EQS Group-Ad-hoc: PSP Swiss Property AG / Key word(s): Annual Results 
Annual results as per 31 December 2020 
23-Feb-2021 / 07:07 CET/CEST 
Release of an ad hoc announcement pursuant to Art. 53 KR 
The issuer is solely responsible for the content of this announcement. 
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PSP Swiss Property with another successful business year. Proposal for an increased dividend of CHF 3.65 per share. 
To date, PSP Swiss Property has managed the challenges due to the corona crisis well. The lockdown in spring 2020 and 
the regulatory measures towards the end of 2020 had - due to rental income structure - only a marginal impact on the 
annual results. Ebitda excluding gains/losses on real estate investments of CHF 271.1 million and vacancies of 3.0% are 
in line with the guidance of the Company. 
Real estate portfolio 
At the end of 2020, the value of the portfolio was CHF 8.577 billion (end of 2019: CHF 7.982 billion). 
With effect from 1 August 2020, we entered an asset swap with Zurich Insurance Group. The commercial building at 
Seilerstrasse 8 in Bern with 4'500 m^2 rental space was acquired for CHF 23.7 million (we already own the immediately 
adjacent property at Seilerstrasse 8a). As a counter transaction, the development property at Zurlindenstrasse 134 in 
Zurich was sold for CHF 15.0 million, resulting in a gain of CHF 7.6 million. 
End of September 2020, we acquired three attractive commercial buildings in Geneva's prime downtown location for CHF 
295 million (CHF 304.1 million including transaction costs). The three adjacent properties are located at Rue de la 
Confédération 2 (8'100 m^2 rental space), Rue de la Corraterie 5/7 (5'400 m^2) and Rue de la Cité 6 (2'100 m^2). The 
substance of the properties is very good and the location between the banking quarter, the old town and the prestigious 
Rue du Rhône is highly frequented. The main tenant is the seller UBS; smaller areas are let to five small companies. 
UBS will maintain its branch office at Rue de la Confédération 2 following layout modifications in the properties over 
the next two years. UBS will return a large part of the rented space in the two properties Rue de la Corraterie 5/7 and 
Rue de la Cité 6 at the end of March 2022. 
At the end of March 2020, we acquired a plot with a commercial building (built in 1975/1991) at Grubenstrasse 6 in 
Zurich (district 2) for CHF 33.5 million. We will replace the compound with a modern new building offering a mixed use 
(around 5'200 m^2 of office and 6'100 m^2 of commercial space). The investment total will amount to approximately CHF 
35 million. The new property will benefit from its good location; the bus and suburban railway stations Zurich Binz are 
located right next to the building. We submitted the building application in mid-May 2020. Demolition work on the 
existing building was completed end of September 2020. The new building will be realised between 2021 and 2023. 
The office building at Grosspeterstrasse 18 in Basel no longer meets today's requirements. Planned is a new 
construction with around 5'600 m^2 of office space; 50% has already been pre-let to Swisscom. A further 8% of the space 
has been pre-let to a catering operator. The investment total amounts to around CHF 37 million. In August 2020, we 
started the dismantling process. Completion is scheduled for the end of 2022. 
The properties acquired at Bärenplatz in Bern in January 2019 will be extensively renovated and modernised by the end 
of 2021. The investment sum amounts to around CHF 16 million. The ground floor and the first basement floor are 
intended to be used for gastronomy (around 1'100 m^2), with office space above (around 1'300 m^2) and some small 
apartments (around 900 m^2) in the uppermost parts of the building. 30% of the space (gastronomy area) has already been 
pre-let. Negotiations with a potential office tenant are advanced. 
The hotel project "Rue du Marché" in Geneva with an investment sum of around CHF 35 million has successfully been 
completed. The hotel operator citizenM started operations at the beginning of September 2020. 
The revaluation of the properties resulted in an appreciation of CHF 101.6 million. Thereof, CHF 93.7 million were 
related to the investment portfolio and CHF 7.9 million to the sites and developments projects. At year-end 2020, the 
portfolio's weighted average nominal discount rate stood at 3.20% (year-end 2019: 3.32%). The appreciation resulted 
mainly from the lower discount rate as well as from various lettings and the reduction in vacancies. On the other hand, 
more cautious income forecasts in connection with Covid-19 resulted in lower valuations for a number of properties. 
At the end of 2020, the vacancy rate stood at 3.0% (end of 2019: 3.5%). 0.5 percentage points of all vacancies is due 
to ongoing renovations. Of the lease contracts maturing in 2021 (CHF 52.4 million), 67% were already renewed. The wault 
(weighted average unexpired lease term) of the total portfolio was 4.1 years. The wault of the ten largest tenants, 
contributing around 30% of the rental income, was 5.2 years. 
Sustainability 
In order to continue to play our part in reaching national and international goals to fight climate change, we will 
further reduce our properties' specific CO[2] emissions. During the reporting period, we have set a new CO[2] target 
and the corresponding CO[2] reduction path until 2050. It is our goal to reduce by half the specific CO[2] emissions by 
2035 (based on 2019 emissions). 
Annual results 2020 
Net income excluding gains/losses on real estate investments was CHF 215.8 million; this corresponds to an increase of 
CHF 0.6 million or 0.3% compared to the previous year (2019: CHF 215.2 million). In this respect, it is worth 
mentioning that in 2019 the release of deferred taxes at the level of net income excluding gains/losses on real estate 
investments had a positive one-off effect of CHF 22.1 million. Excluding this amount, operating net income rose even 
more by CHF 22.7 million or 11.8% in 2020. Earnings per share excluding gains/losses on real estate investments, which 
is the basis for the dividend distribution, amounted to CHF 4.70 (2019: CHF 4.69). 
Rental income increased by CHF 5.8 million to CHF 296.3 million (2019: CHF 290.5 million). This is despite the fact 
that rent reliefs of CHF 4.6 million were recorded in connection with the lockdown. Income from the sale of 
condominiums and projects was up by CHF 3.3 million to CHF 16.1 million (2019: CHF 12.8 million). Capitalised own 
services increased by CHF 1.3 million to CHF 6.2 million (2019: CHF 4.9 million). Furthermore, other income was up by 
CHF 3.3 million (mainly because of higher revenue from VAT recovery) to CHF 6.4 million (2019: CHF 3.1 million). 
Operating expenses decreased by CHF 2.2 million to CHF 55.2 million (2019: CHF 57.4 million). Financial expenses 
declined by CHF 5.9 million to CHF 13.2 million (2019: CHF 19.1 million). 
Net income reached CHF 292.1 million (2019: CHF 453.4 million). One-off effects during the previous year also explain 
the decline in net income by CHF 161.3 million or 35.6%. In addition to the tax effect already mentioned, the portfolio 
appreciation in the reporting year was lower at CHF 101.6 million compared to 2019 (CHF 244.2 million). Furthermore in 
2019, income of CHF 15.0 million resulted from the sale of two investment properties (2020: CHF 0 million). Earnings 
per share amounted to CHF 6.37 (2019: CHF 9.89). 
At the end of 2020, net asset value (NAV) per share was CHF 99.83 (end of 2019: CHF 97.02). NAV before deducting 
deferred taxes amounted to CHF 119.57 (end of 2019: CHF 115.82). 
 
 
Strong capital structure 
With total equity of CHF 4.579 billion at the end of 2020 - corresponding to an equity ratio of 52.8% (end of 2019: CHF 
4.450 billion or 55.4%) - the equity base remains strong. Interest-bearing debt amounted to CHF 3.057 billion, 
corresponding to 35.3% of total assets (end of 2019: CHF 2.596 billion or 32.3%). The small increase compared to 
mid-2020 (34.3%) was due to the debt-financed acquisition of the properties in Geneva totalling CHF 304 million. At the 
end of 2020, the average cost of debt was low at 0.47% (end of 2019: 0.73?%). The average fixed-interest period was 5.0 
years (end of 2019: 4.4 years). Currently, unused credit lines amount to CHF 1 billion (thereof CHF 700 million 
committed). 
PSP Swiss Property has ratings from two international rating agencies: Senior Unsecured Rating A- (outlook stable) from 
Fitch and A3 Issuer Rating (outlook stable) from Moody's. 
Remarks with regard to the corona crisis 
The measures taken by the authorities in spring 2020 and towards the end of 2020 to combat coronavirus do have a severe 
impact on the population and the economy. How long it will take to return to normality is impossible to predict from 
today's perspective. This depends on how a future spread of the coronavirus can be contained and how severe the spring 
2020 lockdown and current restrictions have damaged or will damage the economy. 
Thanks to its broad portfolio diversification and its focus on office use in central locations, the exposure of PSP 
Swiss Property in the sectors affected by the official business closures is manageable. Moreover, the impact on these 
tenants varies widely. Overall, rent reliefs in the amount of CHF 4.6 million were recognised during the reporting 
period. The level of rent collection was high at 97% in 2020. At the end of 2020, outstanding lockdown-related rent 
receivables amounted to CHF 5.4 million. 
Subsequent events 
On 4 February 2021, a 0.200?% bond (all-in 0.22?%) with a volume of CHF 200 million and a maturity in 2031 was issued. 
On 16 February 2021, a 0.000?% private placement (all-in -0.42?%) with a volume of CHF 50 million and a maturity in 
September 2021 was issued. 
Material proposals to the Annual General Meeting on 31 March 2021

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