PSP Swiss Property : Quarterly report Q1–Q3 2023, Short report

Quarterly report Q1-Q32023

Short report

PSP Swiss Property - Short report Q1-Q3 2023

Most important for Q1-Q3 2023

• At the end of September 2023, the real estate portfolio had a total value
  of CHF 9.7 billion and a vacancy of 3.2 % (end of 2022: CHF 9.4 billion; 3.0 %).
• Rental income increased by 4.5 % to CHF 247.6 million (Q1-Q3 2022: CHF 236.8 million).
• The operating result, i.e., net income excluding gains/losses on real estate invest- ments, was up by 16.3 % to CHF 210.8 million (Q1-Q3 2022: CHF 181.3 million).
• For the business year 2023, ebitda excluding gains/losses on real estate invest- ments is forecasted to be CHF 295 million (2022: CHF 293.8 million). The vacancy rate at year-end 2023 is 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

in CHF

160
140
120
100
80
60
40
20
0	2000	2002	2004	2006	2008	2010	2012	2014	2016	2018	2020	2022
	PSP Swiss Property	Swiss Performance Index (rebased)

7 March 2000 until 30 October 2023 Source: Bloomberg

Scan the QR code to access the current media release.

For more information, visit our web page:

www.psp.info

Portfolio value by area

58% Zurich

15% Geneva

7% Basel

6% Bern

4% Lausanne

4% Other locations

6% Sites and development properties

Rent by use

64% Office

15% Retail

6% Gastronomy

4% Parking

10% Other

Rent by type of tenant

23% Services

17% Retail

12% Financial services

7% Other

6% Government

8% Health care

9% Telecommunication

9% Technology

9% Gastronomy

PSP Swiss Property - Short report Q1-Q3 2023

Key figures

							Q3	Q3	Q1-Q3	Q1-Q3
	Key financial figures		Unit	2022	2022	2023	2022	2023	+/-1
	Rental income		CHF 1 000		316 231		79 035		84 214		236 822		247 553		4.5%
	EPRA like-for-like
	change	%	2.2	0.8	6.0	2.3	5.2
	Net changes in
	fair value of real
	estate investments		CHF 1 000	124 886	0	23 524 131 894	- 67 188
	Income from property
	sales (inventories)		CHF 1 000	25 181	2 164	3 584	23 666	13 896
	Income from property
	sales (investment
	properties)		CHF 1 000	- 447	0		0	- 447	910
	Total other income		CHF 1 000		7 669		4 425		2 900		7 055		6 297
	Net income		CHF 1 000		329 960		56 815		78 428		283 969		155 344		- 45.3%
	Net income excluding
	gains/losses on real		CHF 1 000	235 714 56 815	60 234 181 293	210 756	16.3%
	estate investments2
	Ebitda excluding
gains/losses on real
estate investments		CHF 1 000	293 822 71 633	76 460 226 694	226 931	0.1%
Ebitda margin		%		83.9		83.7		84.3		84.4		84.7
	Total assets		CHF 1 000		9 483 866								9 729 257		2.6%
	Shareholders' equity		CHF 1 000		5 198 379								5 176 208		- 0.4%
	Equity ratio		%		54.8								53.2
	Return on equity		%		6.5		4.4		6.1		7.4		4.0
	Interest-bearing debt		CHF 1 000		3 092 389								3 386 206		9.5%
	Interest-bearing debt
	in % of total assets	%	32.6							34.8
	Portfolio key figures
	Number of investment		Number	162								162
	properties
	Carrying value
	investment properties		CHF 1 000 8 886 673							9 097 462	2.4%
	Implied yield, gross3		%		3.5		3.5		3.7		3.6		3.7
	Implied yield, net3		%		3.1		3.0		3.2		3.1		3.2
	Vacancy rate (CHF)3, 4		%		3.0								3.2

						Q3	Q3	Q1-Q3	Q1-Q3
Portfolio key figures		Unit	2022	2022	2023	2022	2023	+/-1
Number of sites
and development		Number	13								11
properties
Carrying value sites
and development
properties		CHF 1 000	534 382							559 639	4.7%
Headcount
Employees		Number		100								103
Full-time equivalents		Number		91								92
Per share figures
Earnings per share		CHF	7.19		1.24		1.71	6.19		3.39	- 45.3%
(EPS)5
EPS excluding gains/
losses on real estate		CHF	5.14		1.24		1.31	3.95		4.59	16.3%
investments5
EPRA EPS5		CHF		4.66		1.20		1.26		3.50		4.37		24.8%
Distribution per share		CHF		3.806		n.a.		n.a.		n.a.		n.a.
Net asset value		CHF	113.33								112.85	- 0.4%
per share (NAV)7
NAV per share
before deduction		CHF	136.62								135.45	- 0.9%
of deferred taxes7
EPRA NRV7		CHF		139.42								138.18		- 0.9%
Share price end
of period		CHF	108.50								108.20	- 0.3%

1. Change to previous year's period 1 January to 30 September 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.

Gurtenbrauerei 10-92 in Wabern near Bern

At the foot of Bern's local mountain, where beer was once brewed, there is now a wide range of residential, service and commercial space. In the carefully renovated old buildings, a versatile meeting place with a sense for the unusual has been created. The residential units and the former bottling plant from the 1970s were sold after the refurbishment, leaving around 9 000 m² of office, retail and commercial space in

PSP Swiss Property's portfolio.

PSP Swiss Property Ltd

Kolinplatz 2

CH-6300 Zug

www.psp.info

[e-mail]

Agenda

Publication FY 2023

27 February 2024

Annual General Meeting 2024

4 April 2024

Publication Q1 2024

7 May 2024

Publication H1 2024

20 August 2024

Publication Q1-Q3 2024

12 November 2024

Stock exchange, trading symbol

SIX Swiss Exchange: Symbol PSPN, Security number 1829415, ISIN CH0018294154

Reuters: PSPZn.S

Bloomberg: PSPN SW

This Short report is an extract from the Quarterly report Q1-Q3 2023.

The Quarterly report Q1-Q3 2023 is available under www.psp.info/reports and can be ordered at: PSP Swiss Property Ltd, Investor Relations, Kolinplatz 2, CH-6300 Zug

www.psp.info

Further publications and information are available on www.psp.info.

© PSP Swiss Property, 6 November 2023