852
282’640
193’585
-31.5%
Net financial expenses
- 44’267
- 37’238
- 30’878
- 23’178
- 23’457
1.2%
Profit before taxes
515’786
467’217
338’974
259’462
170’129
-34.4%
- 111’792
- 98’832
- 67’980
- 50’940
- 31’193
-38.8%
Net income
403’994
368’385
270’993
208’522
138’936
-33.4%
Net income excl. -RE
149’020
161’367
173’643
135’001
129’496
-4.1%
(CHF 1’000)
Taxes
1
Restated, initial application of IAS 19 (revised).
© PSP Swiss Property I Page 16
Changes in Fair Value (September 2014)
(CHF m)
2009
2010
2011
2012
2013
Q1-Q3
2014
Existing portfolio
112.4
176.0
325.1
263.5
120.53
9.8
Acquisitions / first-time valuation
0.0
4.61
0.0
3.42
7.64
1.25
Total net changes in fair value
112.4
180.6
325.1
266.9
128.1
11.0
1
From the acquisition of a single property (Zurich, Seestrasse 353).
2
From the acquisition of a single property (Locarno, Via Respini 7/9, spa development project).
3
Of which CHF 43.1 m from first time adoption IFRS 13.
4
From the acquisition of a single property (Geneva/Cologny, Port Noir, spa development project).
5
From the acquisition of a single property (Basle, Peter Merian-Str. 88/90).
© PSP Swiss Property I Page 17
Changes in Fair Value: Discount Rates (June 2014)
Nominal Discount Rate
Minimum
Maximum
Weighted Ø
Zurich
4.0%
6.1%
Geneva
4.3%
5.4%
4.8%
4.8%
Basel, Bern
4.2%
5.3%
4.9%
Lausanne
4.4%
6.2%
5.0%
Other locations
4.7%
6.1%
5.4%
All areas
4.0%
6.2%
4.9%*
*
**
Nominal discount rate includes 1.0% annual inflation.
Nominal discount rate includes 1.2% annual inflation.
Valuation done by Wüest & Partner
© PSP Swiss Property I Page 18
2010
2011
2012
2013
H1
2014
Weighted Ø discount rate
2009
Area
5.72%**
5.44%*
5.25%*
5.03%*
4.91%*
4.87%*
Agenda
Key Facts and Figures
3
Portfolio and Vacancy Rate
10
Financial Results Q1-3 2014
14
Capital Structure
20
Development Sites & Projects
23
Outlook
34
Annex
36
© PSP Swiss Property I Page 19
Debt
Diversified and stable lender portfolio
ƒ 9 domestic banks and 1 syndicated loan (with 14 Swiss Cantonal banks)
High visibility on debt maturity profile
ƒ Majority of bank lines maturing between 2019 and 2020, with average maturity of loans: 4.8 years
ƒ All loan agreements based on multi-year committed credit lines with rollover clauses
Refinancing of 2014 bond maturity
ƒ 1.875% CHF250m bond (due 04/2014) was refinanced with a 6yr 1.375% CHF200m bond in 02/2014
CHF 580m unused committed credit lines as per today
Rating: “A-”, Stable outlook
ƒ Fitch Ratings affirmed (March 2014) PSP’s Senior Unsecured Rating at “A-” with stable outlook
© PSP Swiss Property I Page 20
Capital Structure
2010
2011
2012
2013
Q3 2014
'
2’942.9
3’268.9
3’691.6
3’839.2
3’806.9
-0.8%
52.7%
54.0%
58.1%
58.7%
57.4%
Deferred tax liabilities (net)
512.3
596.3
665.9
713.0
722.2
- % of total assets
9.2%
9.9%
10.5%
10.9%
10.9%
1’995.2
1’946.9
1’808.3
1’838.8
1’928.5
- % of total assets
35.7%
32.2%
28.4%
28.1%
29.1%
- Loans, unsecured
1’060.0
1’010.0
1’160.0
1’220.0
1’360.0
935.2
936.9
648.3
618.8
568.5
97.5%
83.8%
91.7%
86.4%
100.0%
46.3
44.3
37.2
30.9
23.5
2.58%
2.56%
2.37%
1.95%
1.80%1
4.8 x
5.3 x
6.4 x
7.9 x
7.7 x
92.0%
82.0%
85.6%
77.2%
83.9%
3.2
2.9
3.7
3.4
3.8
Money values in CHF m
Shareholders‘ equity
- % of total assets
Interest-bearing debt
- Bonds
- % long-term
Net financial expenses
- Ø interest rate
Interest coverage ratio
Fixed interest rate > 1 year
Ø fixed-interest period in years
1 Reflects the average interest rate over the past four quarters. As per 30 September 2014, the passing rate was 1.67% (end of 2013: 1.85%).
© PSP Swiss Property I Page 21
4.9%
Agenda
Key Facts and Figures
3
Portfolio and Vacancy Rate
10
Financial Results Q1-3 2014
14
Capital Structure
20
Development Sites & Projects
23
Outlook
34
Annex
36
© PSP Swiss Property I Page 22
«Salmenpark»
Rheinfelden
Stage 1 under construction
ƒ Conversion of existing site (former brewery) and new buildings; mixed use: 16’000 m2 commercial area (office,
commerce and seniors’ residence) and 16’000 m2 residential area (113 freehold apartments, 36 apartments for
rent)
ƒ As per 30 Sept. 2014: 45% of the commercial area let and 12 apartments let; 40 freehold apartments sold
ƒ Investment sum approx. CHF 170 m (stage 1 and 2 approx. CHF 240 m)
ƒ Completion: 2016
© PSP Swiss Property I Page 23
«Salmenpark»
Rheinfelden (cont.)
Rendering
© PSP Swiss Property I Page 24
Project «Health Spa Genève Plage»
Geneva/Cologny
Under construction
ƒ Conversion of existing site and new buildings, 100% let
ƒ Planned investment sum approx. CHF 30 m
ƒ Completion: end of 2015
© PSP Swiss Property I Page 25
Project «Löwenstrasse»
Zurich
Under construction
ƒ New building with mixed use (office and retail space)
ƒ Planned investment sum approx. CHF 7 m
ƒ Completion: Q1 2015
© PSP Swiss Property I Page 26
Project «Grosspeter Tower»
Basel
Construction to start next
ƒ Mixed use (18‘000 m2 office and hotel)
ƒ Zero emission
ƒ Investment sum approx. CHF 100 m
ƒ Building permission received end of 2012
ƒ Construction start: November 2014
ƒ Completion: end of 2016
© PSP Swiss Property I Page 27
Project «Bahnhofquai / Bahnhofplatz»
Zurich
Under renovation
ƒ Total renovation of existing buildings, all part of the same “block”, in particular
infrastructure and technical installations
ƒ Overall investment sum approx. CHF 76 m,
thereof
- Bahnhofquai 9, 11, 15 and Bahnhofplatz 1
CHF 33 m (construction 2014/15)
- Waisenhausstr. 2, 4 / Bahnhofquai 7
CHF 33 m (presumably 2014 until 2017)
- Bahnhofplatz 2
CHF 10 m (presumably 2021 until 2023)
© PSP Swiss Property I Page 28
Project «Bahnhofstrasse 10 / Börsenstrasse 18»
Zurich
Under renovation
ƒ Total renovation, in particular technical installations
ƒ Investment sum approx. CHF 15 m
ƒ Completion: summer 2015
ƒ As per 30 September 2014: 80% pre-let
(retail space)
© PSP Swiss Property I Page 29
«Paradiso Site»
Lugano
Planned
ƒ Project with 65 free-hold apartments, office and retail space (conversion of former brewery)
ƒ Floor space: 11’200 m2 for free-hold apartments, 1’400 m2 for office and 750 m2 for retail
ƒ Investment sum approx. CHF 65 m
ƒ Construction start: n.a. (completion: 2 years after start)
© PSP Swiss Property I Page 30
Project «Zurich West»
Zurich
Under evaluation
A
Hardturmstr. 161
(Complete re-development)
B1
Hardturmstr. 181/183/185
(New building)
B2
Förrlibuckstr. 178/180
(New building)
© PSP Swiss Property I Page 31
Capex Overview
Expected
2014-2022
Q4 2014
2015
2016
2017-2022
Paradiso site, Lugano2
61.7
0.2
6.4
24.5
30.7
Gurten site, Wabern/Bern1
11.3
2.9
8.4
0
0
Salmenpark, Rheinfelden1
188.4
24.9
85.5
19.0
59.0
Grosspeter Tower, Basel2
104.6
6.0
47.8
45.8
5.1
Genève Plage, Cologny1
21.5
2.8
14.0
4.6
0
Bahnhofquai/-platz, Zurich1
73.8
0.6
32.9
19.9
20.5
461.3
37.4
194.9
113.8
115.2
37.0
140.6
43.4
20.5
22.7
66.5
n.a.
n.a.
(CHF m)
Total development sites
thereof committed
Total investment portfolio
1 In
2
construction.
In planning.
© PSP Swiss Property I Page 32
Agenda
Key Facts and Figures
3
Portfolio and Vacancy Rate
10
Financial Results Q1-3 2014
14
Capital Structure
20
Development Sites & Projects
23
Outlook
34
Annex
36
© PSP Swiss Property I Page 33
Outlook 2014
Consolidated Ebitda excl. -RE
Vacancy rate portfolio (year-end)
© PSP Swiss Property I Page 34
approx. CHF 235 m
approx. 10%
Agenda
Key Facts and Figures
3
Portfolio and Vacancy Rate
10
Financial Results Q1-3 2014
14
Capital Structure
20
Development Sites & Projects
23
Outlook
34
Annex
36
© PSP Swiss Property I Page 35
Board of Directors and Executive Board
Board of Directors
ƒ Günther Gose, 1944, Chairman
ƒ Luciano Gabriel, 1953, Delegate and CEO
ƒ Peter Forstmoser, 1943, Member
ƒ Adrian Dudle, 1965, Member
ƒ Nathan Hetz, 1952, Member
ƒ Gino Pfister, 1942, Member
ƒ Josef Stadler, 1963, Member
ƒ Aviram Wertheim, 1958, Member
Executive Board
ƒ Luciano Gabriel, 1953, CEO
ƒ Giacomo Balzarini, 1968, CFO
ƒ Ludwig Reinsperger, 1961, CIO
© PSP Swiss Property I Page 36
Group Overview (September 2014)
Executive Board (3)
Legal unit (4)
HR/Services (5)
Secretarial (1)
Real Estate Investments
Property Management
Finance, Administration
Asset Management (5)
Zurich Office (14)
Accounting (11)
Lettings (2)
Olten Office (7)
Communication (2)
Analysis/Reporting (2)
Geneva Office (9)
Treasury (1)
Construction Services (14)
Total number of employees: 85 (FTE: 79)
© PSP Swiss Property I Page 37
IT (5)
PSP Strategy
Strategy
ƒ Switzerland only
ƒ Commercial properties only
ƒ Acquisitions to be justified by price and operational logic
ƒ Risk-conscious financing policy
Priority
ƒ Optimising profitability of existing portfolio
ƒ Ensuring long term attractiveness of assets
ƒ Organic growth
ƒ Develop sites in the Portfolio (all former breweries)
ƒ Repositioning of assets to best use
ƒ Assessing acquisition opportunities and corporate deals
© PSP Swiss Property I Page 38
Why Investing in PSP?
Company
ƒ Premium portfolio with limited downside risk
ƒ Transparent business model
ƒ Pure Swiss play
ƒ Properties with further optimisation potential
ƒ Financial flexibility to take advantage of market opportunities
ƒ Acquisition/integration experience
ƒ Sustainability oriented (ecological, economic, social)
Share
ƒ Liquid stock
ƒ Attractive payout yield
ƒ Broadly diversified shareholder structure
© PSP Swiss Property I Page 39
Shareholder Base
Largest shareholders (30 September 2014)
ƒ Alony Hetz: 12.21%
ƒ Two Nominees: 6.66% resp. 3.37%
ƒ BlackRock, Inc.: 3.16%1
ƒ Number of registered shareholders: 4’715
- Individuals: 4’141 (11% of registered shares)
- Legal entities: 574 (89% of registered shares)
Non registered,
29%
CH, 38%
1 As per notification 29 March 2013.
Other, 5%
Rest of Europe, 1%
France / BeNeLux,
4%
UK, 11%
© PSP Swiss Property I Page 40
Israel, 12%
Ebitda
300
81.5%
81.0%
81.3%
82.6%
82.4%
85%
80%
250
75%
200
70%
150
232.5
238.3
65%
242.5
100
187.3
181.5
50
60%
55%
0
50%
2011
2012
Ebitda excl. -RE in CHF m
Ebitda margin in %
© PSP Swiss Property I Page 41
2013
Q1-3 2013
Q1-3 2014
Net Income Components
450
400
255.0
350
207.0
300
97.4
250
200
73.5
150
149.0
161.4
173.6
100
9.4
135.0
129.5
Q1-3 2013
Q1-3 2014
50
0
2011
2012
Net income excl. -RE in CHF m
Contribution of -RE in CHF m
© PSP Swiss Property I Page 42
2013
EPS
10
9
9.40
8
8.21
7
6
5.91
5
4.55
4
3
3.47
3.60
3.79
2.94
3.03
2.82
2
1
0
2011
EPS in CHF
EPS excl. -RE in CHF
© PSP Swiss Property I Page 43
2012
2013
Q1-3 2013
Q1-3 2014
NAV + Cumulative Dividend per Share
140
120
28.28
31.53
25.08
100
22.08
19.28
80
83.70
16.58
80.48
14.08
11.68
60
2.25
40
0.00
7.38
5.40
1.00
68.87
9.48
3.75
50.58
51.02
51.80
2002
2003
2004
83.00
75.28
64.95
59.71
61.83
56.25
53.28
47.24
42.21
20
0
2000
2001
2005
2006
2007
2008
NAV per share in CHF
Payout in CHF, cumulative (allocation according to payment date)
© PSP Swiss Property I Page 44
2009
2010
2011
2012
2013 Q3 2014
NAV vs. Share Price
100
90
86.55
80
78.60
75.00
70
80.48
83.70
83.00
80.20
75.50
75.28
68.87
60
50
40
30
20
10
0
2010
NAV per share in CHF
Share price in CHF
© PSP Swiss Property I Page 45
2011
2012
2013
Q3 2014
EPRA Performance Measures
2013
(CHF or %)
H1 2013
H1 2014
EPRA
PSP
EPRA
PSP
EPRA
PSP
A. EPS
3.56
3.79
1.84
1.86
1.79
1.91
B. NAV
100.57
99.25
98.12
96.52
99.45
97.76
C. NNNAV
84.07
83.70
81.83
81.29
82.27
82.11
D. Net yield
4.1%
3.9%
4.1%
3.9%
4.1%
3.9%
E. Vacancy rate
7.5%
8.0%
8.4%
9.1%
8.6%
9.3%
18.8%
15.1%
17.5%
14.6%
16.8%
14.8%
1.7%
n.a.
- 0.2%
n.a.
0.4%
n.a.
F. Cost ratio1
G. Like-for-like rental change
1 Excl. direct vacancy costs.
© PSP Swiss Property I Page 46
Portfolio Key Figures
Zurich
Geneva
Basel
Bern
Lausanne
Others
Sites
Total
Numbers of
properties
Rental
income
in CHF m
Revaluation
in CHF m
Value
in CHF m
Net yield
in %
Vacancy
in %
9M 2014
82
126.7
1.0
3’903.7
3.8
9.4
2013
83
169.2
73.7
3’894.7
3.8
8.7
9M 2014
16
28.2
- 1.1
886.8
3.4
8.6
2013
16
37.4
28.5
884.7
3.5
5.7
9M 2014
14
15.8
2.6
458.8
4.8
2.6
2013
13
20.8
6.9
383.2
5.0
1.4
9M 2014
12
9.3
2.8
241.6
4.5
1.9
2013
12
12.1
15.3
238.2
4.6
1.3
9M 2014
15
12.5
6.5
327.4
4.1
11.4
2013
15
15.7
21.7
316.0
3.9
12.7
9M 2014
22
12.5
- 1.5
319.4
4.3
13.7
2013
22
16.1
1.6
317.1
3.9
14.4
9M 2014
10
3.3
0.7
420.7
n.a.
n.a.
2013
10
9.5
-19.5
431.6
n.a.
n.a.
9M 2014
171
208.3
11.0
6’558.4
3.9
8.8
2013
171
280.7
128.1
6’465.6
3.9
8.0
© PSP Swiss Property I Page 47
Portfolio Value by Area
Sites and
developement
properties, 6%
Other locations, 5%
Lausanne, 5%
Bern, 4%
Basel, 7%
Zurich, 59%
Geneva, 14%
© PSP Swiss Property I Page 48
Rent by Use
Other, 10%
Gastronomy, 4%
Parking, 6%
Retail, 15%
Office, 65%
© PSP Swiss Property I Page 49
Rent by Type of Tenants
Other, 15%
Retail, 23%
Gastronomy, 7%
Government, 6%
Services, 17%
Technology, 10%
Financial Services,
10%
© PSP Swiss Property I Page 50
Telecommunication,
12%
Largest Tenants
Swisscom, 10%
Google, 4%
JT International, 3%
Swiss Post, 3%
Roche, 2%
Next five largest,
9%
Other, 69%
© PSP Swiss Property I Page 51
Sustainability
Ecological sustainability
ƒ Energy consumption (kWh)
ƒ Water consumption (m3)
ƒ CO2 (heating and electricity) output (t resp. kg)
Economic sustainability
ƒ Long-term oriented business and investment policy
ƒ Quality- and value-oriented portfolio management
ƒ Long-term oriented and balanced financing policy
Social sustainability (main stakeholders)
ƒ Employees
ƒ Clients and suppliers
ƒ Public
© PSP Swiss Property I Page 52
Ecological Sustainability
Organisation
ƒ Operational responsibility: 3 employees (1 asset management, 2 construction services)
ƒ Implementation: construction services, property management, facility management
Environmental key figures (specific figure/m2) in 2013 (2012)
ƒ Heating in kWh: 87.0, resp. 80.04 adjusted for heating degree days (84.1)
ƒ Electricity in kWh: 26.8 (27.4)
ƒ Water consumption in m3: 0.56 (0.56)
ƒ CO2-eq output (heating and electricity) in kg: 19.9 , resp. 18.65 adjusted for heating degree
days (19.6)
© PSP Swiss Property I Page 53
Portfolio Grid
Source: Wüest & Partner, June 2014.
© PSP Swiss Property I Page 54
Zurich Area
Bahnhofplatz 9
Bahnhofplatz 1
Bahnhofstr. 81
Bahnhofplatz 2
Bahnhofstr. 39
Bahnhofquai 9, 11, 15
Brandschenkestr. 90
© PSP Swiss Property I Page 55
Bahnhofstr. 28a
Uraniastr. 9
Geneva Area
Rue Richard-Wagner 6
Palace du Molard 7
Rue des Bains 31-33/35
Cours de Rive 13/15
Av. des Morgines 8-10
Rue de la Fontaine 5
Rue de la Gabelle 6
Rue de la Corraterie 24/26
© PSP Swiss Property I Page 56
Basel Area
Marktplatz 30/30a
Freie Strasse 38
Barfüsserplatz 10
St. Alban-Anlage 46
Steinentorberg 8/12
Grosspeterstr. 18/20
Kirschgartenstr. 12-14
Dornacherstr. 210
© PSP Swiss Property I Page 57
Bern Area
Bollwerk 15
Zeughausgasse 26/28
Laupenstrasse 18/18a
Kramgasse 49
Seilerstrasse 8
Kramgasse 78
Eigerstrasse 2
Spitalgasse 9
© PSP Swiss Property I Page 58
Lausanne Area
Rue de Sébeillon 2
Rue du Pont 22
Avenue de Sévelin 54
Rue Saint Martin 7
Avenue de Sévelin 40
Place Saint-François 5
Avenue de Cour 135
Place Saint-François 15
© PSP Swiss Property I Page 59
Selected Properties
Zurich
Zurich, Bahnhofplatz 1
rentable area: 2’095 m2
Zurich, Bahnhofquai 9, 11, 15
rentable area: 4’303 m2
Zurich, B’hofstr. 28a/Waagg. 6
rentable area: 3’231 m2
Zurich, B’hofstr. 81/Schw.g. 2/4
rentable area: 2’352 m2
Zurich, Binzring 15/17
rentable area: 41’199 m2
Zurich, Brandschenkestr. 90
rentable area: 11’672 m2
Zurich, Brandschenkestr. 110
rentable area: 15’979 m2
Zurich, Förrlibuckstr. 181
rentable area: 5’058 m2
Zurich, Schaffhauserstr. 611
rentable area: 3’594 m2
Zurich, Uraniastr. 9
rentable area: 5’398 m2
Zurich, Waisenhausstr. 2/4
rentable area: 7’038 m2
Wallisellen, Richtistr. 3
rentable area: 7’357 m2
© PSP Swiss Property I Page 60
Selected Properties
Geneva
Carouge-GE, Rte d. Acacias 50-52
rentable area: 9‘562 m2
Carouge-GE, Rue de la Gabelle 6
rentable area: 1‘017 m2
Geneva, Cours de Rive 13, 15
rentable area: 5‘676 m2
Geneva, Place du Molard 7
rentable area: 3‘381 m2
Geneva, Rue d. Bains 31bis,33,35
rentable area: 12’034 m2
Geneva, Rue de Berne 6
rentable area: 3’860 m2
Geneva, Rue de la Corraterie 24/26
rentable area: 2’413 m2
Geneva, Rue de la Fontaine 5
rentable area: 1‘306 m2
Geneva, Rue du Marché 40
rentable area: 5‘372 m2
Geneva, Rue F. Bonivard 12
rentable area: 2‘354 m2
Geneva, Rue Richard-Wagner 6
rentable area: 9‘976 m2
Lancy, Avenue des Morgines 8-10
rentable area: 15’855 m2
© PSP Swiss Property I Page 61
Selected Properties
Basel & Bern
Basel, Barfüsserplatz 10
rentable area: 1‘177 m2
Basel, Falknerstrasse 31
rentable area: 1‘201 m2
Basel, Freie Strasse 38
rentable area: 1‘365 m2
Basel, Grosspeterstrasse 18, 20
rentable area: 13‘527 m2
Basel, Kirschgartenstrasse 12-14
rentable area: 6‘360 m2
Basel, St. Alban-Anlage 46
rentable area: 3‘816 m2
Bern, Bollwerk 15
rentable area: 1‘927 m2
Bern, Eigerstrasse 2
rentable area: 4‘682 m2
Bern, Laupenstrasse 18/18a
rentable area: 9’312 m2
Bern, Seilerstrasse 8
rentable area: 4‘634 m2
Bern, Spitalgasse 9
rentable area: 2‘346 m2
Bern, Zeughausgasse 26/28
rentable area: 3‘476 m2
© PSP Swiss Property I Page 62
Selected Properties
Lausanne & Others
Lausanne, Place St-François 5
rentable area: 5’888 m2
Lausanne, Rue du Sébeillon 1, 3, 5
rentable area: 12’419 m2
Lausanne, Rue du Grand-Chêne 2
rentable area: 3’076 m2
Lausanne, Rue du Pont 22
rentable area: 2’342 m2
Lausanne, Saint-Martin 7
rentable area: 4’573 m2
Aarau, Bahnhofstrasse 29/33
rentable area: 4’278 m2
Fribourg, Av. de Beauregard 1
rentable area: 3’295 m2
Fribourg, Rte des Arsenaux 41
rentable area: 10’763 m2
Luzern, Maihofstrasse 1
rentable area: 3’195 m2
Winterthur, Marktgasse 74
rentable area: 1’188 m2
Winterthur, Untertor 34
rentable area: 719 m2
Zug, Kolinplatz 2
rentable area: 1’095 m2
© PSP Swiss Property I Page 63
Contacts
Luciano Gabriel
CEO
Phone +41 (0)44 625 50 47
Mobile +41 (0)79 400 34 79
[email protected]
Giacomo Balzarini
CFO
Phone +41 (0)44 625 59 59
Mobile +41 (0)79 562 20 72
[email protected]
Vasco Cecchini
Corporate Communications
Phone +41 (0)44 625 57 23
Mobile +41 (0)79 650 84 32
[email protected]
© PSP Swiss Property I Page 64
Disclaimer
None of the information in this presentation constitutes an offer of securities for sale in the United
States. Securities may not be offered or sold in the United States absent registration or an exemption
from registration. None of the securities of the Company referred to in this presentation have been or
will be registered under the United States Securities Act of 1933, as amended (the "Securities Act"),
or under the applicable securities laws of any state or other jurisdiction of the United States.
© PSP Swiss Property I Page 65