Psp Swiss Property Ag · SIX:PSPN

Psp Swiss Property — Q1 2020 Earnings Presentation

69 slides from Psp Swiss Property's earnings presentation, May 5, 2020

  1. Slide 1: Q1 Results 2020

    Q1 RESULTS 2020 5 May 2020

  2. Slide 2: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1 2020 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisition 23 Subsequent Events 34 COVID-19 Implications 37 Outlook 41 Annex 43 © PSP Swiss Property I Page 2

  3. Slide 3: Property Portfolio (March 2020)

    Property Portfolio (March 2020) Basel Zurich CHF 0.6bn CHF 4.4bn Portfolio value CHF 8.1bn 8% 54% Lausanne Bern CHF 0.4bn CHF 0.5bn 5% 6% Geneva CHF 0.9bn 11% Other locations CHF 0.4bn 5% Sites and projects CHF 0.8bn 11%* In total, 161 investment properties, plus: 3 sites: “Residenza Parco Lago”, Pa

  4. Slide 4: Current Market Environment

    Current Market Environment Swiss market environment  Positive business sentiment in all of our business regions until outbreak of Coronavirus crisis, with:  Strong letting demand in Zurich CBD and Zurich West  Good demand in Geneva  Transactional evidence with potential for further yield compres

  5. Slide 5: Main Developments

    Main Developments Real estate portfolio  Portfolio value CHF 8.1bn (up 0.9% compared with December 2019)  Acquisition of development project in Zurich for CHF 33.5m Vacancy and rental situation  Vacancy rate of 3.2%  Of all 2020 maturities (CHF 31.7m), 85% renewed  Expected vacancy year-end 202

  6. Slide 6: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1 2020 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisition 23 Subsequent Events 34 COVID-19 Implications 37 Outlook 41 Annex 43 © PSP Swiss Property I Page 6

  7. Slide 7: Key Figures

    Key Figures Consolidated, in CHF m 20171 2018 2019 Q1 2019 Q1 2020 ∆ Ebitda excl. ∆-RE2 242.2 241.7 256.1 65.4 63.3 -3.1% Net income excl. ∆-RE2 177.7 176.2 215.2 50.5 48.1 -4.8% Net income 256.9 308.2 453.4 79.7 47.9 -39.9% Rental income 272.5 279.4 290.5 72.4 74.0 2.2% Per share, in CHF 20171 2018

  8. Slide 8: Consolidated Income

    Consolidated Income (CHF 1’000) 20171 2018 2019 Q1 2019 Q1 2020 ∆ Rental income 272’454 279’373 290’460 72’440 74’042 2.2%2 Valuation gains 83’253 166’692 244’176 19’735 -235 Prop. sales revenues (condominiums) 19’614 10’484 12’835 2’458 851 Property sales (investment properties) 627 2’472 14’961 14

  9. Slide 9: Consolidated Expenses

    Consolidated Expenses (CHF 1’000) 20171 2018 2019 Q1 2019 Q1 2020 ∆ Properties’ operating expenses -11’796 -12’841 -12’014 -2’958 -2’500 -15.5% Properties’ maintenance/renovation -16’920 -16’961 -16’796 -4’025 -3’566 -11.4% Personnel expenses -19’242 -20’0272 -19’3433 -4’781 -4’872 1.9% Fees to subc

  10. Slide 10: Consolidated Results

    Consolidated Results (CHF 1’000) 20171 2018 2019 Q1 2019 Q1 2020 ∆ Profit before financial expenses 325’099 408’551 512’963 98’702 62’736 -36.4% Net financial expenses -24’370 -21’979 -19’084 -5’031 -3’841 -23.7% Profit before taxes 300’730 386’572 493’879 93’671 58’895 -37.1% Taxes -43’8402 - 78’42

  11. Slide 11: Per Share Distribution (in CHF)

    Per Share Distribution (in CHF) 4 3.50 3.60 3.30 3.35 3.40 3.20 3.25 3.25 3.00 3 2.80 2.70 2.50 2.40 2.20 2.10 1.98 2 1.65 1.50 1.25 1.00 1 0 2019* 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 For business year Y-t-y growth n.a. 25.0% 20.0% 10.0% 20.

  12. Slide 12: Share Price, rebased to 100

    Share Price, rebased to 100 (1.1.2018 – 29.4.2020) PSP SPI Index rebased EPRA Index SREAL Index 450 400 350 300 250 200 150 100 50 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Bloomberg, 4.5.2020 © PSP Swiss Property I Page 12

  13. Slide 13: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1 2020 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisition 23 Subsequent Events 34 COVID-19 Implications 37 Outlook 41 Annex 43 © PSP Swiss Property I Page 13

  14. Slide 14: Portfolio and Vacancy Rate

    Portfolio and Vacancy Rate 10 10% 9 8.5% 9% 8 8% 6.8% 7 7% 6.1% 6 6% 5.0% 5 4.4% 5% 4.0% 4.0% 4 7.982 8.055 4% 3 7.343 7.384 7.442 7.682 7.820 7.849 3.5% 3% 7.272 3.2% 2 2% 1 1% 0 0% Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Real estate portfolio value in CHF bn. Vacanc

  15. Slide 15: Largest Vacancies (March 2020)

    Largest Vacancies (March 2020) Vacancy Vacancy Contribution Actions taken / status Properties (sqm)* rate in %-points Uraniastrasse 9, Zurich 1’128 20.6% 0.3% Letting in progress Salmencenter, Rheinfelden 3’097 12.5% 0.2% New leases starting in Q2 and Q4 2020 Place Saint-Francois 5, Lausanne 1’596 3

  16. Slide 16: Expiry Profile of Leases (March 2020)

    Expiry Profile of Leases (March 2020) (Legal termination option by tenants) 18% 16% 17% 16% 14% 14% 12% 10% 11% 8% 8% 8% 7% 6% 6% 6% 4% 4% 2% 0% 1% 1% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030+ NL 80% of the Q2-Q4 2020 maturities (CHF25.1m) are renewed. 20% of the Q2-Q4 2020 maturities

  17. Slide 17: Changes in Fair Value (March 2020)

    Changes in Fair Value (March 2020) (CHF m) 2017 2018 2019 Q1 2020 Existing portfolio 83.3 170.61 236.72 0 Acquisitions / first-time valuation 0 - 3.93 7.54 -0.25 Total net changes in fair value 83.3 166.7 244.2 -0.2 1 Of which: H1 2018: CHF 95.4m, of which CHF 61.9m related to the investment portfol

  18. Slide 18: Changes in Fair Value: Discount Rates

    Changes in Fair Value: Discount Rates (Dec. 2019) Nominal Discount Rate Area Minimum Maximum Weighted Ø Zurich 2.5% 4.7% 3.3% Geneva 2.5% 4.4% 3.3% Basel 3.0% 3.9% 3.5% Bern 2.8% 4.3% 3.3% Lausanne 2.8% 4.3% 3.4% Other locations 3.1% 5.5% 4.0% All areas 2013 2.5% 5.5% 3.3%** 2014 2015 2016 2017 2018

  19. Slide 19: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1 2020 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisition 23 Subsequent Events 34 COVID-19 Implications 37 Outlook 41 Annex 43 © PSP Swiss Property I Page 19

  20. Slide 20: Debt

    Debt Diversified and stable lender portfolio  10 domestic banks and 1 syndicated loan (with 11 Swiss Cantonal banks) Bonds issued in the amount of CHF 250m in 2020  All-in costs of -0.48% p.a. for CHF 100m with maturity 2021  All-in costs of 0.18% p.a. for CHF 150m with maturity 2029 High visibil

  21. Slide 21: Capital Structure

    Capital Structure Money values in CHF m 20171 2018 2019 Q1 2020 ∆ Shareholders‘ equity 3’988.6 4’156.9 4’450.2 4’497.3 1.1% - % of total assets 54.0% 54.6% 55.4% 55.3% Deferred tax liabilities (net) 792.0 851.9 862.4 866.5 - % of total assets 10.7% 11.2% 10.7% 10.7% Interest-bearing debt 2’491.1 2’5

  22. Slide 22: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1 2020 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisition 23 Subsequent Events 34 COVID-19 Implications 37 Outlook 41 Annex 43 © PSP Swiss Property I Page 22

  23. Slide 23: Project Pipeline

    Project Pipeline CHF 294m to invest going forward 1/7 1 Basel „Steinentorberg“ CHF 18m 4/5/8 2 Paradiso “Parco Lago” CHF 80m 6 3 Geneva „Rue du Marché“ CHF 35m 4 Zurich „ATMOS“ CHF 130m 3 2 5 Zurich „Bahnhofquai/-platz“ CHF 55m CHF 45m 6 Bern “Bärenplatz“ CHF 14m 7 Basel “Baufeld C” CHF 34m 3 sites

  24. Slide 24: Residenza Parco Lago Paradiso

    «Residenza Parco Lago» Paradiso Under construction  Conversion of existing site (former brewery)  Completion end of 2020, all units to be sold  New building with mixed use (approx. 13’000 m2): mainly residential units & some office and retail area  Investment sum approx. CHF 80m (thereof CHF 39.

  25. Slide 25: Project Rue du Marché Geneva

    Project «Rue du Marché» Geneva Under construction  Renovation, investment sum approx. CHF 35m (thereof CHF 29.5m spent)  Hotel (144 rooms) opening August 2020  Anchor tenant: citizenM (international boutique hotel group) Visualisations  February 2019: lease signed with Aeschbach (traditional Gen

  26. Slide 26: Project ATMOS Zurich

    Project «ATMOS» Zurich Under construction  Förrlibuckstrasse 178/180, Hardturmstrasse 181/183/185  New building/construction of modern office building  Completion beginning 2021  Investment sum approx. CHF 130m (thereof CHF 63.2m spent)  100% pre-let (well-balanced tenant mix, with On, Swiss ru

  27. Slide 27: Project Bahnhofquai/-platz Zurich

    Project «Bahnhofquai/-platz» Zurich Renovation in three stages, total investment sum approx. CHF 112m Stage 1, under construction: Bahnhofplatz 1, Bahnhofquai 9/11/15  Completion Q3 2021  Investment sum approx. CHF 55m (thereof CHF 18.9m spent)  Long-term lease signed with IWG, International Work

  28. Slide 28: Project Bahnhofquai/-platz Zurich (cont.)

    Project «Bahnhofquai/-platz» Zurich (cont.) Stage 2, under construction: Waisenhausstrasse 2/4, Bahnhofquai 7  Completion end 2021  Investment sum approx. CHF 45m (thereof CHF 13.2m spent)  Long-term lease signed with:  Ruby Hotel & Resorts (“Lean Luxury” concept, 208 rooms)  Candrian Catering,

  29. Slide 29: Project Bärenplatz Bern

    Project «Bärenplatz» Bern Planned project  Bärenplatz 9, 11, 27 / Käfiggässchen 10, 22, 26 (acquired in 2019)  Comprehensive renovation and modernisation  Mixed use: gastronomy (approx. 1’100 m2), office (approx. 1’300 m2) and residential (approx. 900 m2)  30% pre-let (gastronomy area)  Investm

  30. Slide 30: Project Baufeld C Basel

    Project «Baufeld C» Basel Visualisation Planned project  Grosspeterstrasse 18  New building/construction  Approx. 5’600 m2 office space  50% pre-let to Swisscom  Investment sum approx. CHF 34m  Construction period to be defined, presumably mid-2020 until end of 2022 © PSP Swiss Property I Page

  31. Slide 31: Project Grubenstrasse Zurich

    Project «Grubenstrasse» Zurich Planned project  Grubenstrasse 6 (district 2), plot of land with commercial building acquired in March 2020  New building/construction with office (approx. 5’600 m2) and commercial (approx. 5’900 m2) areas  Investment sum approx. CHF 35m  Construction period expect

  32. Slide 32: Capex and Potential Rental Income Overview

    Capex and Potential Rental Income Overview CAPEX Potential rental Pre-let expected income3 in % 2020- 2020 2021 2022- (CHF m) 2025 2025 Project “Rue du Marché”, Geneva1 3.8 3.8 0 0 ~ 5.5 100% “Residenza Parco Lago”, Paradiso1 40.4 27.1 13.2 0 n.a. n.a. Project “Bahnhofquai/-platz”, Zurich1, 2 87.7 2

  33. Slide 33: Acquisitions Q1 2020

    Acquisitions Q1 2020 Grubenstrasse 6, Zurich (district 2)  25 March 2020  Plot of land with commercial building  Price CHF 33.5m  New construction planned (see slide 31) Current building © PSP Swiss Property I Page 33

  34. Slide 34: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1 2020 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisition 23 Subsequent Events 34 COVID-19 Implications 37 Outlook 41 Annex 43 © PSP Swiss Property I Page 34

  35. Slide 35: Subsequent Events

    Subsequent Events Ordinary Annual General Meeting on 9 April 2020 All proposals of the Board of Directors approved, inter alia:  Dividend of CHF 3.60 gross per share (paid on 17 April 2020, totalling CHF 165.1m)  Re-elections of Luciano Gabriel as Chairman of the Board of Directors and of all othe

  36. Slide 36: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1 2020 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisition 23 Subsequent Events 34 COVID-19 Implications 37 Outlook 41 Annex 43 © PSP Swiss Property I Page 36

  37. Slide 37: COVID-19 Implications

    COVID-19 Implications Partial Lockdown in Switzerland  As of 13 March 2020, the Federal Council issued emergency ordinances  Non-food retail stores, restaurants, leisure facilities and schools were closed until 26 April 2020  As of 27 April 2020, the Federal Council has permitted a gradual exit f

  38. Slide 38: COVID-19 Implications, cont.

    COVID-19 Implications, cont. Tenant issues and measures taken  Limited exposure to sectors affected directly by partial lockdown (21% of rental income)  ~ 300 tenants asked for rent holiday, reduction, etc. (out of total ~ 2’300 tenants)  April rents in the amount of CHF 3.5m were deferred for on

  39. Slide 39: COVID-19 Implications, cont.

    COVID-19 Implications, cont. Construction sites and capex  Expected delays for “Residenza Parco Lago” in Paradiso/Lugano, “Rue du Marché” in Geneva and “Baufeld C” in Basel (in planning)  All other projects on track, especially “ATMOS” in Zurich West and Bahnhofplatz project in Zurich  Planned ca

  40. Slide 40: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1 2020 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisition 23 Subsequent Events 34 COVID-19 Implications 37 Outlook 41 Annex 43 © PSP Swiss Property I Page 40

  41. Slide 41: Outlook 2020

    Outlook 2020 Consolidated EBITDA (excl. changes in fair value), new guidance ~ CHF 260m Vacancy rate portfolio (year-end), new guidance ~ 3.5% © PSP Swiss Property I Page 41

  42. Slide 42: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1 2020 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisition 23 Subsequent Events 34 COVID-19 Implications 37 Outlook 41 Annex 43 © PSP Swiss Property I Page 42

  43. Slide 43: Board of Directors and Executive Board

    Board of Directors and Executive Board Board of Directors  Luciano Gabriel, 1953, Chairman  Corinne Denzler, 1966, Member  Adrian Dudle, 1965, Member  Peter Forstmoser, 1943, Member  Nathan Hetz, 1952, Member  Henrik Saxborn, 1964, Member  Josef Stadler, 1963, Member  Aviram Wertheim, 1958,

  44. Slide 44: Group Overview (1 April 2020)

    Group Overview (1 April 2020) Executive Board (3) Communications / IR / Sustainability (2), Legal (4), HR (1), Secretariat (1) Real Estate Investments Property Management Finance / Operations Asset Management (4) Zurich Office (19, 12*) Accounting / Financing (9) Construction (18) Geneva Office (6,

  45. Slide 45: PSP Strategy

    PSP Strategy Strategy  Switzerland only  Commercial properties only  Acquisitions to be justified by price and operational logic  Risk-conscious financing policy Priority  Optimising profitability of existing portfolio  Ensuring long-term attractiveness of assets  Organic growth  Sites devel

  46. Slide 46: Why Investing in PSP?

    Why Investing in PSP? Company  Premium portfolio with limited downside risk  Transparent business model  Pure Swiss play  Properties with further optimisation potential  Financial flexibility to take advantage of market opportunities  Acquisition/integration experience  Sustainability (econom

  47. Slide 47: Shareholder Base (31 March 2020)

    Shareholder Base (31 March 2020) Largest shareholder  Chase Nominees Ltd.: 10.04%  BlackRock, Inc.: 5.86%1  Alony Hetz: 5.67%  Credit Suisse Funds AG: 5.20%2  Nortrust Nominees Limited: 3.50% CH, 36%  UBS Fund Management (Switzerland) AG: 3.06%3 Non-registered, 36%  Number of registered share

  48. Slide 48: Development of rental income

    Development of rental income (CHF 1‘000) 75‘000 +874 +892 74’042 73‘000 +816 +381 72’440 71‘000 -842 -518 69‘000 67‘000 0 Rental income Q1 Change rental Effect new Effect sales Effect Vacancy change Other Rental income Q1 2019 income constructions developments 2020 © PSP Swiss Property I Page 48

  49. Slide 49: Ebitda

    Ebitda 300 85% 83.4% 250 82.8% 82.0% 81.5% 200 80.8% 150 80% 256.1 242.2 241.7 100 50 65.4 63.3 0 75% 2017 2018 2019 Q1 2019 Q1 2020 Ebitda excl. ∆-RE in CHF m. Ebitda margin in %. FY17: restated due to IFRS 15, Revenue from Contracts with Customers. © PSP Swiss Property I Page 49

  50. Slide 50: Net Income Components

    Net Income Components 500 450 400 350 238.2 300 131.9 250 79.2 200 215.2 150 177.7 176.2 100 29.2 50 50.5 48.1 0 -0.2 2017 2018 2019 Q1 2019 Q1 2020 -50 Net income excl. ∆-RE in CHF m. Contribution of ∆-RE in CHF m. FY17: restated due to IFRS 15, Revenue from Contracts with Customers. © PSP Swiss Pr

  51. Slide 51: EPS

    EPS 10 9.89 9 8 7 6.72 6 5 5.60 4.69 4 3.87 3.84 3 2 1.74 1 1.10 1.04 1.05 0 2017 2018 2019 Q1 2019 Q1 2020 EPS in CHF. EPS excl. ∆-RE in CHF. FY17: restated due to IFRS 15, Revenue from Contracts with Customers. © PSP Swiss Property I Page 51

  52. Slide 52: NAV + Cumulative Dividend per Share

    NAV + Cumulative Dividend per Share 160 51.93 48.33 140 44.83 41.43 38.08 120 31.53 34.78 28.28 25.08 22.08 100 100.00 19.28 97.02 16.58 90.63 86.96 80 14.08 83.70 83.74 84.38 84.30 11.68 80.48 9.48 75.28 7.38 68.87 60 2.25 3.75 5.40 61.83 64.95 59.71 1.00 56.25 51.80 53.28 50.58 51.02 0.00 47.24 40

  53. Slide 53: NAV vs. Share Price

    NAV vs. Share Price 140 130 133.60 120 120.70 110 100 108.20 90 96.85 97.02 98.05 92.35 90.63 92.36 80 86.96 70 60 50 40 30 20 10 0 2017 2018 2019 Q1 2019 Q1 2020 NAV per share in CHF. Share price in CHF. FY17: restated due to IFRS 15, Revenue from Contracts with Customers. © PSP Swiss Property I Pa

  54. Slide 54: EPRA Performance Measures

    EPRA Performance Measures Q1/Dec. 2019 Q1 2020 (CHF or %) EPRA PSP EPRA PSP A. EPS 1.01 1.10 1.04 1.05 B. NAV 117.04 115.82 118.17 116.94 C. NNNAV 97.31 97.02 99.41 98.05 D. “topped-up” NIY 3.4 n.a. 3.5 n.a. E. Vacancy rate 3.6 3.5 3.2 3.2 F. Cost ratio1 17.3 15.1 16.1 14.3 G. Like-for-like rental c

  55. Slide 55: Portfolio Key Figures

    Portfolio Key Figures Numbers of Rental Revaluation Value Net yield Vacancy properties income in CHF m in CHF m in % in % in CHF m Zurich Q1 2020 77 41.9 0 4’354.2 3.4 2.1 FY 2019 77 166.3 152.0 4’348.8 3.4 2.5 Geneva Q1 2020 19 8.0 0 888.9 3.3 4.3 FY 2019 19 32.6 21.6 890.0 3.1 4.4 Basel Q1 2020 14

  56. Slide 56: Rent by Use

    Rent by Use Other, 11% Gastronomy, 4% Parking, 5% Retail, 16% Office, 63% © PSP Swiss Property I Page 56

  57. Slide 57: Rent by Type of Tenants

    Rent by Type of Tenants Other, 7% Government, 6% Services, 20% Gastronomy, 8% Health Care, 9% Retail, 19% Technology, 10% Telecommunication, 11% Financial Services, 11% © PSP Swiss Property I Page 57

  58. Slide 58: Largest Tenants

    Largest Tenants Swisscom, 9% Google, 4% E.d.Rothschild, 2% Swiss Post, 2% Bär & Karrer, 2% Next five largest, 8% Other, 72% © PSP Swiss Property I Page 58

  59. Slide 59: Sustainability: EPRA sBPR Gold, GRESB Green Star

    Sustainability Organisation  Sustainability initiatives steered by 8-member panel composed of representatives from property management, construction, asset management, human resources and communications.  Implementation in the hands of most involved department for each initiative  3 full-time spe

  60. Slide 60: Sustainability

    Sustainability Portfolio  86% of the portfolio is very well connected, 11% is well connected to public transport (“ÖV-Güteklasse” A and B)  Achieved a 44% reduction in CO2 emissions per square metre since 2010 (from 21.1 to 11.7 kg CO2e/m2)  Achieved a 25% reduction in energy use per square metre

  61. Slide 61: Sustainability

    Sustainability Tenants  Two thirds of properties connected to energy control and alarm management system  Increasing focus on operational optimisation. Example Hardturmstrasse 161, Zurich: Optimisation measures will reduce heating energy consumption by approx. 300,000 kWh (- 15%) and electricity c

  62. Slide 62: Portfolio Grid

    Portfolio Grid No. Property 1 Rue de Sébeillon 2, Lausanne 2 Bahnhofstrasse 10/Börsenstr. 18, Zurich 3 Baslerstrasse 44, Olten 4 Barfüsserplatz 10, Basel 5 Löwenstrasse 16, Zurich 6 Theaterstrasse 22, Zurich 7 Route des Acacias 50, 52, Carouge GE 8 Laupenstrasse 18/18a, Bern 9 Bahnhofstrasse 66, Zur

  63. Slide 63: Zurich Area

    Zurich Area Bahnhofplatz 9 Bahnhofstr. 66 = Investment properties = Development projects Bahnhofstr. 10 Bahnhofstr. 81 Zurich Seefeldstr. 123 Bahnhofstr. 39 Uraniastr. 9 Brandschenkestr. 90 Bahnhofstr. 28a © PSP Swiss Property I Page 63

  64. Slide 64: Geneva Area

    Geneva Area Rue Richard-Wagner 6 Place du Molard 7 Geneva Rue des Bains 31/33/35 Cours de Rive 13/15 R.d. Acacias 50/52 Rue de la Fontaine 5 = Investment properties = Development project Rue de la Gabelle 6 Rue de la Corraterie 24/26 © PSP Swiss Property I Page 64

  65. Slide 65: Basel Area

    Basel Area Marktplatz 30/30a Freie Strasse 38 Barfüsserplatz 10 St. Alban-Anlage 46 Basel Peter Merian-Str. 88/90 Steinentorberg 8/12 Grosspeterstr. 44 = Investment properties = Development projects Kirschgartenstr. 12/14 Dornacherstr. 210 © PSP Swiss Property I Page 65

  66. Slide 66: Bern Area

    Bern Area Bollwerk 15 Zeughausgasse 26/28 Bern Kramgasse 49 Laupenstrasse 18/18a = Investment properties Seilerstrasse 8 Kramgasse 78 = Development project Bärenplatz Eigerstrasse 2 © PSP Swiss Property I Page 66

  67. Slide 67: Lausanne Area

    Lausanne Area Rue de Sébeillon 2 Rue du Pont 22 Lausanne Avenue de Sévelin 54 Rue Saint Martin 7 = Investment properties Avenue de Sévelin 40 Place Saint-François 5 Avenue de Cour 135 Place Saint-François 15 © PSP Swiss Property I Page 67

  68. Slide 68: Contacts

    Contacts Giacomo Balzarini CEO Phone +41 (0)44 625 59 59 Mobile +41 (0)79 207 32 40 giacomo.balzarini@psp.info Vasco Cecchini Corporate Communications & IR Phone +41 (0)44 625 57 23 Mobile +41 (0)79 650 84 32 vasco.cecchini@psp.info © PSP Swiss Property I Page 68

  69. Slide 69: Disclaimer

    Disclaimer None of the information in this presentation constitutes an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. None of the securities of the Company referred to in this presen

PSP Swiss Property — Q1 2020 Earnings Presentation on 6ix