Q1-3 2011 RESULTS
11 November 2011
© PSP Swiss Property I Page 2
AGENDA
� Key Facts and Figures 3
� Portfolio and Vacancy Rate 10
� Financial Results Q1-3 2011 14
� Capital Structure 23
� Development Sites 26
� Subsequent Events 37
� Outlook 39
� Annex 41
© PSP Swiss Property I Page 3
CURRENT MARKET ENVIRONMENT
Swiss market environment� Generally stable rents in Zurich CBD and Geneva CBD
� Growing supply in Zurich and Geneva in 2011ff; no implications yet on pricing or vacancy
� Outskirts of main cities, peripheral regions and smaller agglomerations: pressure on rents for suboptimal properties
� Investors’ demand (CH Institutional) continues to be strong; yields continue to decrease in prime locations
Economic outlook for Switzerland 2011E 2012E� GDP 1.9% 1.1%
� Inflation 0.5%
� Unemployment 3.0%
Source: Consensus forecast “The Economist”, 5 November 2011.
© PSP Swiss Property I Page 4
MAIN DEVELOPMENTS
Real estate portfolio� No acquisitions
� 6 investment properties sold (sales price CHF 55.4 m; 18.0% above last valuation; IFRS 9.7%)
� Portfolio value CHF 5’714 bn (+ 3.5 % compared with December 2010)
� Stable rents across the portfolio
Vacancy and rental situation� Vacancy rate of 8.6%, of which 1.7%-points due to renovation
� Of the 2011 maturities (CHF 39.0 m), 96% renewed
� Expected vacancy rate end of 2011: below 9%
Financing� Average interest rate of 2.56%
� Low leverage with a LTV of 34.6%
� No maturities of committed bank lines until 2013; first bond maturity of CHF 290 m in 2012
© PSP Swiss Property I Page 5
PROPERTY PORTFOLIO (SEPTEMBER 2011)
In total, PSP owns and manages 168 properties and 8 sites (money values in CHF bn).
1. Zurich 62.8%3.587
2. Geneva 13.6% 0.775
3. Basel 6.0%0.342
4. Bern 3.4%0.194
5. Lausanne 4.4%0.250
Other locations 4.9%0.279
Sites & development
properties 5.0%0.286
© PSP Swiss Property I Page 6
CONSOLIDATED, in CHF m 2008 2009 2010 Q1-3 10 Q1-3 11 �
EBITDA exl. -RE 208.4 221.1 223.3 172.0 176.9 2.9%
Net income excl. -RE 124.5 136.5 139.8 108.4 113.1 4.4%
Net income 224.0 231.2 280.8 148.6 234.3 57.6%
ROE (net income) 8.7% 8.7% 9.7% 6.9% 10.4%
PER SHARE, in CHF 2008 2009 2010 Q1-3 10 Q1-3 11 �
EPS 5.29 5.53 6.62 3.52 5.46 55.1%
EPS excl. -RE 2.94 3.26 3.30 2.56 2.64 3.1%
NAV 61.83 64.95 68.87 65.60 71.33
NAV before deferred taxes 72.01 75.79 80.86 76.80 84.11
Dividend/nominal value repayment 2.50 2.70 2.801
1 Payment 23 June 2011.
KEY FIGURES
© PSP Swiss Property I Page 7
1.00
1.25
1.501.65
1.982.10
2.202.40
2.502.70
2.80
0
1
2
3
2005
2002
2001
2003
2004
2007
2006
2008
2009
Y-t-y growth 25.0% 20.0% 10.0% 20.0% 6.1% 4.8% 9.1% 4.2% 8.0% 3.7%
Payout ratio** 45.5% 52.1% 57.0% 53.6% 71.2% 76.9% 78.0% 86.3% 85.0% 82.7% 84.8%
Payout yield*** 2.6% 3.3% 4.0% 3.8% 4.0% 3.7% 3.1% 4.2% 4.7% 4.6% 3.7%
* Payment 23 June 2011.
** Dividend/nominal value repayment / EPS excl. -RE.*** Dividend/nominal value repayment / share-price year-end.
2000For business year
PER SHARE DISTRIBUTION (IN CHF)
2010
*
© PSP Swiss Property I Page 8
SHARE PRICE (7.3.2000 – 9.11.2011)
Source: Bloomberg, 10 November 2011.
Performance since 7.3.2000
PSP SPI EPRA
110.5% 4.6% 28.9%
© PSP Swiss Property I Page 9
AGENDA
� Key Facts and Figures 3
� Portfolio and Vacancy Rate 10
� Financial Results Q1-3 2011 14
� Capital Structure 23
� Development Sites 26
� Subsequent Events 37
� Outlook 39
� Annex 41
© PSP Swiss Property I Page 10
0
1
2
3
4
5
0%
2%
4%
6%
8%
10%
12%
14%
PORTFOLIO AND VACANCY RATE
Real estate portfolio value in CHF bn
Vacancy rate (CHF)
8.6%
10.6%
5.518 5.714
8.3%
2007 20092008
5.1495.001
2010
7.5%
5.216
Sept. 11
8.5%
© PSP Swiss Property I Page 11
VACANCY RATE (SEPTEMBER 2011)
2.5%
~ 4.5 bn
(83% of value,
vacancy 3.2%)
~ 0.8 bn
4.4%
1.7%
~ 0.1bn
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
Vacancy 30.09.2011 Value (CHF m)
Zurich West / Businesspark Wallisellen Due to renovation
Total: 8.6% Total: CHF 5.4 bn
Thereof0.9% Biel, Aarbergstr. 940.6% Berne, Laupenstr. 18/18a
Thereof1.2% Zurich0.4% Geneva
Thereof0.7% Hardturmstr. 131-1350.5% Bernerstr.Süd 167/1690.4% Förrlibuckstr. 1100.5% Hardturmstr. 181-1851.3% Businesspark Wallisellen
Renovation objects: of the 1.7% vacancy, 0.5%-points are already pre-let at completion date.
© PSP Swiss Property I Page 12
0%
5%
10%
15%
20%
7%
85% of the Q4 2011 maturities (CHF 8.1 m) are renewed;of all 2011 maturities (CHF 39.0 m), 96% are renewed as per end of September 2011
15% open
NL: Contracts not limited in time, but subject to notice
(Legal termination option by tenants)
14%
22%
17%
10%
13%
5%
1%
4%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+ NL
EXPIRY PROFILE OF LEASES (SEPT. 2011)
1%
3% 3%
© PSP Swiss Property I Page 13
AGENDA
� Key Facts and Figures 3
� Portfolio and Vacancy Rate 10
� Financial Results Q1-3 2011 14
� Capital Structure 23
� Development Sites 26
� Subsequent Events 37
� Outlook 39
� Annex 41
© PSP Swiss Property I Page 14
CONSOLIDATED INCOME
(CHF 1‘000) 2008 2009 2010 Q1-3 10 Q1-3 11 �
Rental income 256’397 264’559 262’979 196’627 203’865 3.7%1
Valuation gains 121’464 112’370 180’588 50’384 152’816
Property sales (inventories) 5’680 1’644 786 785 3’266
Property sales (portfolio) 8’180 10’827 2’681 2’444 4’877
Income from ass. companies 184 - 13 - 37 - 29 17
Capitalised own services 1’685 1’830 2’197 1’464 2’204
Other income 1’578 4’711 5’203 4’2612 5’6213
Total operating income 395’168 395’927 454’396 255’936 372’665 45.6%
1 Like-for-like rental growth was 2.2%.2 Of which CHF 3.9 m VAT-opting-in effect.3 Of which CHF 5.6 m VAT-opting-in effect.
© PSP Swiss Property I Page 15
CONSOLIDATED EXPENSES
(CHF 1‘000) 2008 2009 2010 Q1-3 10 Q1-3 11 �
Properties’ opex - 13’592 - 13’277 - 11’349 - 7’750 - 8’420 8.6%
Properties’ maintenance/renov. - 16’893 - 17’254 - 19’336 - 12’302 - 12’527 1.8%
Personnel expenses - 17’494 - 17’552 - 17’360 -12’523 - 13’257 5.9%
Fees to subcontractors - 248 - 121 - 63 - 47 - 55
General and admin. expenses - 10’047 - 8’867 - 6’504 - 5’107 - 4’929 - 3.5%
Impairment properties 0 - 98 0 0 0
Depreciation - 1’499 - 914 - 696 - 532 - 479
Total operating expenses - 59’774 - 58’082 - 55’309 - 38’262 - 39’666 3.7%
© PSP Swiss Property I Page 16
CONSOLIDATED RESULTS
(CHF 1‘000) 2008 2009 2010 Q1-3 10 Q1-3 11 �
Profit before fin. expenses 335’394 337’846 399’087 217’674 332’999 53.0%
Net financial expenses - 53’955 - 49’231 - 46’297 - 34’926 - 34’696 - 0.7%
Profit before taxes 281’439 288’615 352’791 182’747 298’303 63.2%
Taxes - 57’409 - 60’539 - 76’869 - 39’013 - 64’035 64.1%
Net income cont. operations 224’030 228’076 275’921 143’734 234’268 63.0%
Net income disc. operations 0 3’138 4’904 4’904 0
Net income 224’030 231’214 280’825 148’638 234’268 57.6%
Net income excl. -RE 124’529 136’495 139’780 108’374 113’127 4.4%
SALES Q1-3 2011
© PSP Swiss Property I Page 17
Investment properties sold 61
Sales price CHF 55.4 m
Book value CHF 50.5 m
Gain from investment properties sold (IFRS) CHF 4.9 m 9.7%
Gain including revaluation gains 18.0%2
1 Locations: Effretikon, Geneva, Rheinfelden, Thun/Gwatt, Zurich (two).
2 Including revaluations (i.e. Effretikon, Thun/Gwatt, Zurich) due to agreed sales contract;change of ownership was in H1 resp. Q3 2011.
© PSP Swiss Property I Page 18
CHANGES IN FAIR VALUE (H1 2011)
(CHF m) 2006 2007 2008 2009 2010 H1 11
Existing portfolio 125.4 206.6 117.5 112.4 176.0 152.8
Acquisitions / first-time valuation 0.7 11.91 4.02 0.0 4.63 0.0
Total net changes in fair value 126.1 218.5 121.5 112.4 180.6 152.8
1 Of which CHF 10.6 m from the “DL 3” office building and CHF 1.3 m from the acquisition of a singleproperty (Gwatt, Eisenbahnstrasse 95).
2 Of which CHF 0.5 m from the acquisition of a single property (Aarau, Bahnhofstrasse 29) and CHF 3.5 mfrom the transfer Zurich, Brandschenkestrasse 150 from own use to investment property.
3 From the acquisition of a single property (Zurich, Seestrasse 353).
© PSP Swiss Property I Page 19
CHANGES IN FAIR VALUE(H1 2011)
(CHF m)
Asset and property management (leasing-up, rent reversion, opex)Market conditions (appraisal of market rents and vacancy rate)Discount rate Acquisitions/first time valuationValuation gain from sold but not transferred properties
31%25%
27%
26%
42%
49%
1%
-1%-10
40
90
140
190
FY 2010 HY 2011
© PSP Swiss Property I Page 20
CHANGES IN FAIR VALUE(H1 2011)
(CHF m)
Zurich area
Geneva area
Other
72%
72%
15%
20%13%
8%
0
50
100
150
200
FY 2010 HY 2011
© PSP Swiss Property I Page 21
Nominal Discount Rate
Area Minimum Maximum Weighted Ø
Zurich 4.5% 6.4% 5.3%
Geneva 4.7% 5.6% 5.3%
Basel, Bern 4.8% 5.9% 5.5%
Lausanne 5.1% 6.8% 5.6%
Other locations 5.2% 6.7% 5.8%
All areas 4.5% 6.8% 5.4%*
2004 2005 2006 2007 2008 2009 2010 H1 2011
Weighted Ø
discount rate 6.00%* 5.86%* 5.66%* 5.54%* 5.74%** 5.72%** 5.44%* 5.36%*
* Nominal discount rate includes 1.0% annual inflation.** Nominal discount rate includes 1.2% annual inflation.
Valuation done by Wüest & Partner
CHANGES IN FAIR VALUE: DISCOUNT RATES (H1 2011)
© PSP Swiss Property I Page 22
AGENDA
� Key Facts and Figures 3
� Portfolio and Vacancy Rate 10
� Financial Results Q1-3 2011 14
� Capital Structure 23
� Development Sites 26
� Subsequent Events 37
� Outlook 39
� Annex 41
© PSP Swiss Property I Page 23
DEBT
Very diversified and stable lender portfolio
� 9 domestic and 1 foreign banks
� 1 syndicated loan with Swiss Cantonal banks
Well balanced debt maturity profile
� No maturities of committed bank lines until 2013
� CHF 290 m bond maturities in 2012
CHF 720 m unused credit lines, of which CHF 640 m committed (long-term)
Rating: “A-”, Stable outlook (April 2011)
� Fitch Ratings affirmed PSP’s Senior Unsecured Rating at “A-” with stable outlook
� “Continued strong interest serviceability at PSP is underpinned by nearly fully hedged and low CHF interest rates and a robust Swiss commercial office property market” says Jean-Pierre Husband, a Director in Fitch’s Corporate Finance team, “and is supported by a conservative debt capital structure and a prudent management team”. (Quote from Fitch Ratings)
© PSP Swiss Property I Page 24
Money values in CHF m 2007 2008 2009 2010 Q3 2011 �
Shareholders‘ equity 2’534.8 2’587.7 2’741.4 2’942.9 3’087.7 4.9%- % of total assets 49.4% 49.1% 51.7% 52.7% 53.2%
Deferred tax liabilities (net) 391.9 425.7 457.7 512.3 553.3
- % of total assets 7.6% 8.1% 8.6% 9.2% 9.5%
Interest-bearing debt 2’087.8 2’134.0 1’975.2 1’995.2 2’006.5 0.6%- % of total assets 40.7% 40.5% 37.2% 35.7% 34.6%
- Loans, unsecured 1’405.0 1’450.0 1’290.0 1’060.0 1’070.0
- Bonds 682.8 684.0 685.2 935.2 936.5
- % long-term 83.5% 87.3% 96.2% 97.5% 85.6%
Net financial expenses 53.9 54.0 49.2 46.3 34.7
- Ø interest rate 2.73% 2.75% 2.54% 2.58% 2.56%
Interest coverage ratio 3.6 x 3.9 x 4.5 x 4.8 x 5.1 x
Fixed interest rate > 1 year 83.0% 74.2% 77.7% 92.0% 79.6%
Ø fixed-interest period in years 3.7 3.1 3.0 3.2 2.8
CAPITAL STRUCTURE
© PSP Swiss Property I Page 25
AGENDA
� Key Facts and Figures 3
� Portfolio and Vacancy Rate 10
� Financial Results Q1-3 2011 14
� Capital Structure 23
� Development Sites 26
� Subsequent Events 37
� Outlook 39
� Annex 41
© PSP Swiss Property I Page 26
HÜRLIMANN SITE, ZURICH
Overview
� Project with mixed use(office, retail, seniors‘ residence, residential, thermal bath, hotel)
� Overall area surface approx. 64’000 m2
In construction since January 2009
� Thermal bath and hotel
� Overall investment sum approx. CHF 65 m(excl. land and infrastructure)
� Thermal bath: successful opening December 2010Hotel: planned opening spring 2012
In planning
� Conversion of “Kesselhaus”
� Approx. 700 m2 office space; overall investment sum approx. CHF 5 m (excl. land and infrastructure)
� Construction 2011/12
© PSP Swiss Property I Page 27
Asset typeModern and unique thermal bath & Spa in Zurich, approx. 3‘500 m2
CustomersAdults from the City of Zurich and greater Zurich area (health, relaxation and leisure)
OfferUnderground baths, pool on the roof with 360 view
HÜRLIMANN SITE: THERMAL BATH
© PSP Swiss Property I Page 28
Asset typeBoutique-Hotel, approx. 4‘500 m2
CustomersBusiness people as well as leisure and lifestyle tourists
Offer53 rooms, 8 suites, conference rooms, library room (breakfast business centre)
HÜRLIMANN SITE: HOTEL
© PSP Swiss Property I Page 29
In construction since autumn 2010
� Conversion of existing site and new buildings, stepwise completion until 2013
� Floor space approx. 31‘200 m2 (11‘600 m2 for 58 freehold apartments, 10‘200 m2 for office, 9’400 m2 for art dealer space/galleries)
� Investment sum approx. CHF 133 m (excl. land and infrastructure)
� As per 30 September 2011: 45 freehold apartments sold (78% of total units)
� Arts space (galleries and museums): transfer of ownership after completion, presumably in spring 2012
LÖWENBRAU SITE, ZURICH
© PSP Swiss Property I Page 30
Overview
� Development of remaining area (new buildings with a focus on residential units, conversion of existing buildings)
Completed in April 2011
Project “Refugium”
� 18 free-hold apartments
� Investment sum approx. CHF 14 m
� As per 30 September 2011: 15 units sold.
� Expected pre-tax gain from salesapprox. CHF 4 m (CHF 3.3 m YTD 2011)
WÄDENSWIL SITE, WÄDENSWIL
© PSP Swiss Property I Page 31
In planning
� Project with 65 free-hold apartments, office and retail space
� Floor space: 11’200 m2 for freehold apartments, 1’400 m2 for office and 770 m2 for retail
� Investment sum approx. CHF 65 m (excl. land and infrastructure)
� Construction start: n.a. (completion: 2 years after start)
“PARADISO” SITE, LUGANO
© PSP Swiss Property I Page 32
In construction since July 2011
� Conversion of existing site and new buildings
� Mixed use, approx. 31‘000 m2
(residential 50% resp. 99 freehold apartments/2 studios; office and services 50%)
� Investment sum approx. CHF 93 m (excl. land and infrastructure)
� As per 30 September 2011: 40 freehold apartments reserved
� Stepwise completion until end of 2013
GURTEN SITE, WABERN NEAR BERN
© PSP Swiss Property I Page 33
In planning
� Mixed use (59‘000 m2 for residential, office, commerce, seniors’ residence and hotel)
� Investment sum approx. CHF 214 m (excl. land and infrastructure)
� Legal acceptance of design plan given; building application for “stage 1” to be submitted in autumn 2011
� Construction start: n.a.
� Stepwise completion: 8 years after start
“SALMEN-PARK” SITE, RHEINFELDEN
Office, commerce, seniors’ residence
Residential
Residential (stage 2)
Hotel, residential
Stage 1
© PSP Swiss Property I Page 34
In construction (conversion, new building) since July 2011
� Floor space: mainly office, one restaurant
� Investment sum CHF 12 m (excl. land and infrastructure)
� Completion: Spring 2013
PROPERTY THEATERSTRASSE 22, ZURICH
© PSP Swiss Property I Page 35
CAPEX OVERVIEW
Expected
(CHF m) 2011-2016 2011 2012 2013 2014-16
Hürlimann site - Neptun, Zurich1 12.4 2.6 9.8 0 0
Hürlimann site - Kesselhaus, Zurich2 5.2 0.2 4.0 1.0 0
Wädenswil site1 1.0 0.5 0.3 0.2 0
Löwenbräu site, Zurich1 79.4 25.8 53.6 0 0
Paradiso site, Lugano2 61.7 2.8 36.8 22.1 0
Gurten site, Wabern/Bern1 82.4 10.7 23.9 35.3 12.5
Salmen-Park, Rheinfelden2 214.2 2.8 13.0 56.7 141.7
Total development sites 456.3 45.4 141.4 115.3 154.2
thereof committed 39.1 87.3 35.3 12.5
Total investment portfolio 32.0 65.0 n.a. n.a.
1 In construction.
2 In planning.
© PSP Swiss Property I Page 36
AGENDA
� Key Facts and Figures 3
� Portfolio and Vacancy Rate 10
� Financial Results Q1-3 2011 14
� Capital Structure 23
� Development Sites 26
� Subsequent Events 37
� Outlook 39
� Annex 41
© PSP Swiss Property I Page 37
SUBSEQUENT EVENTS
Treasury shares
� Since 1 October 2011, 110’000 treasury shares were sold at an average price of CHF 82.60.
� Current treasury shares: 2’470’929 shares (5.39% of capital)
© PSP Swiss Property I Page 38
AGENDA
� Key Facts and Figures 3
� Portfolio and Vacancy Rate 10
� Financial Results Q1-3 2011 14
� Capital Structure 23
� Development Sites 26
� Subsequent Events 37
� Outlook 39
� Annex 41
© PSP Swiss Property I Page 39
Consolidated EBITDA excl. -RE CHF 225 m
Vacancy rate portfolio (year-end) below 9%
OUTLOOK 2011
© PSP Swiss Property I Page 40
AGENDA
� Key Facts and Figures 3
� Portfolio and Vacancy Rate 10
� Financial Results Q1-3 2011 14
� Capital Structure 23
� Development Sites 26
� Subsequent Events 37
� Outlook 39
� Annex 41
© PSP Swiss Property I Page 41
BOARD OF DIRECTORS AND EXEC. BOARD
Board of Directors
� Günter Gose, 1944, Chairman
� Luciano Gabriel, 1953, Delegate and CEO
� Peter Forstmoser, 1943, Member
� Nathan Hetz, 1952, Member
� Gino Pfister, 1942, Member
� Josef Stadler, 1963, Member
� Aviram Wertheim, 1958, Member
Executive Board
� Luciano Gabriel, 1953, CEO
� Giacomo Balzarini, 1968, CFO
� Ludwig Reinsperger, 1961, CIO
Total number of employees: 83 (FTE 77)
PROPERTY MANAGEMENT
Legal unit (4)HR/Services (4)Secretarial (1)
© PSP Swiss Property I Page 42
REAL ESTATE INVESTMENTS
Real Estate Trading (2)
Asset Management (6)
New Lettings (2)
FINANCE/ADMINISTRATION
GROUP OVERVIEW (SEPTEMBER 2011)
Zurich Office (13)
Olten Office (7)
Geneva Office (8)
Accounting (14)
Communications (2)
Treasury (1)
IT (5)
EXECUTIVE BOARD (3)
Construction Services (11)
© PSP Swiss Property I Page 43
Strategy
� Switzerland only
� Acquisitions to be justified by price and operational logic
� Risk-conscious financing policy
Priority
� Stabilisation of vacancies; long-term: further reduction
� Value enhancing investments / corporate deals
� Screening of acquisitions opportunities
PSP STRATEGY
© PSP Swiss Property I Page 44
WHY INVESTING IN PSP?
Company
� Properties with further optimisation potential
� Premium portfolio with limited downside risk
� Financial flexibility to take advantage of market opportunities
� Acquisition/integration experience
� Pure Swiss play
� Transparent business model
Share
� Liquid stock
� Attractive payout yield
� Broadly diversified shareholder structure
© PSP Swiss Property I Page 45
SHAREHOLDER BASE
Largest shareholders (September 2011)
� Alony Hetz: 15.28%
� PSP Swiss Property: 5.63%
� Two Nominees: 4.86% and 3.08%
� BlackRock Inc.: 3.16%(1’347’708 shares and 100’393 CFD,as per publication 13 August 2011)
� Number of registered shareholders: 5’717- Individuals: 5’006 (12.0% of registered shares)- Legal entities: 711 (88.0% of registered shares)
Switzerland 40%
Israel 16%
UK 7%
France/BeNeLux 3%
Rest of Europe 1%
Other 4%
Non-registered 29%
In CHF or % H1/FY 2010 H1 2011
EPRA PSP EPRA PSP
A. EPS* 1.65 1.77 1.75 1.81
B. NAV** 83.25 80.86 85.90 83.66
C. NNNAV** 69.45 68.87 71.35 70.77
D. Net yield** 4.5% 4.2% 4.7% 4.4%
E. Vacancy rate** 8.3% 8.5% 8.4% 8.9%
EPRA PERFORMANCE MEASURES
© PSP Swiss Property I Page 46
* H1 2010 vs. H1 2011.
** 31 Dec. 2010 vs. 30 June 2011.
© PSP Swiss Property I Page 47
0
20
40
60
80
100
120
140
160
180
200
220
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%80.3%
2010 Q1-3 10 Q1-3 11
221.1
82.0%
2008
172.0
EBITDA excl. -RE in CHF m
EBITDA margin
EBITDA
223.3
176.9
81.9%
2009
79.5%
208.4
78.1%
© PSP Swiss Property I Page 48
Net income excl. -RE in CHF m
Contribution of -RE in CHF m
NET INCOME COMPONENTS
124.5136.5 139.8
108.4 113.1
0
40
80
120
160
200
240
280
2010 Q1-3 102008 2009 Q1-3 11
141.0
40.3
94.799.5 121.1
© PSP Swiss Property I Page 49
EPS in CHF
EPS excl. -RE in CHF
EPS
5.295.53
6.62
3.52
5.46
2.94
3.30
2.56 2.64
3.26
0
1
2
3
4
5
6
7
2010 Q1-3 102008 2009 Q1-3 11
© PSP Swiss Property I Page 50
59.71 61.83 64.9568.87 71.33
14.08
16.58
22.08
19.28
11.68
0
10
20
30
40
50
60
70
80
90
100
NAV + CUMULATIVE DIVIDEND PER SHARE
NAV per share in CHF
Payout in CHF, cumulative (allocation according to payment date)
Q3 201120082007 2009 2010
© PSP Swiss Property I Page 51
59.7161.38
64.95
68.8771.33
57.20
81.70
75.00
58.50
52.70
0
10
20
30
40
50
60
70
80
90
Q3 20112007
NAV per share in CHF
Share price in CHF
20092008
NAV VS. SHARE PRICE
2010
© PSP Swiss Property I Page 52
POSITIVE SPREAD (IN %)
0
1
2
3
4
5
Dez06
Jun
07
Dez07
Jun
08
Dez08
Jun
09
Dez09
Jun
10
Dez10
Jun
11
CHF 5y swap rate Av. interest rate Net yield Spread
PSP – portfolio net yield vs. debt financing costs (all figures in %)
Net yield 4.4 4.3 4.3 4.4 4.2 4.3
Av. interest rate 2.76 2.73 2.75 2.54 2.58 2.56
Spread 1.64 1.57 1.55 1.86 1.62 1.74
© PSP Swiss Property I Page 53
Number of Rental income Revaluation Value Net yield Vacancy
properties in CHF m in CHF m in CHF m in % in %
Zurich Q3 11 86 128.3 107.7 3’587.4 4.2 8.8
FY 10 89 164.4 129.4 3’498.3 4.2 9.7
Geneva Q3 11 16 28.6 21.7 775.0 4.0 3.2
FY 10 17 37.0 35.3 768.7 3.7 2.2
Basel Q3 11 13 14.8 3.3 341.9 5.0 3.0
FY 10 13 19.7 2.6 334.4 5.1 3.6
Bern Q3 11 12 7.7 3.1 194.1 4.0 14.0
FY 10 12 10.8 - 1.1 186.6 4.5 2.6
Lausanne Q3 11 15 10.9 12.3 250.3 4.7 10.5
FY 10 15 14.6 8.8 237.9 4.9 11.5
Other Q3 11 26 12.3 0.6 278.9 4.7 18.3
FY 10 29 16.6 4.4 283.9 4.5 16.6
Sites Q3 11 8 2.3 4.2 286.2 n.a. n.a.
FY 10 7 1.5 1.2 208.6 n.a. n.a.
Total Q3 11 176 205.0 152.8 5’713.8 4.3 8.6
FY 10 182 264.6 180.6 5’518.3 4.2 8.5
PORTFOLIO KEY FIGURES
© PSP Swiss Property I Page 54
PORTFOLIO VALUE BY AREA
Zurich 63%Geneva 14%
Basel 6%
Bern 3%
Lausanne 4%
Other locations 5%
Sites and developmentproperties 5%
© PSP Swiss Property I Page 55
RENT BY USE
Office 66%Retail 15%
Parking 6%
Gastronomy 4%
Other 9%
© PSP Swiss Property I Page 56
RENT BY TYPE OF TENANTS
Retail 20%
Services 16%
Financial Services 15%Telecommunication 13%
Government 6%
Technology 11%
Gastronomy 5%
Other 14%
© PSP Swiss Property I Page 57
LARGEST TENANTS
Swisscom 9%
Google 4%
Bär & Karrer 2%
Deutsch Bank 3%Swiss Post 3%
Next five largest 9%
Other 71%
© PSP Swiss Property I Page 58
PORTFOLIO GRID
Source: Wüest & Partner, June 2011.
© PSP Swiss Property I Page 59
SELECTED PROPERTIES – ZURICH
Zurich, Bahnhofplatz 1
rentable area: 2’033 m2
Zurich, Bahnhofquai 15
rentable area: 2’024 m2
Zurich, B’hofstr. 28a/Waagg. 6
rentable area: 3’231 m2
Zurich, Bahnhofstr. 66
rentable area: 4’516 m2
Zurich, Binzring 15/17
rentable area: 40’324 m2
Zurich, B’hofstr. 81/Schw.g. 2/4
rentable area: 2’331 m2
Zurich, Brandschenkestr. 110
rentable area: 15’979 m2
Zurich, Förrlibuckstr. 181
rentable area: 5’058 m2
Zurich, Uraniastr. 9
rentable area: 5’132 m2
Zurich, Schaffhauserstr. 611
rentable area: 3’588 m2
Zurich, Waisenhausstr. 2/4
rentable area: 7’038 m2
Wallisellen, Richtistr. 3
rentable area: 7’357 m2
SELECTED PROPERTIES – GENEVA
Geneva, Rue de Berne 6
rentable area: 3’856 m2
Lancy, Avenue des Morgines 8-10
rentable area: 15’793 m2
Geneva, Place du Molard 7
rentable area: 3‘392 m2
Geneva, Cours de Rive 13, 15
rentable area: 5‘643 m2
Geneva, Rue de la Fontaine 5
rentable area: 1‘309 m2
Geneva, Rue Richard-Wagner 6
rentable area: 9‘975 m2
Carouge-GE, Rue de la Gabelle 6
rentable area: 1‘017 m2
Geneva, Rue de la Corraterie 24-26
rentable area: 2’404 m2
Geneva, Rue F. Bonivard 12
rentable area: 2‘336 m2
Carouge-GE, Rte d. Acacias 50-52
rentable area: 9‘539 m2
Geneva, Rue d. Bains 31bis,33,35
rentable area: 11‘964 m2
Geneva, Rue du Marché 40
rentable area: 5‘350 m2
© PSP Swiss Property I Page 60
© PSP Swiss Property I Page 61
SELECTED PROPERTIES – BASEL/BERN
Basel, Barfüsserplatz 10
rentable area: 1‘175 m2
Basel, Kirschgartenstrasse 12-14
rentable area: 6‘343 m2
Basel, Falknerstrasse 31
rentable area: 1‘202 m2
Bern, Spitalgasse 9
rentable area: 2‘345 m2
Bern, Bollwerk 15
rentable area: 1‘927 m2
Basel, Freie Strasse 38
rentable area: 1‘356 m2
Bern, Zeughausgasse 26/28
rentable area: 3‘469 m2
Bern, Eigerstrasse 2
rentable area: 4‘674 m2
Basel, Grosspeterstrasse 18, 20
rentable area: 13‘510 m2
Bern, Seilerstrasse 8
rentable area: 4‘618 m2
Basel, St. Alban-Anlage 46
rentable area: 3‘810 m2
Bern, Laupenstrasse 18/18a
rentable area: 9’425 m2
© PSP Swiss Property I Page 62
SELECTED PROPERTIES – LAUSANNE/OTHERS
Lausanne, Saint-Martin 7
rentable area: 4’528 m2
Luzern, Maihofstrasse 1
rentable area: 3’207 m2
Aarau, Bahnhofstrasse 29/33
rentable area: 4’335 m2
Winterthur, Marktgasse 74
rentable area: 1’208 m2
Fribourg, Av. de Beauregard 1
rentable area: 3’194 m2
Zug, Kolinplatz 2
rentable area: 1’092 m2
Fribourg, Rte des Arsenaux 41
rentable area: 10’541 m2
Lausanne, Rue du Grand-Chêne 2
rentable area: 2’847 m2
Lausanne, Rue du Pont 22
rentable area: 2’320 m2
Lausanne, Rue du Sébeillon 1, 3, 5
rentable area: 10’565 m2
Lausanne, Place St-François 5
rentable area: 5’880 m2
Winterthur, Untertor 34
rentable area: 764 m2
© PSP Swiss Property I Page 63
Bahnhofstr. 28a
ZURICH AREA
Bahnhofplatz 9
Bahnhofstr. 81
Bahnhofstr. 66
Bahnhofstr. 39
Bahnhofplatz 1
Bahnhofquai 9/11
Bahnhofquai 15
Bahnhofplatz 2
© PSP Swiss Property I Page 64
GENEVA AREA
Rue Richard-Wagner 6
Rue des Bains 31-33/35
Av. des Morgines 8-10
Rue de la Gabelle 6
Palace du Molard 7
Cours de Rive 13/15
Rue de la Fontaine 5
Rue de la Corraterie 24/26
© PSP Swiss Property I Page 65
BASEL AREA
Marktplatz 30/30a
Barfüsserplatz 10
Steinentorberg 8/12
Kirschgartenstr. 12-14
Freie Strasse 38
St. Alban-Anlage 46
Grosspeterstr. 18/20
Dornacherstr. 210
© PSP Swiss Property I Page 66
BERN AREA
Bollwerk 15
Laupenstrasse 18/18a
Eigerstrasse 2
Seilerstrasse 8
Zeughausgasse 26/28
Kramgasse 49
Kramgasse 78
Spitalgasse 9
© PSP Swiss Property I Page 67
LAUSANNE AREA
Rue de Sébeillon 2
Avenue de Sévelin 54
Avenue de Sévelin 40
Avenue de Cour 135
Rue Saint Martin 7
Rue du Pont 22
Place Saint-François 5
Place Saint-François 15
© PSP Swiss Property I Page 68
Luciano Gabriel CEOPhone +41 (0)44 625 50 47Mobile +41 (0)79 400 34 79Fax +41 (0)44 625 58 [email protected]
Giacomo Balzarini CFOPhone +41 (0)44 625 59 59Mobile +41 (0)79 207 32 40Fax +41 (0)44 625 58 [email protected]
Vasco Cecchini CCOPhone +41 (0)44 625 57 23Mobile +41 (0)79 650 84 32Fax +41 (0)44 625 58 [email protected]
CONTACTS