psp hy2010 presentation€¦ · of the 2010 maturities (chf 34.6 m), 80% renewed expected vacancy...

HALF-YEAR RESULTS 2010

17 August 2010

© PSP Swiss Property I

AGENDA

Key Facts and Figures 3

Portfolio and Vacancy Rate 16

Financial Results H1 2010 20

Capital Structure 29

Subsequent Events 33

Development Sites 35

Outlook 46

Annex 48


CURRENT MARKET ENVIRONMENT

Swiss market environment Stable rental market in Zurich and Geneva CBD with increasing inquiries from foreign companies

Growing supply in Zurich and Geneva in 2011ff; new developments and space optimisations

Outskirts of main cities, peripheral regions and smaller agglomerations: weak demand

Investors’ demand: ongoing healthy demand in prime locations at stable yields, especially from domestic institutional investors and foreign High Net Worth Individuals

Economic outlook for Switzerland 2009 2010E GDP - 1.5% 1.9%

Inflation - 0.4% 1.0%

Unemployment 4.1% 3.9%Source: Consensus forecast “The Economist”.


MAIN DEVELOPMENTS

Real estate portfolio One investment property acquired for CHF 45.1 m (Zurich, Seestrasse 353)

Four investment properties sold (sales price CHF 13.0 m; 23.1% above last valuation)

Portfolio value CHF 5.3 bn (+ 2.3% compared with Dec. 2009)

Stable rents across the portfolio; slight increases in high street retail

Vacancy and rental situation Vacancy rate of 8.2%, of which 1.8%-points due to renovation

Of the 2010 maturities (CHF 34.6 m), 80% renewed

Expected vacancy rate end of 2010: approx. 9% (incl. Business Park Wallisellen)

Financing CHF 250 m bond issued at 2.03% all-in cost to refinance of all debt maturing 2010 – 2012

Low leverage with debt ratio of 38.3%

© PSP Swiss Property I © PSP Swiss Property I Page 5

PROPERTY PORTFOLIO (JUNE 2010)

In total, PSP owns and manages 177 properties and 8 sites (money values in CHF bn).


CONSOLIDATED, in CHF m 2007 2008 2009 H1 09 H1 10

EBITDA excl. ∆-RE 193.9 208.4 221.1 109.8 117.7 7.2%

Net income excl. ∆-RE 120.6 124.5 136.5 68.4 74.9 9.4%

Net income 291.2 224.0 231.2 121.7 112.9 - 7.2%

ROE (net income) 11.5% 8.7% 8.7% 9.4% 8.3%

PER SHARE, in CHF 2007 2008 2009 H1 09 H1 10

EPS 6.71 5.29 5.53 2.93 2.68 - 8.5%

EPS excl. ∆-RE 2.78 2.94 3.26 1.65 1.77 7.3%

NAV 59.71 61.83 64.95 62.37 64.72

NAV before deferred taxes 68.94 72.01 75.79 73.13 75.95

Dividend/nominal value repayment 2.40 2.50 2.70

KEY FIGURES


0

20

40

60

80

100

120

140

160

180

200

220

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%78.1%

2008 2009 H1 10

117.7

193.9

79.5%

H1 09

221.1

EBITDA excl. ∆-RE in CHF m

EBITDA margin

EBITDA

82.9%

208.4

109.8

80.3%

2007

75.5%


Net income excl. ∆-RE in CHF m

Contribution of ∆-RE in CHF m

NET INCOME COMPONENTS

120.6 124.5 136.5

68.4 74.9

0

40

80

120

160

200

240

280

2008 2009 H1 092007 H1 10

99.594.7

170.6

53.2 38.1


EPS in CHF

EPS excl. ∆-RE in CHF

EPS

6.71

5.295.53

2.932.682.78

3.26

1.65 1.77

2.94

0

1

2

3

4

5

6

7

8

2008 2009 H1 092007 H1 10


1.001.25

1.501.65

1.98 2.10 2.202.40 2.50

2.70

0

1

1

2

2

3

3

2005

2002

2001

2003

2004

2007

2006

2008

2009

vs. previous year 25.0% 20.0% 10.0% 20.0% 6.1% 4.8% 9.1% 4.2% 8.0%

Payout ratio* 45.5% 52.1% 57.0% 53.6% 71.2% 76.9% 78.0% 86.3% 85.0% 82.7%

Payout yield** 2.6% 3.3% 4.0% 3.8% 4.0% 3.7% 3.1% 4.2% 4.7% 4.6%

* Dividend/nominal value repayment / EPS excl. ∆-RE.

** Dividend/nominal value repayment / share-price year-end.

2000For business year

PER SHARE DISTRIBUTION (IN CHF)


56.25 59.71 61.83 64.95 64.72

11.6814.08

19.2816.58

9.48

0

10

20

30

40

50

60

70

80

90

NAV + CUMULATIVE DIVIDEND PER SHARE

NAV per share in CHF

Payout in CHF, cumulative (allocation according to payment date)

H1 1020072006 2008 2009


56.2559.71 61.38

64.95 64.7270.00

64.65

58.50

52.7057.20

0

10

20

30

40

50

60

70

80

H1 102006

NAV per share in CHF

Share price in CHF

20082007

NAV VS. SHARE PRICE

2009


SHARE PRICE (7.3.2000 – 13.8.2010)

Source: Bloomberg, 16 August 2010.

PSP SPI (rebased) EPRA (rebased)

0

20

40

60

80

100

120

140

Mar

ch 0

0

Mar

ch 0

1

Mar

ch 0

2

Mar

ch 0

3

Mar

ch 0

4

Mar

ch 0

5

Mar

ch 0

6

Mar

ch 0

7

Mar

ch 0

8

Mar

ch 0

9

Mar

ch 1

0Ju

ly 1

0

Shar

e pr

ice

(CH

F)


SUMMARY OF KEY FACTS H1 2010

Financial results Net income excl. ∆-RE CHF 74.9 m (+ 9.4%); EPS excl. ∆-RE CHF 1.77 (+ 7.3%)

EBITDA CHF 117.7 m (+ 7.2%)

Real estate portfolio Portfolio value CHF 5.3 bn (+ 2.3% compared with Dec. 2009)

One investment property acquired for CHF 45.1 m (Zurich, Seestrasse 353)

Four investment properties sold (CHF 13.0 m; 23.1% above latest valuation)

Vacancy rate of 8.2% (end of Q1 2010: 7.7%)

Financing CHF 250 m bond issued at 2.03% all-in cost

Low leverage with debt ratio of 38.3% and available credit lines: CHF 555 m (CHF 535 committed)

No bank refinancing in 2010, 2011 and 2012; first bond maturity of CHF 290 m in 2012

FY10 guidance EBITDA target of approx. CHF 215 m confirmed


AGENDA







Outlook 46

Annex 48


0

1

2

3

4

5

0%

2%

4%

6%

8%

10%

12%

14%

16%

PORTFOLIO AND VACANCY RATE

Real estate investments in CHF bn

Vacancy rate (CHF)

13.9%

10.6%

5.3354.757

8.3%

2006 20082007

5.1495.001

2009

7.5%

5.216

H1 10

8.2%


VACANCY RATE (JUNE 2010)

3.8%

2.6%

~ 4.4 bn(85% of value,vacancy 3.2%)

~ 0.6 bn 1.8%

~ 0.1bn

0%

1%

2%

3%

4%

5%

6%

7%

8%

Vacancy 30.06.2010 Value (CHF m)

Zurich West Due to renovation

Total: 8.2% Total: CHF 5.1 bn

Thereof0.7% Biel, Aarbergstr. 940.5% Carouge GE, Acacias 50-520.2% Basel, Barfüsserplatz 10

Thereof1.4% Zurich0.2% Geneva0.2% Bern0.4% Lausanne

Thereof0.7% Hardturmstr. 131-1350.6% Bernerstr.Süd 167/1690.5% Hardturmstr. 181-1850.5% Förrlibuckstr. 110

Renovation objects: of the 1.8% vacancy, 0.8%-points are already pre-let at completion date.

6.4%

CHF 5.0 bn (97% of value,vacancy 6.7%)


0.0%

5.0%

10.0%

15.0%

20.0%

8%

NL: Contracts not limited in time, but subject to notice

68% of the Q3 - Q4 2010 maturities (CHF 14.8 m) are renewed;of all 2010 maturities (CHF 34.6 m), 80% are renewed as per end of June 2010

32% open

(Legal termination option by tenants)

13%15%

21%

14%

7% 7%

3%1%

NL 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020+

EXPIRY PROFILE OF LEASES (JUNE 2010)

3%

6%

2%


AGENDA







Outlook 46

Annex 48


CONSOLIDATED INCOME

(CHF 1‘000) 2007 2008 2009 H1 09 H1 10

Rental income 247’354 256’397 264’559 135’008 130’300 - 3.5%1

Valuation gains 218’543 121’464 112’370 62’501 47’552

Property sales (inventories) - 497 5’680 1’645 875 - 9

Property sales (portfolio) 3’847 8’180 10’827 5’945 2’442

Income from ass. companies 114 184 - 13 0 - 17

Capitalised own services 1’804 1’685 1’830 880 1’031

Other income 381 1’578 4’711 0 4’2052

Total operating income 471’546 395’168 395’927 205’210 185’504 - 9.6%

1 Like-for-like rental growth was 1.2%.2 Of which CHF 3.9 m VAT-opting-in effect (non-recurring item).


CONSOLIDATED EXPENSES

(CHF 1‘000) 2007 2008 2009 H1 09 H1 10

Properties’ opex - 15’724 - 13’592 - 13’277 - 6’310 - 4’741 - 24.9%

Properties’ renovation - 17’623 - 16’893 - 17’254 - 7’347 - 7’354 0.1%

Personnel expenses - 17’011 - 17’494 - 17’552 - 8’535 - 8’349 - 2.2%

Fees to subcontractors - 207 - 248 - 121 - 73 - 31

General and admin. expenses - 12’434 - 10’047 - 8’867 - 4’757 - 3’818 - 19.7%

Impairment properties - 1’202 0 - 98 0 0

Depreciation - 2’076 - 1’499 - 914 - 530 - 370

Total operating expenses - 66’276 - 59’774 - 58’082 - 27’553 - 24’664 - 10.5%


(CHF 1‘000) 2007 2008 2009 H1 09 H1 10

Profit before fin. expenses 405’270 335’394 337’846 177’657 160’840 - 9.5%

Net financial expenses - 53’917 - 53’955 - 49’231 - 24’940 - 23’506 - 5.7%

Profit before taxes 351’353 281’439 288’615 152’717 137’334 - 10.1%

Taxes - 66’505 - 57’409 - 60’539 - 31’059 - 29’313 - 5.6%

Net income cont. operations 284’849 224’030 228’076 121’658 108’021 - 11.2%

Net income disc. operations 6’326 0 3’138 0 4’904

Net income 291’175 224’030 231’214 121’658 112’925 - 7.2%

Net income excl. ∆-RE 120’556 124’529 136’495 68’424 74’865 9.4%

CONSOLIDATED RESULTS

Number of investment properties sold 41

Sales price CHF 13.0 m

IFRS value2 + Capex H1 2010 CHF 10.6 m

Net excess proceeds vs. IFRS carrying market value + Capex CHF 2.4 m 23.1%

1 Locations: Grolley (FR), Solothurn and two in Zurich.

2 IFRS value as per Dec. 2009.

SALES PROCEEDS



CHANGES IN FAIR VALUE

(CHF m) 2006 2007 2008 2009 H1 10

Existing portfolio 125.4 206.6 117.5 112.4 43.0

Acquisitions / first-time valuation 0.7 11.91 4.02 0.0 4.63

Total net changes in fair value 126.1 218.5 121.5 112.4 47.6

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).



(CHF m)

Asset and property management (leasing-up, rent reversion, opex)

Market conditions (appraisal of market rents and vacancy rate)

Discount rate (property specific)

Acquisitions/first time valuation

39%

56% 40%

33%

11%

11%

10%

0

20

40

60

80

100

120

FY 2009 HY 2010



(CHF m)

Zurich area

Geneva area

Other

84%

69%14%

9%

2%

22%

0

20

40

60

80

100

FY 2009 HY 2010


Nominal Discount Rate

Area Minimum Maximum Weighted Ø

Zurich 4.8% 6.6% 5.7%Geneva 5.1% 6.1% 5.6%Basel, Bern, Lausanne 5.2% 7.3% 5.8%Other locations 5.6% 7.2% 6.1%All areas 4.8% 7.3% 5.7%**

2004 2005 2006 2007 2008 2009 H1 2010

Weighted Ødiscount rate 6.00%* 5.86%* 5.66%* 5.54%* 5.74%** 5.72%** 5.71%**

* Nominal discount rate includes 1.0% annual inflation.** Nominal discount rate includes 1.2% annual inflation.

Valuation done by - CB Richard Ellis until 2002- Wüest & Partner since 2003.

CHANGES IN FAIR VALUE: DISCOUNT RATES


AGENDA







Outlook 46

Annex 48


DEBT

Straight bond Issue of a CHF 250 m straight bond at 2.03% all-in cost

Proceeds used to early refinance 2011 and 2012 maturities and lock-in low funding costs

Very diversified and stable lender portfolio 8 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 maturity in 2012

As per mid-year, CHF 555 m unused credit lines, of which CHF 535 m committed

Rating: “A-”, Stable Outlook (June 2010) Fitch Ratings affirmed PSP’s Senior Unsecured Rating at “A-” with stable outlook

“PSP’s ratings and outlook continue to reflect the stable rental income from a generally well-let portfolios of Swiss properties, backed by a solid tenant base.” (Quote from Fitch Ratings)


Switzerland 47%

Israel 16%

UK 7%

France/BeNeLux 2%

US/Canada 3%

Rest of Europe 1%

Other 1%

Non-registered 24%

SHAREHOLDER BASE (JUNE 2010)

Largest shareholders Alony Hetz: 16.24%

PSP Swiss Property: 7.98%

Nominee: 4.31%

Number of shareholders: 6‘185


(Money values in CHF m) 2007 2008 2009 H1 2010

Shareholders‘ equity 2’534.8 2’587.7 2’741.4 2’731.8 - 0.4% - % of total assets 49.4% 49.1% 51.7% 50.5%

Deferred tax liabilities (net) 391.9 425.7 457.7 474.1- % of total assets 7.6% 8.1% 8.6% 8.8%

Interest-bearing debt 2’087.8 2’134.0 1’975.2 2’069.4 4.8%- % of total assets 40.7% 40.5% 37.2% 38.3%- Loans, unsecured 1’405.0 1’450.0 1’290.0 1’135.0- Bonds 682.8 684.0 685.2 934.4- % long-term 83.5% 87.3% 96.2% 97.1%

Net financial expenses 53.9 54.0 49.2 23.5- Ø interest rate 2.73% 2.75% 2.54% 2.58%

Interest coverage ratio 3.6x 3.9x 4.5x 5.0x

Fixed interest rate > 1 year 83.0% 74.2% 77.7% 95.9%

Ø fixed-interest period in years 3.7 3.1 3.0 3.6

CAPITAL STRUCTURE


AGENDA







Outlook 46

Annex 48


SUBSEQUENT EVENTS

Properties to be transferred after 30 June 2010 3

Sales price CHF 8.4 m

IFRS value + Capex H1 2010 CHF 7.7 m

Net excess proceeds vs. IFRS carrying market value + Capex CHF 0.7 m1 8.8%

1 According to IFRS, properties sold but not transferred have to be recognised as valuation gain.Therefore, the CHF 0.7 m are included in the valuation gain of June 2010. The properties sold areone in Rheinfelden (Marktgasse 54-60, incl. parking Fröschweid) and one in Wädenswil (“Gerbi”).


AGENDA







Outlook 46

Annex 48


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 (“Sud-/Maschinenhaus”)

Opening: bath end of 2010; hotel beginning of 2011

Overall investment sum approx. CHF 61 m(excl. land and infrastructure)

In planning Conversion of “Kesselhaus”

Approx. 700 m2 office space; overall investment sum approx. CHF 5 m (excl. land and infrastructure)

Construction start/completion n.a.


Asset typeModern and unique thermal bath & Spa in Zurich, approx. 3‘500 m2

CustomersAdults from the City of Zurich and greater Zurich (health, relaxation and leisure)

OfferUnderground baths, pool on the roof

HÜRLIMANN SITE: THERMAL BATH


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


Overview Conversion of existing site and new buildings

Floor space approx. 31‘200 m2 (11‘600 m2 for 56 freehold apartments, 10‘200 m2 for office, 9’400 m2 for art dealer space/galleries)

Investment sum approx. CHF 136 m (excl. land and infrastructure)

Construction start: H2 2010; stepwise completion until 2013

LÖWENBRAU SITE, ZURICH


Overview Development of remaining area (new buildings with a focus on residential units,

conversion of existing buildings)

In construction since October 09Project “Refugium”

18 free-hold apartments

Investment sum approx. CHF 14 m

Expected pre-tax gain from salesapprox. CHF 4 m (FY11)

Completion 2011

WÄDENSWIL SITE, WÄDENSWIL

“Refugium”


Overview (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 750 m2 for retail


Construction start: n.a.

Completion: 2 years after start

PARADISO SITE, LUGANO


Overview (in planning) Conversion of existing site and new buildings

Mixed use, approx. 31‘000 m2

(residential 50%, office and services 50%)

Planned investment sum approx. CHF 93 m (excl. land and infrastructure)


Stepwise completion: 3 years after start

GURTEN SITE, WABERN NEAR BERN


Overview (in planning) Mixed use

(59‘000 m2 for residential, office, trade and commerce)

Legal acceptance of design plan expected in Q4 2010



Stepwise completion: 8 years after start

“SALMEN-PARK” SITE, RHEINFELDEN


In construction since June 2008 Construction of 2 new office buildings, rentable area approx. 14’000 m2, 217 parking lots

Investment sum approx. CHF 77 m (incl. CHF 8.2 m for land and infrastructure)

Letting level 18% (effective as of 31 Dec. 2010)

Completion: H2 2010

BUSINESSPARK RICHTISTRASSE, WALLISELLEN


CAPEX OVERVIEW

Expected(CHF m) 2010-2016 2010 2011 2012 2013-16

Hürlimann site - Neptun, Zurich1 35.4 10.9 24.5 0 0

Hürlimann site - Kesselhaus, Zurich2 4.7 0.5 2.8 1.4 0

Businesspark, Wallisellen1 8.6 4.7 3.9 0 0

Wädenswil site1 46.3 3.5 3.9 2.4 36.5

Löwenbräu site, Zurich2 128.9 8.7 68.7 51.5 0

Paradiso site, Lugano2 62.0 1.2 25.1 30.0 5.7

Gurten site, Wabern/Bern2 88.9 3.6 35.3 34.1 15.9

Salmen-Park, Rheinfelden2 163.4 2.2 24.9 38.5 97.8

Wollishofen, Zurich2 10.6 0.7 6.5 3.4 0

Total development sites 548.8 36.0 195.6 161.3 155.9

thereof committed 19.4 32.8

Total investment portfolio 39.2 63.3 n.a. n.a.

1 In construction.2 In planning.


AGENDA







Outlook 46

Annex 48


Consolidated EBITDA excl. ∆-RE approx. CHF 215 m

Net changes in fair value of real estate investments Not predictable

Vacancy rate portfolio (year-end) approx. 9%

(incl. Business park Wallisellen, to be completed in H2 2010 and contributing 1.2%-points to the vacancy rate by year-end 2010)

OUTLOOK 2010


AGENDA







Outlook 46

Annex 48


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

Property ManagementRoland Zbinden

CEOLuciano Gabriel

Legal, HR, Secretarial

Zurich

Olten

Lausanne

Geneva

28

Total number of employees: 79

CIOLudwig Reinsperger

Asset M

anagement

Analysis/R

eporting

Construction Serv.

19

9

CFOGiacomo Balzarini

Accounting

IR/PR

Treasury

IT

23

GROUP OVERVIEW (JUNE 2010)



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


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


Number of Rental income Revaluation Value Net yield Vacancyproperties in CHF m in CHF m in CHF m in % in %

Zurich H1 10 87 81.4 40.3 3’326.0 4.5 8.3FY 09 88 159.2 74.5 3’243.9 4.3 8.2

Geneva H1 10 17 17.8 6.6 733.9 3.9 5.5FY 09 17 36.2 9.2 723.9 4.0 5.0

Basel H1 10 13 9.9 0.3 329.8 5.2 3.3FY 09 13 20.0 4.6 328.2 5.6 0.7

Bern H1 10 12 5.3 - 4.1 182.2 4.7 5.4FY 09 12 10.2 7.6 186.3 4.6 5.6

Lausanne H1 10 15 7.3 0.9 229.3 5.3 9.1FY 09 15 15.4 2.9 228.4 5.5 5.3

Other H1 10 33 8.4 4.3 290.6 4.6 18.8FY 09 34 23.1 8.5 286.5 4.1 16.1

Sites H1 10 8 1.0 - 0.7 243.2 n.a. n.a.FY 09 8 2.2 5.0 218.4 n.a. n.a.

Total H1 10 185 131.1 47.6 5’335.0 4.5 8.2FY 09 187 266.3 112.4 5’215.6 4.4 7.5

PORTFOLIO KEY FIGURES


POSITIVE SPREAD (IN %)

0

1

2

3

4

5

6

Dez00

Jun01

Dez01

Jun02

Dez02

Jun03

Dez03

Jun04

Dez04

Jun05

Dez05

Jun06

Dez06

Jun07

Dez07

Jun08

Dez08

Jun09

Dez09

Jun10

CHF 5y swap rate Av. interest rate Net yield Spread

PSP – portfolio net yield vs. debt financing costs (all figures in %)

Net yield 5.6 5.4 5.5 5.1 5.0 4.8 4.8 4.5 4.7 4.2 4.4 4.3 4.3 4.4 4.3 4.6 4.4 4.5

Average interest rate 4.19 3.71 3.49 2.78 2.72 2.74 2.74 2.68 2.65 2.82 2.76 2.64 2.73 2.77 2.75 2.48 2.54 2.58

Spread 1.41 1.69 2.01 2.32 2.28 2.06 2.06 1.82 2.05 1.38 1.64 1.66 1.57 1.63 1.55 2.12 1.86 1.92


PORTFOLIO VALUE BY AREA

Zurich 62%

Geneva 14%

Basel 6%

Bern 4%

Lausanne 4%

Other locations 5%Sites and development properties 5%


RENT BY USE

Office 67%Retail 15%

Parking 6%

Gastronomy 4%

Other 8%


RENT BY TYPE OF TENANTS

Retail 19%

Services 16%

Financial Services 16%Telecommunication 14%

Government 6%

Technology 9%

Gastronomy 6%

Other 14%


LARGEST TENANTS

Swisscom 10%

Swiss Post 3%

Bär & Karrer 2%Google 3%

Deutsche Bank 3%

Next five largest 9%

Other 70%


PORTFOLIO GRID

Source: Wüest & Partner, June 2010.


SELECTED PROPERTIES – ZURICH

Zurich, Bahnhofplatz 1rentable area: 2’000 m2

Zurich, Bahnhofquai 15rentable area: 2’024 m2

Zurich, Bahnhofstr. 28arentable area: 3’210 m2

Zurich, Bahnhofstr. 66rentable area: 4’516 m2

Zurich, Binzring 15rentable area: 40’312 m2

Zurich, Bahnhofstr. 81rentable area: 2’331 m2

Zurich, Brandschenkestr. 110rentable area: 15’979 m2

Zurich, Förrlibuckstr. 181rentable area: 5’057 m2

Zurich, Uraniastr. 9rentable area: 5’132 m2

Zurich, Schaffhauserstr. 611rentable area: 3’562 m2

Zurich, Waisenhausstr. 2/4rentable area: 7’038 m2

Wallisellen, Richtistr. 3rentable area: 7’357 m2


SELECTED PROPERTIES – GENEVA

Geneva, Rue des Bains 31bisrentable area: 11‘964 m2

Lancy, Avenue des Morgines 8-10rentable area: 15‘851 m2

Geneva, Place du Molard 7rentable area: 3‘392 m2

Geneva, Cours de Rive 13, 15rentable area: 5‘641 m2

Geneva, Rue de la Fontaine 5rentable area: 1‘309 m2

Geneva, Rue Richard-Wagner 6rentable area: 9‘975 m2

Geneva, Rue de la Gabelle 6rentable area: 1‘016 m2

Geneva, Rue de la Corraterie 24-26rentable area: 2‘350 m2

Geneva, Rue F. Bonivard 12rentable area: 2‘342 m2

Geneva, Route des Acacias 50-52rentable area: 9‘193 m2

Geneva, Rue Adrien Lachenal 20rentable area: 2‘478 m2

Geneva, Rue du Marché 40rentable area: 5‘335 m2


SELECTED PROPERTIES – BASEL/BERN

Basel, Barfüsserplatz 10rentable area: 1‘401 m2

Basel, Kirschgartenstrasse 12-14rentable area: 6‘343 m2

Basel, Falknerstrasse 31rentable area: 1‘202 m2

Bern, Spitalgasse 9rentable area: 2‘324 m2

Bern, Bollwerk 15rentable area: 1‘920 m2

Basel, Freie Strasse 38rentable area: 1‘356 m2

Bern, Zeughausgasse 26/28rentable area: 3‘451 m2

Bern, Eigerstrasse 2rentable area: 4‘452 m2

Basel, Grosspeterstr. 18, 20rentable area: 13‘684 m2

Basel, Laupenstrasse 18/18arentable area: 8‘334 m2

Basel, Seilerstrasse 8rentable area: 4‘609 m2

Basel, St. Alban-Anlage 46rentable area: 3‘792 m2


SELECTED PROPERTIES – LAUSANNE/OTHERS

© PSP Swiss Property I Page 62© PSP Swiss Property I Page 62

Lausanne, Saint-Martin 7rentable area: 4’522 m2

Luzern, Maihofstrasse 1rentable area: 3’207 m2

Aarau, Bahnhofstrasse 29/33rentable area: 4’325 m2

Winterthur, Marktgasse 74rentable area: 1’208 m2

Fribourg, Av. de Beauregard 1rentable area: 3’190 m2

Zug, Kolinplatz 2rentable area: 1’090 m2

Fribourg, Rte des Arsenaux 41rentable area: 10’231 m2

Lausanne, Rue du Grand-Chêne 2rentable area: 2’846 m2

Lausanne, Rue du Pont 22rentable area: 2’307 m2

Lausanne, Rue du Sébeillon 1, 3, 5rentable area: 10’536 m2

Lausanne, Place St-François 5rentable area: 5’880 m2

Winterthur, Untertor 34rentable area: 764 m2


Bahnhofplatz 1

Bahnhofquai 9/11

Bahnhofplatz 9

Bahnhofstr. 81

Bahnhofstr. 66

Bahnhofstr. 39

Bahnhofquai 15

Bahnhofplatz 2Bahnhofstr. 28a

ZURICH AREA

Zurich portfolio key figures see slide 52.


GENEVA AREA

Palace du Molard 7

Cours de Rive 13/15

Rue Richard-Wagner 6

Rue des Bains 31-33/35

Av. des Morgines 8-10

Rue de la Gabelle 6

Rue de la Fontaine 5

Rue de la Corraterie 24/26

Geneva portfolio key figures see slide 52.


BASEL AREA

Freiestrasse 38

St. Alban-Anlage 46

Marktplatz 30/30a

Barfüsserplatz 10

Steinentorberg 8/12

Kreuzgartenstrasse 4

Grosspeterstr. 18/20

Dornacherstr. 2

Basel portfolio key figures see slide 52.


BERNE AREA

Zeughausgasse 26/28

Kramgasse 49

Bollwerk 15

Laupenstrasse 18

Eigerstrasse 2

Kramgasse 78

Spitalgasse 9

Seilerstrasse 8

Berne portfolio key figures see slide 52.


LAUSANNE AREA

Rue Saint Martin 7

Rue du Pont 22

Rue de Sébeillon 2

Avenue de Sévelin 54

Avenue de Sévelin 40

Avenue de Cour 135

Place Saint-François 5

Place Saint-François 15

Lausanne portfolio key figures see slide 52.


SUPPLY RATE OFFICE SPACE *

*As percentage of the stock of office space.Source: Immovista, Credit Suisse Economic Research.


Luciano Gabriel Chief Executive OfficerPhone +41 (0)44 625 50 47Mobile +41 (0)79 400 34 79Fax +41 (0)44 625 58 [email protected]

Giacomo Balzarini Chief Financial OfficerPhone +41 (0)44 625 59 59Mobile +41 (0)79 207 32 40Fax +41 (0)44 625 58 [email protected]

Vasco Cecchini Investor Relations OfficerPhone +41 (0)44 625 57 23Mobile +41 (0)79 650 84 32Fax +41 (0)44 625 58 [email protected]

CONTACTS

psp hy2010 presentation€¦ · of the 2010 maturities (chf 34.6 m), 80% renewed expected vacancy...

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