PSP Swiss Property : Quarterly report Q1 2023, Short report

Quarterly report Q1 2023

Short report

PSP Swiss Property - Short report Q1 2023

Most important for Q1 2023

• At the end of March 2023, the real estate portfolio had a total value of CHF 9.4 billion and a vacancy of 3.2⁜% (end of 2022: CHF 9.4 billion; 3.0⁜%).
• Rental income increased by 2.6⁜% to CHF 81.1 million (Q1 2022: CHF 79.1 million).
• The operating result, i.e., net income excluding gains/losses on real estate investments, decreased by 19.2⁜% to CHF 56.3 million (Q1 2022: CHF 69.7 million). The decline was mainly due to lower profit from the sale of development projects and condominiums.
• For the business year 2023, ebitda excluding gains/losses on real estate invest- ments is forecasted to be CHF 285 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

160

140

120

100

80

60

40

20

0

in CHF

2000	2002	2004	2006	2008	2010	2012	2014	2016	2018	2020	2022
	PSP Swiss Property		Swiss Performance Index (rebased)

7 March 2000 until 26 April 2023

Source: Bloomberg

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Portfolio value by area

56% Zurich

14% Geneva

7% Basel

6% Bern

5% Lausanne

4% Other locations

8% Sites and development properties

Rent by use

64% Office

15% Retail

6% Gastronomy

4% Parking

10% Other

Rent by type of tenant

21% Services

17% Retail

12% Financial services

7% Other

6% Government

8% Health care

9% Technology

9% Telecommunication

10% Gastronomy

PSP Swiss Property - Short report Q1 2023

Key figures

	Key financial figures		Unit	2022	Q1 2022	Q1 2023	+/-1
	Rental income		CHF 1 000		316 231		79 102		81 135		2.6%
	EPRA like-for-like change		%		2.2		3.3		4.0
	Net changes in fair value of real		CHF 1 000	124 886	11 864	0
	estate investments
	Income from property sales		CHF 1 000		25 181	18 444	938
	(inventories)
	Income from property sales		CHF 1 000		- 447	- 447	910
	(investment properties)
	Total other income		CHF 1 000		7 669		1 949		628
	Net income		CHF 1 000		329 960		77 975		57 024		- 26.9%
	Net income excluding gains/losses		CHF 1 000	235 714	69 685	56 283	- 19.2%
	on real estate investments2
Ebitda excluding gains/losses		CHF 1 000		293 822	86 991	69 901	- 19.6%
on real estate investments
	Ebitda margin		%		83.9		86.4		84.5
	Total assets		CHF 1 000		9 483 866				9 524 236		0.4%
	Shareholders' equity		CHF 1 000		5 198 379				5 256 082		1.1%
	Equity ratio		%		54.8				55.2
	Return on equity		%		6.5				4.4
	Interest-bearing debt		CHF 1 000		3 092 389				3 077 156		- 0.5%
	Interest-bearing debt in %	%	32.6			32.3
	of total assets
	Portfolio key figures
	Number of investment properties		Number		162				160
	Carrying value investment properties		CHF 1 000		8 886 673				8 695 357		- 2.2%
	Implied yield, gross3		%		3.5		3.7		3.7
	Implied yield, net3		%		3.1		3.2		3.3
	Vacancy rate (CHF)3, 4		%		3.0				3.2
	Number of sites and development		Number		13			14
	properties
	Carrying value sites and develop-		CHF 1 000	534 382			754 487	41.2%
	ment properties

Headcount		Unit	2022		Q1 2022	Q1 2023	+/-1
Employees		Number		100				102
Full-time equivalents		Number		91				92
Per share figures
Earnings per share (EPS)5		CHF		7.19		1.70		1.24		- 26.9%
	EPS excluding gains/losses		CHF		5.14	1.52	1.23	- 19.2%
	on real estate investments5
	EPRA EPS5		CHF		4.66		1.16		1.21		4.9%
	Distribution per share		CHF		3.80	6	n.a.		n.a.
	Net asset value per share (NAV)7		CHF		113.33				114.59		1.1%
	NAV per share before deduction		CHF	136.62			137.91		0.9%
of deferred taxes7
EPRA NRV7		CHF		139.42				140.73		0.9%
Share price end of period		CHF		108.50				104.00		- 4.1%

1 Change to previous year's period 1 January to 31 March 2022 or to carrying value as of 31 December 2022 as applicable.

• "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.

• 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.