Psp Swiss Property Ag · SIX:PSPN

Psp Swiss Property — Q3 2020 Earnings Presentation

67 slides from Psp Swiss Property's earnings presentation, Nov 10, 2020

  1. Slide 1: Q1-Q3 Results 2020

    Q1-Q3 RESULTS 2020 10 November 2020

  2. Slide 2: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1-Q3 2020 (9M) 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisitions/Disposal 23 COVID-19 Implications 35 Outlook 39 Annex 41 © PSP Swiss Property I Page 2

  3. Slide 3: Property Portfolio (September 2020)

    Property Portfolio (September 2020) Basel Zurich CHF 0.7bn CHF 4.3bn Portfolio value CHF 8.5bn 8% 51% Lausanne Bern CHF 0.4bn CHF 0.5bn 5% 6% Geneva CHF 1.2bn 15% Other locations CHF 0.4bn 5% Sites and projects CHF 0.8bn 10% In total, 163 investment properties, plus: 3 sites: “Residenza Parco Lago”,

  4. Slide 4: Current Market Environment

    Current Market Environment Swiss market environment  Market for office properties in Swiss main markets is resilient  Moderately positive business sentiment even after second COVID-19 wave  Demand for letting office space at prime locations is strengthening, even though a number of companies will

  5. Slide 5: Main Developments

    Main Developments Real estate portfolio  Portfolio value CHF 8.5bn (up 6.2% compared with December 2019)  Acquisition of development project in Zurich for CHF 33.5m, investment property in Bern for CHF 23.7m and three CBD-assets in Geneva for CHF 304.1m; disposal of development project in Zurich f

  6. Slide 6: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1-Q3 2020 (9M) 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisitions/Disposal 23 COVID-19 Implications 35 Outlook 39 Annex 41 © PSP Swiss Property I Page 6

  7. Slide 7: Key Figures

    Key Figures Consolidated, in CHF m 20171 2018 2019 Q1-3 2019 Q1-3 2020 ∆ Ebitda excl. ∆-RE2 242.2 241.7 256.1 193.2 205.6 6.4% Net income excl. ∆-RE2 177.7 176.2 215.2 167.4 159.7 -4.6% Net income 256.9 308.2 453.4 311.5 179.9 -42.2% Rental income 272.5 279.4 290.5 217.0 221.2 1.9% Per share, in CHF

  8. Slide 8: Consolidated Income

    Consolidated Income (CHF 1’000) 20171 2018 2019 Q1-3 2019 Q1-3 2020 ∆ Rental income 272’454 279’373 290’460 217’011 221’1742 1.9%3 Valuation gains 83’253 166’692 244’176 124’688 27’977 Prop. sales revenues (condominiums) 19’614 10’484 12’835 9’403 11’124 Property sales (investment properties) 627 2’

  9. Slide 9: Consolidated Expenses

    Consolidated Expenses (CHF 1’000) 20171 2018 2019 Q1-3 2019 Q1-3 2020 ∆ Properties’ operating expenses -11’796 -12’841 -12’014 -8’995 -7’554 -16.0% Properties’ maintenance/renovation -16’920 -16’961 -16’796 -12’379 -11’141 -10.0% Personnel expenses -19’242 -20’0272 -19’3433 -13’9603 -14’617 4.7% Fee

  10. Slide 10: Consolidated Results

    Consolidated Results (CHF 1’000) 20171 2018 2019 Q1-3 2019 Q1-3 2020 ∆ Profit before financial expenses 325’099 408’551 512’963 330’880 232’609 -29.7% Net financial expenses -24’370 -21’979 -19’084 -14’759 -10’076 -31.7% Profit before taxes 300’730 386’572 493’879 316’121 222’534 -29.6% Taxes -43’84

  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

    Share Price, rebased PSP SPI Index SMI Index 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, 9.11.2020 © PSP Swiss Property I Page 12

  13. Slide 13: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1-Q3 2020 (9M) 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisitions/Disposal 23 COVID-19 Implications 35 Outlook 39 Annex 41 © 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% 8.479 4 7.982 8.055 8.127 4% 3 7.343 7.384 7.442 7.682 7.820 7.849 3.5% 3% 7.272 3.4% 3.2% 3.3% 2 2% 1 1% 0 0% Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Real es

  15. Slide 15: Largest Vacancies (September 2020)

    Largest Vacancies (September 2020) Vacancy Vacancy Contribution Actions taken / status Properties (sqm)* rate in %-points Salmencenter, Rheinfelden 3’555 14.5% 0.3% New leases starting in Q4 2020 and Q1 2021 Uraniastrasse 9, Zurich 1’131 20.2% 0.3% Letting in progress Rue des Bains 31bis, 33, 35, Ge

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

    Expiry Profile of Leases (September 2020) (Legal termination option by tenants) 20% 18% 18% 16% 17% 14% 14% 12% 12% 10% 10% 8% 6% 7% 7% 4% 5% 4% 4% 2% 0% 1% 1% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030+ NL 86% of the Q4 2020 maturities (CHF11.8m) are renewed. 14% of the Q4 2020 maturiti

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

    Changes in Fair Value (September 2020) (CHF m) 2017 2018 2019 Q1-Q3 2020 Existing portfolio 83.3 170.61 236.72 38.25 Acquisitions / first-time valuation 0 - 3.93 7.54 -10.26 Total net changes in fair value 83.3 166.7 244.2 28.0 1 Of which: H1 2018: CHF 95.4m, of which CHF 61.9m related to the invest

  18. Slide 18: Changes in Fair Value: Discount Rates (June 2020)

    Changes in Fair Value: Discount Rates (June 2020) Nominal Discount Rate Area Minimum Maximum Weighted Ø Zurich 2.4% 4.8% 3.2% Geneva 2.4% 4.5% 3.2% Basel 3.0% 3.8% 3.4% Bern 2.7% 4.3% 3.3% Lausanne 2.8% 4.3% 3.4% Other locations 3.0% 5.5% 3.9% All areas 2.4% 5.5% 3.3%** 2013 2014 2015 2016 2017 2018

  19. Slide 19: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1-Q3 2020 (9M) 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisitions/Disposal 23 COVID-19 Implications 35 Outlook 39 Annex 41 © PSP Swiss Property I Page 19

  20. Slide 20: Debt

    Debt Diversified and stable lender portfolio  12 domestic banks and 1 syndicated loan (with 11 Swiss Cantonal banks) Bonds totalling CHF 400m and notes totalling 120m were issued in 2020  Bonds: all-in costs of -0.01% p.a. with maturity between 2021 and 2029  Short-term notes: all-in costs of 0.0

  21. Slide 21: Capital Structure

    Capital Structure Money values in CHF m 20171 2018 2019 Q3 2020 ∆ Shareholders‘ equity 3’988.6 4’156.9 4’450.2 4’465.3 0.3% - % of total assets 54.0% 54.6% 55.4% 52.3% Deferred tax liabilities (net) 792.0 851.9 862.4 884.2 - % of total assets 10.7% 11.2% 10.7% 10.4% Interest-bearing debt 2’491.1 2’5

  22. Slide 22: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1-Q3 2020 (9M) 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisitions/Disposal 23 COVID-19 Implications 35 Outlook 39 Annex 41 © PSP Swiss Property I Page 22

  23. Slide 23: Project Pipeline

    Project Pipeline CHF 245m to invest going forward 5 1 Paradiso “Residenza Parco Lago” CHF 80m 2/3/6 2 Zurich „ATMOS“ CHF 130m 4 3 CHF 55m Zurich „Bahnhofquai/-platz“ CHF 45m 4 CHF 14m Bern “Bärenplatz“ 1 5 CHF 34m Basel “Baufeld C” 6 Zürich “Grubenstrasse” CHF 35m 3 sites 2017 2018 2019 2020 2021 20

  24. Slide 24: «Residenza Parco Lago» Paradiso

    «Residenza Parco Lago» Paradiso Under construction  Conversion of existing site (former brewery)  Completion Q1 2021, 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 49.8m s

  25. Slide 25: Project «ATMOS» Zurich

    Project «ATMOS» Zurich Under construction  Förrlibuckstrasse 178/180, Hardturmstrasse 181/183/185  New building/construction of modern office building (approx. 24’000 m2 floor space )  Completion beginning 2021  Investment sum approx. CHF 130m (thereof CHF 83.5m spent)  100% pre-let (well-balan

  26. Slide 26: 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 22.4m spent)  Long-term lease signed with Signature (co-working b

  27. Slide 27: 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 19.1m spent)  Long-term lease signed with:  Ruby Hotel & Resorts (“Lean Luxury” concept, 208 rooms), opening Q4 2021  C

  28. Slide 28: Project «Bärenplatz» Bern

    Project «Bärenplatz» Bern Under construction  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)  Completion end of 2021  Investment s

  29. Slide 29: Project «Baufeld C» Basel

    Project «Baufeld C» Basel Under construction Visualisation  Grosspeterstrasse 18  New building/construction  Approx. 5’600 m2 office space  Completion end of 2022  Investment sum approx. CHF 34m (thereof CHF 4.5m spent)  50% pre-let to Swisscom  8% pre-let to gastronomy operator © PSP Swiss P

  30. Slide 30: Project «Grubenstrasse» Zurich

    Project «Grubenstrasse» Zurich Under construction  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  Completion Q1 2023 (demolition of old building finished

  31. Slide 31: Capex and Potential Rental Income Overview

    Capex and Potential Rental Income Overview CAPEX Potential rental Pre-let Completion Total expected income3 in % 2020-2023 2020 2021 2022- (CHF m) 2023 “Residenza Parco Lago”, Paradiso1 2021 80.0 30.6 7.4 23.2 0 n.a. n.a. Project “Bahnhofquai/-platz”, Zurich1, 2 2021-23 112.0 72.7 7.8 37.4 27.6 ~ 11

  32. Slide 32: Acquisitions/Disposal

    Acquisitions/Disposal Asset swap with Zurich Insurance Group, as per 1 August 2020 Purchased property  Bern, Seilerstrasse 8 (adjacent to already owned property at Seilerstrasse 8a)  CHF 23.7m  4’545 m2 rentable area (office 73%, retail 13%, other 14%) Disposed property  Zurich, Zurlindenstrasse

  33. Slide 33: Acquisitions/Disposal, cont.

    Acquisitions/Disposal, cont. Acquisition CBD-assets Geneva, as per 22 September 2020 Purchased properties  Geneva, Rue de la Confédération 2 8’100 m2 rentable area Rue de la Confédération 2 (left) & Rue de la Corraterie 5/7 (right)  Geneva, Rue de la Corraterie 5/7 5’400 m2 rentable area  Geneva,

  34. Slide 34: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1-Q3 2020 (9M) 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisitions/Disposal 23 COVID-19 Implications 35 Outlook 39 Annex 41 © PSP Swiss Property I Page 34

  35. Slide 35: COVID-19 Implications

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

  36. Slide 36: COVID-19 Implications, cont.

    COVID-19 Implications, cont. Tenant issues and measures taken  Limited exposure to sectors affected directly by partial lockdown (20% of rental income)  ~ 350 tenants asked for rent holiday / reduction, of which ~ 220 were affected by spring 2020 lockdown (out of total ~ 2’300 tenants)  Q1-3 2020

  37. Slide 37: COVID-19 Implications, cont.

    COVID-19 Implications, cont. Construction sites and capex  Construction work at “Residenza Parco Lago” in Paradiso/Lugano back to normal and hotel project “Rue du Marché” in Geneva completed in Q3 2020 (hotel opening 1 September 2020)  All other projects on track, especially “ATMOS” in Zurich West

  38. Slide 38: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1-Q3 2020 (9M) 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisitions/Disposal 23 COVID-19 Implications 35 Outlook 39 Annex 41 © PSP Swiss Property I Page 38

  39. Slide 39: Outlook 2020

    Outlook 2020 Consolidated EBITDA (excl. changes in fair value), confirmed ~ CHF 270m Vacancy rate portfolio (year-end), confirmed ~ 3% © PSP Swiss Property I Page 39

  40. Slide 40: Agenda

    Agenda Key Facts and Figures 3 Financial Results Q1-Q3 2020 (9M) 7 Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites, Projects and Acquisitions/Disposal 23 COVID-19 Implications 35 Outlook 39 Annex 41 © PSP Swiss Property I Page 40

  41. Slide 41: 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,

  42. Slide 42: Group Overview (30 September 2020)

    Group Overview (30 September 2020) Executive Board (3) Communications / IR / Sustainability (2), Legal (4), HR (2), Secretariat (1) Real Estate Investments Property Management Finance / Operations Asset Management (4) Zurich Office (19, 12*) Accounting / Financing (9) Construction (19) Geneva Office

  43. Slide 43: 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

  44. Slide 44: 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

  45. Slide 45: Shareholder Base (30 September 2020)

    Shareholder Base (30 September 2020) Largest shareholder  Chase Nominees Ltd.: 6.13%  BlackRock, Inc.: 5.86% (notification 2 September 2017)  Credit Suisse Funds AG: 5.20% (notification 14 November 2019)  UBS Fund Management (Switzerland) AG: 3.06% (notification 13 July 2017)  PGGM Vermogensbeh

  46. Slide 46: Development of rental income

    Development of rental income (CHF 1’000) 225’000 +2’134 +2’226 220’000 +2’799 -1’184 221’174 +387 -1’123 215’000 217’011 -1’077 210’000 205’000 0 Rental income Change rental Effect Effect new Effect sales Effect Vacancy Other Rental income Q1-Q3 2019 income purchases constructions developments chang

  47. Slide 47: Ebitda

    Ebitda 300 85% 84.2% 250 82.3% 82.0% 81.5% 200 80.8% 150 80% 256.1 242.2 241.7 100 205.6 193.2 50 0 75% 2017 2018 2019 Q1-3 2019 Q1-3 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 47

  48. Slide 48: Net Income Components

    Net Income Components 500 450 400 350 238.2 300 131.9 250 144.0 79.2 200 215.2 20.2 150 177.7 176.2 167.4 159.7 100 50 0 2017 2018 2019 Q1-3 2019 Q1-3 2020 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

  49. Slide 49: EPS

    EPS 10 9.89 9 8 7 6.72 6.79 6 5 5.60 4.69 4 3.87 3.84 3.92 3.65 3.48 3 2 1 0 2017 2018 2019 Q1-3 2019 Q1-3 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 49

  50. Slide 50: 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 19.28 97.02 97.35 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

  51. Slide 51: NAV vs. Share Price

    NAV vs. Share Price 140 130 133.60 120 110 111.50 100 90 96.85 97.02 97.35 92.35 90.63 80 88.00 86.96 84.30 70 60 50 40 30 20 10 0 2016 2017 2018 2019 Q3 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 Page 5

  52. Slide 52: EPRA Performance Measures

    EPRA Performance Measures Q1-3/Dec. 2019 Q1-3/Sept. 2020 (CHF or %) EPRA PSP EPRA PSP A. EPS 2.97 3.65 3.29 3.48 B. NAV 117.04 115.82 117.85 116.63 C. NNNAV 97.31 97.02 97.68 97.35 D. “topped-up” NIY 3.4 3.4 3.5 3.3 E. Vacancy rate 3.6 3.5 3.4 3.3 F. Cost ratio1 17.7 15.3 16.4 14.4 G. Like-for-like

  53. Slide 53: 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 Q3 2020 76 123.1 36.9 4’341.3 3.3 2.3 FY 2019 77 166.3 152.0 4’348.8 3.4 2.5 Geneva Q3 2020 21 25.4 -11.8 1’239.0 2.7 3.7 FY 2019 19 32.6 21.6 890.0 3.1 4.4 Basel

  54. Slide 54: Rent by Use

    Rent by Use Other, 11% Gastronomy, 5% Parking, 5% Retail, 16% Office, 63% © PSP Swiss Property I Page 54

  55. Slide 55: Rent by Type of Tenants

    Rent by Type of Tenants Other, 6% Government, 5% Services, 20% Gastronomy, 8% Health Care, 9% Retail, 18% Technology, 9% Telecommunication, 10% Financial Services, 14% © PSP Swiss Property I Page 55

  56. Slide 56: Largest Tenants

    Largest Tenants Swisscom, 9% UBS, 4% Google, 4% E.d.Rothschild 2% Bär & Karrer, 2% Next five largest, 8% Other, 71% © PSP Swiss Property I Page 56

  57. Slide 57: Sustainability

    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

  58. Slide 58: Sustainability, cont.

    Sustainability, cont. 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 squar

  59. Slide 59: Sustainability, cont.

    Sustainability, cont. 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 electr

  60. Slide 60: Portfolio Grid

    Portfolio Grid Source: Wüest Partner. © PSP Swiss Property I Page 60

  61. Slide 61: 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 61

  62. Slide 62: Geneva Area

    Geneva Area Rue Richard-Wagner 6 Rue d.l. Confédération 2 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 62

  63. Slide 63: 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 project Kirschgartenstr. 12/14 Dornacherstr. 210 © PSP Swiss Property I Page 63

  64. Slide 64: 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 64

  65. Slide 65: 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 65

  66. Slide 66: 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 66

  67. Slide 67: 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 — Q3 2020 Earnings Presentation on 6ix