Q1-Q3 RESULTS. 14 November 2017

Transcription

1 Q1-Q3 RESULTS 14 November 2017

2 Agenda Key Facts and Figures 3 Financial Results Q1-Q Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Outlook 37 Annex 39 PSP Swiss Property I Page 2

3 Property Portfolio (September 2017) Portfolio value CHF 7.0 bn Basel 8% Zurich 58% CHF 0.5 bn CHF 4.0 bn Lausanne 5% CHF 0.3 bn Bern 4% CHF 0.3 bn Geneva 11% CHF 0.7 bn Other locations 6% CHF 0.4 bn Development sites and In total, 158 investment properties, plus: projects 9% 4 sites: Residenza Parco Lago, Paradiso; Löwenbräu site, Zurich; Salmenpark, Rheinfelden; Wädenswil site. CHF 0.6 bn 8 projects: Grosspeter Tower, Basel; Rue Saint-Martin, Lausanne; Hardturm-/Förrlibuckstrasse, Zurich; Bahnhofquai/-platz, Zurich; Orion, Zurich; Rue du Marché, Geneva; Spiegel, Köniz; Bahnhof, Rheinfelden. PSP Swiss Property I Page 3

4 Current Market Environment Swiss market environment Step-by-step, the business sentiment is improving. An increasing number of companies is considering expansion plans. Increasing number of start-ups. Office rents stabilising on average at about the current levels; lease incentives remain important; still long lease-up times for larger properties Signs of enhanced demand in Zurich CBD, one of our main markets Reduced demand in Geneva, causing increasing vacancies Outskirts of main cities, peripheral regions and smaller agglomerations: ongoing pressure on rents and incentives Yield compression for prime assets expected to slow down, despite unabated investors demand supported by the low interest rate environment Economic outlook for Switzerland GDP 1.1% 1.9% Inflation 0.5% Unemployment 3.2% 1 Source: Consensus forecast, November PSP Swiss Property I Page 4

5 Main Developments Real estate portfolio Portfolio value CHF 7.0bn (up 0.9% compared with December 2016) Stabilisation of rent levels across the portfolio Vacancy and rental situation Vacancy rate of 8.3%, of which 0.6%-points due to renovations Of all 2017 maturities (CHF 31.4m), 90% renewed Expected vacancy year-end 2017: < 8.5% (before: 8.5%) Financing Passing average interest rate 0.99% on 30 September 2017 Low leverage with an adjusted LTV of 31.9% CHF 740m committed unused credit lines Moody s: Issuer Rating A3 (outlook stable) Fitch: Senior Unsecured Rating A- (outlook stable) PSP Swiss Property I Page 5

6 Agenda Key Facts and Figures 3 Financial Results Q1-Q Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Outlook 37 Annex 39 PSP Swiss Property I Page 6

7 Key Figures Consolidated, in CHF m Q Q Ebitda excl. -RE % Net income excl. -RE % Net income % Rental income % Per share, in CHF Q Q EPS % EPS excl. -RE % NAV % 2 NAV before deferred taxes % 2 Share price % 2 Distribution Excl. -RE: excluding net changes in fair value of the real estate investments, realised 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, is included. 2 Compared to year-end Ordinary dividend paid on 11 April PSP Swiss Property I Page 7

8 Consolidated Income (CHF 1 000) Q Q Rental income % 1 Valuation gains Property sales (condominiums) Property sales (investment properties) Income from associated companies Capitalised own services Other income Total operating income % 1 Like-for-like rental change -1.3% (+0.6%, excl. property located at Av. des Morgines 8/10 in Petit-Lancy). 2 Of which CHF 3.3m VAT-opting-in effect. 3 Of which CHF 1.5m VAT-opting-in effect. 4 Of which CHF 2.3m VAT-opting-in effect. 5 Of which CHF 2.3m VAT-opting-in effect. 6 Of which CHF 2.3m VAT-opting-in effect. PSP Swiss Property I Page 8

9 Consolidated Expenses (CHF 1 000) Q Q Properties operating expenses % Properties maintenance/renovation % Personnel expenses % Fees to subcontractors General and administrative expenses % Impairment properties Depreciation Total operating expenses % 1 Positive P&L impact of CHF 1.1m property tax refunds in Geneva (non-repeat). 2 Positive P&L impact (IAS 19 revised, defined benefit pension plans), CHF 1.2m (non-repeat). PSP Swiss Property I Page 9

10 Consolidated Results (CHF 1 000) Q Q Profit before financial expenses % Net financial expenses % Profit before taxes % Taxes Net income % Net income excl. -RE % 1 Excl. -RE: excluding net changes in fair value of the real estate investments, realised 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, is included. 2 Of which CHF 16.7m current and CHF 6.0m deferred. 3 Of which CHF 18.7m current and CHF 1.9m deferred. The relatively low deferred taxes relate to the release of deferred capital gain taxes in the Canton of VD in the magnitude of CHF 17m. The underlying tax rate has been reduced from 21.7% to 13.6%. PSP Swiss Property I Page 10

11 Per Share Distribution (in CHF) For business year * Y-t-y growth 25.0% 20.0% 10.0% 20.0% 6.0% 4.8% 9.1% 4.2% 8.0% 3.7% 7.1% 6.7% 1.6% 0.0% 1.5% 1.5% Payout ratio** 45.5% 52.1% 57.0% 53.6% 71.2% 76.9% 78.0% 86.3% 85.0% 82.7% 84.8% 86.5% 88.9% 85.8% 88.1% 93.8% 89.1% Payout yield*** 2.6% 3.9% 4.0% 3.8% 4.0% 3.7% 3.1% 4.2% 4.7% 4.6% 3.7% 3.8% 3.7% 4.3% 3.8% 3.8% 3.8% * Ordinary dividend, paid on 11 April ** Payout / EPS excl. -RE (FY 2016: CHF 3.76). *** Payout / share-price year-end (Dec. 2016: CHF 88.00). PSP Swiss Property I Page 11

12 Share Price in CHF ( ) Performance since PSP IPO, (total return: dividends reinvested) PSP SXI RE rebased FTSE/EPRA Developed Europe TR Index 335.9% 161.1% 217.3% Source: Bloomberg, PSP Swiss Property I Page 12

13 Agenda Key Facts and Figures 3 Financial Results Q1-Q Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Outlook 37 Annex 39 PSP Swiss Property I Page 13

14 Portfolio and Vacancy Rate % 12% % 9.1% 9.4% 9.7% 9.3% 9.1% 8.7% 8.3% 10% 5 8% % 4% 2% 0 Q Q Q Q Q Q Q % Real estate portfolio value in CHF bn. Vacancy rate in % (CHF). Vacancy rate excl. properties reclassified to developments: Q3 2016: Zurich, Hardturmstr. 181, 183, 185 / Förrlibuckstr. 178/180 (project Orion ), 0.8%-points; Geneva, Rue du Marché 40; 1.2%-points. Q4 2016: Lausanne, Rue Saint-Martin 7, 0.4%-points. PSP Swiss Property I Page 14

15 Largest Vacancies (September 2017) Properties Vacancy (sqm)* Vacancy rate Actions taken / Status Av. des Morgines 8/10, Petit-Lancy % New marketing / letting concept; CBRE appointed Salmencenter, Rheinfelden % New lettings in Q3; letting in progress Route des Arsenaux 41, Fribourg % Sale and letting in progress Richtistrasse 5, Wallisellen % SPG Intercity appointed Gurtenbrauerei 10-92, Wabern b. Bern % Revised marketing efforts; advanced negotiations Hardturmstrasse 131, 133, 135, Zurich % New lettings in Q3; letting in progress Wasserwerkstrasse 10, 12, Zurich % Fully let as of January 1 st, 2019 Bernerstrasse Süd 167/169, Zurich % Letting in progress Bahnhofplatz 2, Biel/Bienne % New lettings in Q3; letting in progress Gerbergasse 5, Zurich % Partly under renovation Total investment portfolio % * Ranked by rental value (CHF) of the vacancy. Improvement since last Q Deterioration since last Q PSP Swiss Property I Page 15

16 Expiry Profile of Leases (September 2017) (Legal termination option by tenants) 16% 14% 12% 13% 14% 15% 10% 8% 6% 4% 2% 0% 11% 10% 10% 8% 6% 5% 4% 3% 1% NL 58% of the Q maturities (CHF 7.5 m) are renewed. 42% of the Q maturities are still open. 90% of all 2017 maturities (CHF 31.4 m) are renewed as per end of September NL: Contracts not limited in time, but subject to notice. PSP Swiss Property I Page 16

17 Changes in Fair Value (June 2017) (CHF m) H Existing portfolio Acquisitions / first-time valuation Total net changes in fair value From the acquisition of a single property (Locarno, Via Respini 7/9, spa development project). 2 Of which CHF 43.1 m from first time adoption IFRS From the acquisition of a single property (Geneva/Cologny, Port Noir, spa development project). 4 From the acquisition of a single property (Basle, Peter Merian-Str. 88/90). 5 From the acquisition of a single property (Urdorf, Heinrich-Stutz-Str. 23/25). 6 From the acquisition of a single property (Zurich, Hardturmstr. 101, 103, 105 / Förrlibuckstr. 30). PSP Swiss Property I Page 17

18 Changes in Fair Value: Discount Rates (June 2017) Nominal Discount Rate Area Minimum Maximum Weighted Ø Zurich 2.7% 5.3% 3.6% Geneva 3.4% 5.3% 4.0% Basel 3.3% 4.0% 3.8% Bern 3.0% 4.8% 3.7% Lausanne 3.2% 4.7% 3.9% Other locations 3.4% 5.6% 4.6% All areas 2.7% 5.6% 3.7%** H Weighted Ø discount rate 4.91%* 4.81%* 4.57%* 3.82** 3.73%** * Nominal discount rate includes 1.0% annual inflation. ** Nominal discount rate includes 0.5% annual inflation. Valuation done by Wüest Partner. PSP Swiss Property I Page 18

19 Agenda Key Facts and Figures 3 Financial Results Q1-Q Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Outlook 37 Annex 39 PSP Swiss Property I Page 19

20 Debt Diversified and stable lender portfolio 10 domestic banks and 1 syndicated loan (with 14 Swiss Cantonal banks) High visibility on debt maturity profile Average loan maturity of 3.2 years Negotiation of loans expiring in 2019 started CHF 740 m unused committed credit lines Rating Moody s: Issuer Rating A3 (outlook stable) Fitch: Senior Unsecured Rating A- (outlook stable) PSP Swiss Property I Page 20

21 Capital Structure Money values in CHF m Q Shareholders equity % - % of total assets 58.7% 57.5% 57.0% 54.9% 53.4% Deferred tax liabilities (net) % of total assets 10.9% 10.9% 11.1% 10.8% 10.5% Interest-bearing debt % - % of total assets 28.1% 28.9% 29.0% 31.9% 34.5% 1 - Loans, unsecured Bonds % long-term 86.4% 100.0% 87.3% 100.0% 100.0% Net financial expenses Ø interest rate 1.95% 1.76% 1.70% 1.42% 1.23% 2 Interest coverage ratio 7.9 x 7.8 x 8.0 x 9.1 x 9.9 x Fixed interest rate > 1 year 77.2% 83.9% 79.7% 96.4% 95.2% Ø fixed-interest period in years Adjusted LTV of 31.9%: excludes bond and private placement of CHF 275m and corresponding temporary fixed-term deposits. 2 Reflects the average interest rate over the past four quarters. As per , the passing average rate was 0.99% (31 Dec. 2016: 1.28%). PSP Swiss Property I Page 21

22 Agenda Key Facts and Figures 3 Financial Results Q1-Q Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Outlook 37 Annex 39 PSP Swiss Property I Page 22

23 Project Pipeline CHF 380 million to invest going forward 1 7/3/4 1 2 Basel Grosspeter Tower Lausanne Rue Saint Martin CHF 120 m CHF 13 m 3 Zurich Hardturmstrasse/ Förrlibuckstrasse CHF 60 m 2 4 Zurich Bahnhofquai/-platz (stage 2 in planning, stage 3 under review) CHF 51 m CHF 45 m (stages 2 & 3) Paradiso Parco Lago Geneva Rue du Marché CHF 80 m CHF 30 m 7 Zurich Orion (in planning) CHF 130 m sites 8 projects PSP Swiss Property I Page 23

24 Project «Grosspeter Tower» Basel Under construction Completion end of 2017 Mixed use ( m 2, hotel and office space) Zero-emissions operation ( Swiss solar price 2017 ) Investment sum approx. CHF 120 m (thereof CHF 98.9 m spent at end of Q3 2017) 70% pre-let (hotel, ground floor & 10 office floors) About 1/3 of unlet commercial area in advanced negotiations PSP Swiss Property I Page 24

25 Project «Grosspeter Tower» Basel (cont.) Available 1/3 in advanced negotiations Let Available PSP Swiss Property I Page 25

26 Project «Rue du Marché» Geneva Under construction Comprehensive renovation until mid-2020 Investment sum approx. CHF 30 m (thereof CHF 4.0 m spent at end of Q3 2017) Anchor tenant: citizenm (international operating boutique hotel group) 70% pre-let Active letting process for remaining high street retail space Visualisations PSP Swiss Property I Page 26

27 «Residenza Parco Lago» Paradiso Under construction Completion end of 2019 Conversion of existing site (former brewery) New building with mixed use (approx m 2 ): mainly residential units & some office and retail area Investment sum approx. CHF 80 m (thereof CHF 6.4 m spent at end of Q3 2017) Visualisation PSP Swiss Property I Page 27

28 Project «Bahnhofquai/-platz» Zurich Under renovation/review Total renovation (3 stages, overall inv. sum approx. CHF 96 m) Discussions with the City authorities (building protection) successfully terminated Stage 1: property Bahnhofplatz 1, Bahnhofquai 9/11/15 - Construction June Investment sum approx. CHF 51 m (thereof CHF 8.1 m spent at end of Q3 2017) - 17% let - CBRE retained as letting agent Stage 2: properties Waisenhausstr. 2/4 and Bahnhofquai 7 - Project approved by the City Historical Building Committee in May Construction start Investment sum approx. CHF 33 m (thereof CHF 3.0 m spent at end of Q3 2017) Stage 3: property Bahnhofplatz 2 - Under review - Construction start tbd - Investment sum approx. CHF 12 m PSP Swiss Property I Page 28

29 Project «Hardturmstrasse / Förrlibuckstrasse» Zurich Under renovation Completion end of 2018 Total renovation of existing building Investment sum approx. CHF 60 m (thereof CHF 40.7 m spent at end Q3 2017) 75% pre-let Visualisations PSP Swiss Property I Page 29

30 Project «Hardturmstrasse / Förrlibuckstrasse» Zurich (cont.) Letting split Vacant, 25% Telecommunication, 24% WESTHIVE: Next Generation Co-working Medtech, 10% Other, 16% IT, 7% Co-working, 5% Energy, 6% Government, 7% PSP Swiss Property I Page 30

31 Project «Orion» Zurich In planning Förrlibuckstr. 178/180 & Hardturmstr to be replaced by a modern office building Investment sum approx. CHF 130 m (construction ) CBRE appointed as letting agent Project «Orion» Project «Hardturmstrasse / Förrlibuckstrasse» PSP Swiss Property I Page 31

32 Project «Orion» Zurich (cont.) Project outline Current situation PSP Swiss Property I Page 32

33 Project «Orion» Zurich, Visualisations (cont.) PSP Swiss Property I Page 33

34 Project «Orion» Zurich, Visualisations (cont.) PSP Swiss Property I Page 34

35 Capex and Potential Rental Income Overview (CHF m) expected CAPEX Potential rental income 3 Preletting in % Project Grosspeter Tower, Basel ~ % Project Rue du Marché, Geneva ~ % Project Rue Saint-Martin, Lausanne ~ 1.5 0% Residenza Parco Lago, Paradiso Project Hardturm-/F buckstrasse, ~ % Zurich 1 Project Bahnhofquai/-platz, Zurich 1, ~ % 4 Project Orion, Zurich ~ 8.5 0% Total development sites ~ thereof committed 22.1 n.a. n.a. Total investment portfolio n.a. 1 Under construction/renovation. 2 In planning. 3 Potential rental income after completion assuming full letting. 4 Relating to property Zurich, Bahnhofplatz 1, Bahnhofquai 9/11/15. 5 Of which CHF 10.1 m passing rental income already earned as of PSP Swiss Property I Page 35

36 Agenda Key Facts and Figures 3 Financial Results Q1-Q Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Outlook 37 Annex 39 PSP Swiss Property I Page 36

37 Outlook 2017 Consolidated EBITDA (w/o RE) > CHF 240 m Vacancy rate portfolio (year-end) < 8.5% PSP Swiss Property I Page 37

38 Agenda Key Facts and Figures 3 Financial Results Q1-Q Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Outlook 37 Annex 39 PSP Swiss Property I Page 38

39 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 Josef Stadler, 1963, Member Aviram Wertheim, 1958, Member Executive Board Giacomo Balzarini, 1968, CEO/CFO Adrian Murer, 1974, CIO Martin Heggli, 1977, COO PSP Swiss Property I Page 39

40 Group Overview (30 September 2017) Executive Board (3) Banking, Capital Market Corporate Communications & IR (2) Legal (3) HR (1) Secretariat (1) Real Estate Investments Property Management Finance / Operations Asset Management (3) Zurich Office (17, 14*) Accounting / Treasury (8) Construction (16) Geneva Office (8, 5*) Tax / Controlling (1) Trading (2) Olten Office (9, 6*) Analysis / Reporting (1) Property Marketing (3) Projects / Digitalisation (1) IT (5) Total number of employees (excl. temporary): 85 Total number of caretakers: 25* PSP Swiss Property I Page 40 Services (1)

41 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 development Repositioning of assets to best use Assessing acquisition opportunities and corporate deals PSP Swiss Property I Page 41

42 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 (economic, ecological, social) Share Liquid stock Attractive payout yield Broadly diversified shareholder structure PSP Swiss Property I Page 42

43 Shareholder Base (30 September 2017) Largest shareholder Alony Hetz: 12.21% Chase Nominees Ltd.: 6.84% BlackRock, Inc.: 5.86% 1 UBS Fund Management (Switzerland) AG: 3.06% 2 T. Rowe Price Associates, Inc.: 3.04% 3 Non-registered, 26% Number of registered shareholders: Individuals: (9% of registered shares) - Legal entities: 618 (91% of registered shares) CH, 43% Other, 3% 1 As per notification 2 September As per notification 13 July As per notification 8 October France / BeNeLux, 6% UK, 10% Israel, 12% PSP Swiss Property I Page 43

44 Ebitda % 82.0% 81.3% 81.5% 82.0% 85% % % 70% % 60% 50 55% Q Q % Ebitda excl. -RE in CHF m. Ebitda margin in %. PSP Swiss Property I Page 44

45 Net Income Components Q Q Net income excl. -RE in CHF m. Contribution of -RE in CHF m. PSP Swiss Property I Page 45

46 EPS Q Q EPS in CHF. EPS excl. -RE in CHF. PSP Swiss Property I Page 46

47 NAV + Cumulative Dividend per Share Q3 17 NAV per share in CHF. Payout in CHF, cumulative (allocation according to payment date). PSP Swiss Property I Page 47

48 NAV vs. Share Price Q Q NAV per share in CHF. Share price in CHF. PSP Swiss Property I Page 48

49 EPRA Performance Measures 2016 H H (CHF or %) EPRA PSP EPRA PSP EPRA PSP A. EPS B. NAV C. NNNAV D. Net initial yield E. Vacancy rate F. Cost ratio G. Like-for-like rental change n.a n.a n.a. H. Capex in CHF n.a n.a n.a. 1 Excl. direct vacancy costs. PSP Swiss Property I Page 49

50 Portfolio Key Figures Numbers of properties Rental income in CHF m Revaluation in CHF m Value in CHF m Net yield in % Vacancy in % Zurich 9M FY Geneva 9M FY Basel 9M FY Bern 9M FY Lausanne 9M FY Others 9M FY Sites 9M n.a. n.a. FY n.a. n.a. Total 9M FY PSP Swiss Property I Page 50

51 Rent by Use Other, 11% Gastronomy, 4% Parking, 5% Retail, 17% Office, 62% PSP Swiss Property I Page 51

52 Rent by Type of Tenants Other, 17% Retail, 20% Government, 6% Gastronomy, 8% Services, 19% Financial Services, 9% Technology, 9% Telecommunication, 12% PSP Swiss Property I Page 52

53 Largest Tenants Swisscom, 11% Google, 4% Roche, 2% Swiss Post, 2% Bär & Karrer, 2% Next five largest, 9% Other, 69% PSP Swiss Property I Page 53

54 Sustainability Ecological sustainability Energy consumption (kwh) Water consumption (m 3 ) COe 2 (heating and electricity) output (t resp. kg) Economic sustainability Long-term oriented business model and investment policy Quality- and value-oriented portfolio management Long-term oriented and balanced financing policy Social sustainability (main stakeholders) Employees Clients and suppliers Public PSP Swiss Property I Page 54

55 Ecological Sustainability Organisation Responsibility: 3 employees (1 asset management, 1 constructions, 1 property management) Implementation: constructions, property management, facility management Environmental key figures (specific figure/m 2 ) in 2016 (2015) Heating in kwh: (69.8) Electricity in kwh: (23.7) COe 2 output (heating and electricity) in kg: (15.68) Water consumption in m 3 : (0.50) Specific emissions reduced > 30% since launch of sustainability programme in 2010 Since 2015, reporting according to EPRA sbpr EPRA Gold Award, September 2017 PSP Swiss Property I Page 55

56 Portfolio Grid 1-11: Examples of improvements due to investments ( ) PSP Swiss Property I Page 56 Source: Wüest Partner, June 2017.

57 Zurich Area Bahnhofplatz 9 Bahnhofstr. 66 Bahnhofstr. 81 = Investment properties = Sites and development projects Bahnhofstr. 10 Zurich Seefeldstr. 123 Bahnhofstr. 39 Uraniastr. 9 Brandschenkestr. 90 PSP Swiss Property I Page 57 Bahnhofstr. 28a

58 Geneva Area Rue Richard-Wagner 6 Place du Molard 7 Geneva Rue des Bains 31/33/35 Cours de Rive 13/15 Av. des Morgines 8/10 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 58

59 Basel Area Marktplatz 30/30a Freie Strasse 38 Barfüsserplatz 10 St. Alban-Anlage 46 Basel Peter Merian-Str. 88/90 Steinentorberg 8/12 = Investment properties = Development project Grosspeterstr. 18/20 Kirschgartenstr. 12/14 Dornacherstr. 210 PSP Swiss Property I Page 59

60 Bern Area Bollwerk 15 Zeughausgasse 26/28 Laupenstrasse 18/18a Bern Kramgasse 49 Seilerstrasse 8 = Investment properties Kramgasse 78 Eigerstrasse 2 Spitalgasse 9 PSP Swiss Property I Page 60

61 Lausanne Area Rue de Sébeillon 2 Rue du Pont 22 Avenue de Sévelin 54 Lausanne = Investment properties = Development project Rue Saint Martin 7 Avenue de Sévelin 40 Place Saint-François 5 Avenue de Cour 135 Place Saint-François 15 PSP Swiss Property I Page 61

62 Contacts Giacomo Balzarini CEO Phone +41 (0) Mobile +41 (0) Vasco Cecchini Corporate Communications & IR Phone +41 (0) Mobile +41 (0) PSP Swiss Property I Page 62

63 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 presentation have been or will be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or under the applicable securities laws of any state or other jurisdiction of the United States. PSP Swiss Property I Page 63