PSP Swiss Property : Half-year report H1 2023, Short report

Half-year report H1 2023

Short report

PSP Swiss Property - Short report H1 2023

Most important for H1 2023

• At the end of June 2023, the real estate portfolio had a total value of CHF 9.6 billion and a vacancy of 3.2 % (end of 2022: CHF 9.4 billion; 3.0 %).
• Rental income increased by 3.5 % to CHF 163.3 million (H1 2022: CHF 157.8 million).
• The operating result, i.e., net income excluding gains/losses on real estate investments, was up by 20.9 % to CHF 150.5 million (H1 2022: CHF 124.5 million).
• For the business year 2023, ebitda excluding gains/losses on real estate invest- ments is now forecasted to be CHF 295 million (previously: CHF 290 million). The vacancy rate at year-end 2023 is still expected to be below 4 %.
• PSP Swiss Property is well positioned and confident to achieve another good operating result in 2023 to continue its shareholder-friendly dividend policy.

The PSP share

160

140

120

100

80

60

40

20

0

in CHF

2000	2002	2004	2006	2008	2010	2012	2014	2016	2018	2020	2022
	PSP Swiss Property		Swiss Performance Index (rebased)

7 March 2000 until 9 August 2023 Source: Bloomberg

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Portfolio value by area

57% Zurich

14% Geneva

7% Basel

6% Bern

4% Lausanne

4% Other locations

8% Sites and development properties

Rent by use

64% Office

15% Retail

6% Gastronomy

4% Parking

10% Other

Rent by type of tenant

22% Services

17% Retail

12% Financial services

7% Other

6% Government

8% Health care

9% Telecommunication

9% Technology

9% Gastronomy

PSP Swiss Property - Short report H1 2023

Key figures

								Q2	Q2
		Key financial figures		Unit	2022	2022	2023	H1 2022	H1 2023	+/-1
				CHF
		Rental income		1 000	316 231	78 685	82 204	157 787	163 339	3.5%
		EPRA like-for-like
		change	%	2.2	3.2	6.0	3.2	5.0
		Net changes in
		fair value of real		CHF
		estate investments		1 000	124 886	120 030 - 90 712	131 894	- 90 712
		Income from property		CHF
		sales (inventories)		1 000	25 181	3 058	9 374	21 502	10 312
		Income from property
		sales (investment		CHF
		properties)		1 000	- 447	0	0		- 447	910
				CHF
		Total other income		1 000	7 669	681	2 769	2 630	3 397
				CHF
		Net income		1 000	329 960	149 179	19 893	227 154	76 916 - 66.1%
		Net income excluding
		gains/losses on real		CHF
		estate investments2		1 000	235 714	54 793	94 240	124 478	150 522	20.9%
		Ebitda excluding
		gains/losses on real		CHF
		estate investments		1 000	293 822	68 069	80 569	155 060	150 470	- 3.0%
		Ebitda margin		%		83.9		82.6		85.4		84.7		85.0
				CHF
		Total assets		1 000 9 483 866							9 766 970	3.0%
				CHF
		Shareholders' equity		1 000 5 198 379							5 099 851	- 1.9%
		Equity ratio		%		54.8								52.2
	Return on equity		%		6.5		11.9		1.5		9.0		3.0
				CHF
		Interest-bearing debt		1 000 3 092 389							3 516 278	13.7%
		Interest-bearing debt
	in % of total assets	%		32.6							36.0
	Portfolio key figures
	Number of investment
	properties		Number	162							161
	Carrying value		CHF
	investment properties		1 000 8 886 673							8 845 033	- 0.5%
	Implied yield, gross3		%		3.5		3.6		3.7		3.6		3.7
		Implied yield, net3		%		3.1		3.1		3.3		3.1		3.3
		Vacancy rate (CHF)3, 4		%		3.0								3.2

								Q2	Q2
	Portfolio key figures	Unit	2022	2022	2023	H1 2022	H1 2023	+/-1
		Number of sites
	and development	Number	13								14
	properties
	Carrying value sites
and development	CHF
properties		1 000		534 382								756 243		41.5%
Headcount
Employees		Number		100								100
Full-time equivalents		Number		91								90
Per share figures
Earnings per share		CHF	7.19	3.25	0.43	4.95	1.68	- 66.1%
(EPS)5
		EPS excluding gains/
		losses on real estate
		investments5	CHF	5.14	1.19	2.05	2.71	3.28	20.9%
		EPRA EPS5		CHF		4.66		1.14		1.90		2.30		3.11		35.3%
		Distribution per share		CHF		3.80	6	n.a.		n.a.		n.a.		n.a.
		Net asset value
	per share (NAV)7	CHF	113.33							111.19		- 1.9%
	NAV per share
	before deduction
	of deferred taxes7	CHF	136.62							133.57		- 2.2%
	EPRA NRV7		CHF		139.42								136.36		- 2.2%
	Share price end
	of period		CHF		108.50								99.90		- 7.9%

1. Change to previous year's period 1 January to 30 June 2022 or to carrying value as of 31 December 2022 as applicable.
2. "Net income excl. gains/losses on real estate investments" corresponds to the net income excl. net changes in fair value of the real estate investments, net income on sales of investment properties and all of the related taxes. Income from the sale of properties which were developed by the Company itself is, however, included in the "Net income excl. gains/losses on real estate investments".
3. For investment properties.
4. Equals the lost rental income in % of the potential rent, as per reporting date.
5. Based on average number of outstanding shares.
6. For the 2022 business year. Cash payment was made on 13 April 2023.
7. Based on number of outstanding shares.