Q1-3 2011 RESULTS - PSP Swiss Property · (chf 1‘000) 2008 2009 2010 q1-3 10 q1-3 11 Rental income 256’397 264’559 262’979 196’627 203’865 3.7% 1 Valuation gains 121’464

Q1-3 2011 RESULTS

11 November 2011

© PSP Swiss Property I Page 2

AGENDA

� Key Facts and Figures 3

� Portfolio and Vacancy Rate 10

� Financial Results Q1-3 2011 14

� Capital Structure 23

� Development Sites 26

� Subsequent Events 37

� Outlook 39

� Annex 41


CURRENT MARKET ENVIRONMENT

Swiss market environment� Generally stable rents in Zurich CBD and Geneva CBD

� Growing supply in Zurich and Geneva in 2011ff; no implications yet on pricing or vacancy

� Outskirts of main cities, peripheral regions and smaller agglomerations: pressure on rents for suboptimal properties

� Investors’ demand (CH Institutional) continues to be strong; yields continue to decrease in prime locations

Economic outlook for Switzerland 2011E 2012E� GDP 1.9% 1.1%

� Inflation 0.5%

� Unemployment 3.0%

Source: Consensus forecast “The Economist”, 5 November 2011.


MAIN DEVELOPMENTS

Real estate portfolio� No acquisitions

� 6 investment properties sold (sales price CHF 55.4 m; 18.0% above last valuation; IFRS 9.7%)

� Portfolio value CHF 5’714 bn (+ 3.5 % compared with December 2010)

� Stable rents across the portfolio

Vacancy and rental situation� Vacancy rate of 8.6%, of which 1.7%-points due to renovation

� Of the 2011 maturities (CHF 39.0 m), 96% renewed

� Expected vacancy rate end of 2011: below 9%

Financing� Average interest rate of 2.56%

� Low leverage with a LTV of 34.6%

� No maturities of committed bank lines until 2013; first bond maturity of CHF 290 m in 2012


PROPERTY PORTFOLIO (SEPTEMBER 2011)

In total, PSP owns and manages 168 properties and 8 sites (money values in CHF bn).

1. Zurich 62.8%3.587

2. Geneva 13.6% 0.775

3. Basel 6.0%0.342

4. Bern 3.4%0.194

5. Lausanne 4.4%0.250

Other locations 4.9%0.279

Sites & development

properties 5.0%0.286


CONSOLIDATED, in CHF m 2008 2009 2010 Q1-3 10 Q1-3 11 �

EBITDA exl. -RE 208.4 221.1 223.3 172.0 176.9 2.9%

Net income excl. -RE 124.5 136.5 139.8 108.4 113.1 4.4%

Net income 224.0 231.2 280.8 148.6 234.3 57.6%

ROE (net income) 8.7% 8.7% 9.7% 6.9% 10.4%

PER SHARE, in CHF 2008 2009 2010 Q1-3 10 Q1-3 11 �

EPS 5.29 5.53 6.62 3.52 5.46 55.1%

EPS excl. -RE 2.94 3.26 3.30 2.56 2.64 3.1%

NAV 61.83 64.95 68.87 65.60 71.33

NAV before deferred taxes 72.01 75.79 80.86 76.80 84.11

Dividend/nominal value repayment 2.50 2.70 2.801

1 Payment 23 June 2011.

KEY FIGURES


1.00

1.25

1.501.65

1.982.10

2.202.40

2.502.70

2.80

0

1

2

3

2005

2002

2001

2003

2004

2007

2006

2008

2009

Y-t-y growth 25.0% 20.0% 10.0% 20.0% 6.1% 4.8% 9.1% 4.2% 8.0% 3.7%

Payout ratio** 45.5% 52.1% 57.0% 53.6% 71.2% 76.9% 78.0% 86.3% 85.0% 82.7% 84.8%

Payout yield*** 2.6% 3.3% 4.0% 3.8% 4.0% 3.7% 3.1% 4.2% 4.7% 4.6% 3.7%

* Payment 23 June 2011.

** Dividend/nominal value repayment / EPS excl. -RE.*** Dividend/nominal value repayment / share-price year-end.

2000For business year

PER SHARE DISTRIBUTION (IN CHF)

2010

*


SHARE PRICE (7.3.2000 – 9.11.2011)

Source: Bloomberg, 10 November 2011.

Performance since 7.3.2000

PSP SPI EPRA

110.5% 4.6% 28.9%


AGENDA







� Outlook 39

� Annex 41


0

1

2

3

4

5

0%

2%

4%

6%

8%

10%

12%

14%

PORTFOLIO AND VACANCY RATE

Real estate portfolio value in CHF bn

Vacancy rate (CHF)

8.6%

10.6%

5.518 5.714

8.3%

2007 20092008

5.1495.001

2010

7.5%

5.216

Sept. 11

8.5%


VACANCY RATE (SEPTEMBER 2011)

2.5%

~ 4.5 bn

(83% of value,

vacancy 3.2%)

~ 0.8 bn

4.4%

1.7%

~ 0.1bn

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Vacancy 30.09.2011 Value (CHF m)

Zurich West / Businesspark Wallisellen Due to renovation

Total: 8.6% Total: CHF 5.4 bn

Thereof0.9% Biel, Aarbergstr. 940.6% Berne, Laupenstr. 18/18a

Thereof1.2% Zurich0.4% Geneva

Thereof0.7% Hardturmstr. 131-1350.5% Bernerstr.Süd 167/1690.4% Förrlibuckstr. 1100.5% Hardturmstr. 181-1851.3% Businesspark Wallisellen

Renovation objects: of the 1.7% vacancy, 0.5%-points are already pre-let at completion date.


0%

5%

10%

15%

20%

7%

85% of the Q4 2011 maturities (CHF 8.1 m) are renewed;of all 2011 maturities (CHF 39.0 m), 96% are renewed as per end of September 2011

15% open

NL: Contracts not limited in time, but subject to notice

(Legal termination option by tenants)

14%

22%

17%

10%

13%

5%

1%

4%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+ NL

EXPIRY PROFILE OF LEASES (SEPT. 2011)

1%

3% 3%


AGENDA







� Outlook 39

� Annex 41


CONSOLIDATED INCOME

(CHF 1‘000) 2008 2009 2010 Q1-3 10 Q1-3 11 �

Rental income 256’397 264’559 262’979 196’627 203’865 3.7%1

Valuation gains 121’464 112’370 180’588 50’384 152’816

Property sales (inventories) 5’680 1’644 786 785 3’266

Property sales (portfolio) 8’180 10’827 2’681 2’444 4’877

Income from ass. companies 184 - 13 - 37 - 29 17

Capitalised own services 1’685 1’830 2’197 1’464 2’204

Other income 1’578 4’711 5’203 4’2612 5’6213

Total operating income 395’168 395’927 454’396 255’936 372’665 45.6%

1 Like-for-like rental growth was 2.2%.2 Of which CHF 3.9 m VAT-opting-in effect.3 Of which CHF 5.6 m VAT-opting-in effect.


CONSOLIDATED EXPENSES

(CHF 1‘000) 2008 2009 2010 Q1-3 10 Q1-3 11 �

Properties’ opex - 13’592 - 13’277 - 11’349 - 7’750 - 8’420 8.6%

Properties’ maintenance/renov. - 16’893 - 17’254 - 19’336 - 12’302 - 12’527 1.8%

Personnel expenses - 17’494 - 17’552 - 17’360 -12’523 - 13’257 5.9%

Fees to subcontractors - 248 - 121 - 63 - 47 - 55

General and admin. expenses - 10’047 - 8’867 - 6’504 - 5’107 - 4’929 - 3.5%

Impairment properties 0 - 98 0 0 0

Depreciation - 1’499 - 914 - 696 - 532 - 479

Total operating expenses - 59’774 - 58’082 - 55’309 - 38’262 - 39’666 3.7%


CONSOLIDATED RESULTS

(CHF 1‘000) 2008 2009 2010 Q1-3 10 Q1-3 11 �

Profit before fin. expenses 335’394 337’846 399’087 217’674 332’999 53.0%

Net financial expenses - 53’955 - 49’231 - 46’297 - 34’926 - 34’696 - 0.7%

Profit before taxes 281’439 288’615 352’791 182’747 298’303 63.2%

Taxes - 57’409 - 60’539 - 76’869 - 39’013 - 64’035 64.1%

Net income cont. operations 224’030 228’076 275’921 143’734 234’268 63.0%

Net income disc. operations 0 3’138 4’904 4’904 0

Net income 224’030 231’214 280’825 148’638 234’268 57.6%

Net income excl. -RE 124’529 136’495 139’780 108’374 113’127 4.4%

SALES Q1-3 2011


Investment properties sold 61

Sales price CHF 55.4 m

Book value CHF 50.5 m

Gain from investment properties sold (IFRS) CHF 4.9 m 9.7%

Gain including revaluation gains 18.0%2

1 Locations: Effretikon, Geneva, Rheinfelden, Thun/Gwatt, Zurich (two).

2 Including revaluations (i.e. Effretikon, Thun/Gwatt, Zurich) due to agreed sales contract;change of ownership was in H1 resp. Q3 2011.


CHANGES IN FAIR VALUE (H1 2011)

(CHF m) 2006 2007 2008 2009 2010 H1 11

Existing portfolio 125.4 206.6 117.5 112.4 176.0 152.8

Acquisitions / first-time valuation 0.7 11.91 4.02 0.0 4.63 0.0

Total net changes in fair value 126.1 218.5 121.5 112.4 180.6 152.8

1 Of which CHF 10.6 m from the “DL 3” office building and CHF 1.3 m from the acquisition of a singleproperty (Gwatt, Eisenbahnstrasse 95).

2 Of which CHF 0.5 m from the acquisition of a single property (Aarau, Bahnhofstrasse 29) and CHF 3.5 mfrom the transfer Zurich, Brandschenkestrasse 150 from own use to investment property.

3 From the acquisition of a single property (Zurich, Seestrasse 353).


CHANGES IN FAIR VALUE(H1 2011)

(CHF m)

Asset and property management (leasing-up, rent reversion, opex)Market conditions (appraisal of market rents and vacancy rate)Discount rate Acquisitions/first time valuationValuation gain from sold but not transferred properties

31%25%

27%

26%

42%

49%

1%

-1%-10

40

90

140

190

FY 2010 HY 2011


CHANGES IN FAIR VALUE(H1 2011)

(CHF m)

Zurich area

Geneva area

Other

72%

72%

15%

20%13%

8%

0

50

100

150

200

FY 2010 HY 2011


Nominal Discount Rate

Area Minimum Maximum Weighted Ø

Zurich 4.5% 6.4% 5.3%

Geneva 4.7% 5.6% 5.3%

Basel, Bern 4.8% 5.9% 5.5%

Lausanne 5.1% 6.8% 5.6%

Other locations 5.2% 6.7% 5.8%

All areas 4.5% 6.8% 5.4%*

2004 2005 2006 2007 2008 2009 2010 H1 2011

Weighted Ø

discount rate 6.00%* 5.86%* 5.66%* 5.54%* 5.74%** 5.72%** 5.44%* 5.36%*

* Nominal discount rate includes 1.0% annual inflation.** Nominal discount rate includes 1.2% annual inflation.

Valuation done by Wüest & Partner

CHANGES IN FAIR VALUE: DISCOUNT RATES (H1 2011)


AGENDA







� Outlook 39

� Annex 41


DEBT

Very diversified and stable lender portfolio

� 9 domestic and 1 foreign banks

� 1 syndicated loan with Swiss Cantonal banks

Well balanced debt maturity profile

� No maturities of committed bank lines until 2013

� CHF 290 m bond maturities in 2012

CHF 720 m unused credit lines, of which CHF 640 m committed (long-term)

Rating: “A-”, Stable outlook (April 2011)

� Fitch Ratings affirmed PSP’s Senior Unsecured Rating at “A-” with stable outlook

� “Continued strong interest serviceability at PSP is underpinned by nearly fully hedged and low CHF interest rates and a robust Swiss commercial office property market” says Jean-Pierre Husband, a Director in Fitch’s Corporate Finance team, “and is supported by a conservative debt capital structure and a prudent management team”. (Quote from Fitch Ratings)


Money values in CHF m 2007 2008 2009 2010 Q3 2011 �

Shareholders‘ equity 2’534.8 2’587.7 2’741.4 2’942.9 3’087.7 4.9%- % of total assets 49.4% 49.1% 51.7% 52.7% 53.2%

Deferred tax liabilities (net) 391.9 425.7 457.7 512.3 553.3

- % of total assets 7.6% 8.1% 8.6% 9.2% 9.5%

Interest-bearing debt 2’087.8 2’134.0 1’975.2 1’995.2 2’006.5 0.6%- % of total assets 40.7% 40.5% 37.2% 35.7% 34.6%

- Loans, unsecured 1’405.0 1’450.0 1’290.0 1’060.0 1’070.0

- Bonds 682.8 684.0 685.2 935.2 936.5

- % long-term 83.5% 87.3% 96.2% 97.5% 85.6%

Net financial expenses 53.9 54.0 49.2 46.3 34.7

- Ø interest rate 2.73% 2.75% 2.54% 2.58% 2.56%

Interest coverage ratio 3.6 x 3.9 x 4.5 x 4.8 x 5.1 x

Fixed interest rate > 1 year 83.0% 74.2% 77.7% 92.0% 79.6%

Ø fixed-interest period in years 3.7 3.1 3.0 3.2 2.8

CAPITAL STRUCTURE


AGENDA







� Outlook 39

� Annex 41


HÜRLIMANN SITE, ZURICH

Overview

� Project with mixed use(office, retail, seniors‘ residence, residential, thermal bath, hotel)

� Overall area surface approx. 64’000 m2

In construction since January 2009

� Thermal bath and hotel

� Overall investment sum approx. CHF 65 m(excl. land and infrastructure)

� Thermal bath: successful opening December 2010Hotel: planned opening spring 2012

In planning

� Conversion of “Kesselhaus”

� Approx. 700 m2 office space; overall investment sum approx. CHF 5 m (excl. land and infrastructure)

� Construction 2011/12


Asset typeModern and unique thermal bath & Spa in Zurich, approx. 3‘500 m2

CustomersAdults from the City of Zurich and greater Zurich area (health, relaxation and leisure)

OfferUnderground baths, pool on the roof with 360 view

HÜRLIMANN SITE: THERMAL BATH


Asset typeBoutique-Hotel, approx. 4‘500 m2

CustomersBusiness people as well as leisure and lifestyle tourists

Offer53 rooms, 8 suites, conference rooms, library room (breakfast business centre)

HÜRLIMANN SITE: HOTEL


In construction since autumn 2010

� Conversion of existing site and new buildings, stepwise completion until 2013

� Floor space approx. 31‘200 m2 (11‘600 m2 for 58 freehold apartments, 10‘200 m2 for office, 9’400 m2 for art dealer space/galleries)

� Investment sum approx. CHF 133 m (excl. land and infrastructure)

� As per 30 September 2011: 45 freehold apartments sold (78% of total units)

� Arts space (galleries and museums): transfer of ownership after completion, presumably in spring 2012

LÖWENBRAU SITE, ZURICH


Overview

� Development of remaining area (new buildings with a focus on residential units, conversion of existing buildings)

Completed in April 2011

Project “Refugium”

� 18 free-hold apartments

� Investment sum approx. CHF 14 m

� As per 30 September 2011: 15 units sold.

� Expected pre-tax gain from salesapprox. CHF 4 m (CHF 3.3 m YTD 2011)

WÄDENSWIL SITE, WÄDENSWIL


In planning

� Project with 65 free-hold apartments, office and retail space

� Floor space: 11’200 m2 for freehold apartments, 1’400 m2 for office and 770 m2 for retail


� Construction start: n.a. (completion: 2 years after start)

“PARADISO” SITE, LUGANO


In construction since July 2011

� Conversion of existing site and new buildings

� Mixed use, approx. 31‘000 m2

(residential 50% resp. 99 freehold apartments/2 studios; office and services 50%)


� As per 30 September 2011: 40 freehold apartments reserved

� Stepwise completion until end of 2013

GURTEN SITE, WABERN NEAR BERN


In planning

� Mixed use (59‘000 m2 for residential, office, commerce, seniors’ residence and hotel)


� Legal acceptance of design plan given; building application for “stage 1” to be submitted in autumn 2011

� Construction start: n.a.

� Stepwise completion: 8 years after start

“SALMEN-PARK” SITE, RHEINFELDEN

Office, commerce, seniors’ residence

Residential

Residential (stage 2)

Hotel, residential

Stage 1


In construction (conversion, new building) since July 2011

� Floor space: mainly office, one restaurant

� Investment sum CHF 12 m (excl. land and infrastructure)

� Completion: Spring 2013

PROPERTY THEATERSTRASSE 22, ZURICH


CAPEX OVERVIEW

Expected

(CHF m) 2011-2016 2011 2012 2013 2014-16

Hürlimann site - Neptun, Zurich1 12.4 2.6 9.8 0 0

Hürlimann site - Kesselhaus, Zurich2 5.2 0.2 4.0 1.0 0

Wädenswil site1 1.0 0.5 0.3 0.2 0

Löwenbräu site, Zurich1 79.4 25.8 53.6 0 0

Paradiso site, Lugano2 61.7 2.8 36.8 22.1 0

Gurten site, Wabern/Bern1 82.4 10.7 23.9 35.3 12.5

Salmen-Park, Rheinfelden2 214.2 2.8 13.0 56.7 141.7

Total development sites 456.3 45.4 141.4 115.3 154.2

thereof committed 39.1 87.3 35.3 12.5

Total investment portfolio 32.0 65.0 n.a. n.a.

1 In construction.

2 In planning.


AGENDA







� Outlook 39

� Annex 41


SUBSEQUENT EVENTS

Treasury shares

� Since 1 October 2011, 110’000 treasury shares were sold at an average price of CHF 82.60.

� Current treasury shares: 2’470’929 shares (5.39% of capital)


AGENDA







� Outlook 39

� Annex 41


Consolidated EBITDA excl. -RE CHF 225 m

Vacancy rate portfolio (year-end) below 9%

OUTLOOK 2011


AGENDA







� Outlook 39

� Annex 41


BOARD OF DIRECTORS AND EXEC. BOARD

Board of Directors

� Günter Gose, 1944, Chairman

� Luciano Gabriel, 1953, Delegate and CEO

� Peter Forstmoser, 1943, Member

� Nathan Hetz, 1952, Member

� Gino Pfister, 1942, Member

� Josef Stadler, 1963, Member

� Aviram Wertheim, 1958, Member

Executive Board

� Luciano Gabriel, 1953, CEO

� Giacomo Balzarini, 1968, CFO

� Ludwig Reinsperger, 1961, CIO

Total number of employees: 83 (FTE 77)

PROPERTY MANAGEMENT

Legal unit (4)HR/Services (4)Secretarial (1)


REAL ESTATE INVESTMENTS

Real Estate Trading (2)

Asset Management (6)

New Lettings (2)

FINANCE/ADMINISTRATION

GROUP OVERVIEW (SEPTEMBER 2011)

Zurich Office (13)

Olten Office (7)

Geneva Office (8)

Accounting (14)

Communications (2)

Treasury (1)

IT (5)

EXECUTIVE BOARD (3)

Construction Services (11)


Strategy

� Switzerland only

� Acquisitions to be justified by price and operational logic

� Risk-conscious financing policy

Priority

� Stabilisation of vacancies; long-term: further reduction

� Value enhancing investments / corporate deals

� Screening of acquisitions opportunities

PSP STRATEGY


WHY INVESTING IN PSP?

Company

� Properties with further optimisation potential

� Premium portfolio with limited downside risk

� Financial flexibility to take advantage of market opportunities

� Acquisition/integration experience

� Pure Swiss play

� Transparent business model

Share

� Liquid stock

� Attractive payout yield

� Broadly diversified shareholder structure


SHAREHOLDER BASE

Largest shareholders (September 2011)

� Alony Hetz: 15.28%

� PSP Swiss Property: 5.63%

� Two Nominees: 4.86% and 3.08%

� BlackRock Inc.: 3.16%(1’347’708 shares and 100’393 CFD,as per publication 13 August 2011)

� Number of registered shareholders: 5’717- Individuals: 5’006 (12.0% of registered shares)- Legal entities: 711 (88.0% of registered shares)

Switzerland 40%

Israel 16%

UK 7%

France/BeNeLux 3%

Rest of Europe 1%

Other 4%

Non-registered 29%

In CHF or % H1/FY 2010 H1 2011

EPRA PSP EPRA PSP

A. EPS* 1.65 1.77 1.75 1.81

B. NAV** 83.25 80.86 85.90 83.66

C. NNNAV** 69.45 68.87 71.35 70.77

D. Net yield** 4.5% 4.2% 4.7% 4.4%

E. Vacancy rate** 8.3% 8.5% 8.4% 8.9%

EPRA PERFORMANCE MEASURES


* H1 2010 vs. H1 2011.

** 31 Dec. 2010 vs. 30 June 2011.


0

20

40

60

80

100

120

140

160

180

200

220

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%80.3%

2010 Q1-3 10 Q1-3 11

221.1

82.0%

2008

172.0

EBITDA excl. -RE in CHF m

EBITDA margin

EBITDA

223.3

176.9

81.9%

2009

79.5%

208.4

78.1%


Net income excl. -RE in CHF m

Contribution of -RE in CHF m

NET INCOME COMPONENTS

124.5136.5 139.8

108.4 113.1

0

40

80

120

160

200

240

280

2010 Q1-3 102008 2009 Q1-3 11

141.0

40.3

94.799.5 121.1


EPS in CHF

EPS excl. -RE in CHF

EPS

5.295.53

6.62

3.52

5.46

2.94

3.30

2.56 2.64

3.26

0

1

2

3

4

5

6

7

2010 Q1-3 102008 2009 Q1-3 11


59.71 61.83 64.9568.87 71.33

14.08

16.58

22.08

19.28

11.68

0

10

20

30

40

50

60

70

80

90

100

NAV + CUMULATIVE DIVIDEND PER SHARE

NAV per share in CHF

Payout in CHF, cumulative (allocation according to payment date)

Q3 201120082007 2009 2010


59.7161.38

64.95

68.8771.33

57.20

81.70

75.00

58.50

52.70

0

10

20

30

40

50

60

70

80

90

Q3 20112007

NAV per share in CHF

Share price in CHF

20092008

NAV VS. SHARE PRICE

2010


POSITIVE SPREAD (IN %)

0

1

2

3

4

5

Dez06

Jun

07

Dez07

Jun

08

Dez08

Jun

09

Dez09

Jun

10

Dez10

Jun

11

CHF 5y swap rate Av. interest rate Net yield Spread

PSP – portfolio net yield vs. debt financing costs (all figures in %)

Net yield 4.4 4.3 4.3 4.4 4.2 4.3

Av. interest rate 2.76 2.73 2.75 2.54 2.58 2.56

Spread 1.64 1.57 1.55 1.86 1.62 1.74


Number of Rental income Revaluation Value Net yield Vacancy

properties in CHF m in CHF m in CHF m in % in %

Zurich Q3 11 86 128.3 107.7 3’587.4 4.2 8.8

FY 10 89 164.4 129.4 3’498.3 4.2 9.7

Geneva Q3 11 16 28.6 21.7 775.0 4.0 3.2

FY 10 17 37.0 35.3 768.7 3.7 2.2

Basel Q3 11 13 14.8 3.3 341.9 5.0 3.0

FY 10 13 19.7 2.6 334.4 5.1 3.6

Bern Q3 11 12 7.7 3.1 194.1 4.0 14.0

FY 10 12 10.8 - 1.1 186.6 4.5 2.6

Lausanne Q3 11 15 10.9 12.3 250.3 4.7 10.5

FY 10 15 14.6 8.8 237.9 4.9 11.5

Other Q3 11 26 12.3 0.6 278.9 4.7 18.3

FY 10 29 16.6 4.4 283.9 4.5 16.6

Sites Q3 11 8 2.3 4.2 286.2 n.a. n.a.

FY 10 7 1.5 1.2 208.6 n.a. n.a.

Total Q3 11 176 205.0 152.8 5’713.8 4.3 8.6

FY 10 182 264.6 180.6 5’518.3 4.2 8.5

PORTFOLIO KEY FIGURES


PORTFOLIO VALUE BY AREA

Zurich 63%Geneva 14%

Basel 6%

Bern 3%

Lausanne 4%

Other locations 5%

Sites and developmentproperties 5%


RENT BY USE

Office 66%Retail 15%

Parking 6%

Gastronomy 4%

Other 9%


RENT BY TYPE OF TENANTS

Retail 20%

Services 16%

Financial Services 15%Telecommunication 13%

Government 6%

Technology 11%

Gastronomy 5%

Other 14%


LARGEST TENANTS

Swisscom 9%

Google 4%

Bär & Karrer 2%

Deutsch Bank 3%Swiss Post 3%

Next five largest 9%

Other 71%


PORTFOLIO GRID

Source: Wüest & Partner, June 2011.


SELECTED PROPERTIES – ZURICH

Zurich, Bahnhofplatz 1

rentable area: 2’033 m2

Zurich, Bahnhofquai 15


Zurich, B’hofstr. 28a/Waagg. 6


Zurich, Bahnhofstr. 66


Zurich, Binzring 15/17


Zurich, B’hofstr. 81/Schw.g. 2/4


Zurich, Brandschenkestr. 110


Zurich, Förrlibuckstr. 181


Zurich, Uraniastr. 9


Zurich, Schaffhauserstr. 611


Zurich, Waisenhausstr. 2/4


Wallisellen, Richtistr. 3


SELECTED PROPERTIES – GENEVA

Geneva, Rue de Berne 6


Lancy, Avenue des Morgines 8-10


Geneva, Place du Molard 7

rentable area: 3‘392 m2

Geneva, Cours de Rive 13, 15


Geneva, Rue de la Fontaine 5


Geneva, Rue Richard-Wagner 6


Carouge-GE, Rue de la Gabelle 6


Geneva, Rue de la Corraterie 24-26


Geneva, Rue F. Bonivard 12


Carouge-GE, Rte d. Acacias 50-52


Geneva, Rue d. Bains 31bis,33,35


Geneva, Rue du Marché 40




SELECTED PROPERTIES – BASEL/BERN

Basel, Barfüsserplatz 10


Basel, Kirschgartenstrasse 12-14


Basel, Falknerstrasse 31


Bern, Spitalgasse 9


Bern, Bollwerk 15


Basel, Freie Strasse 38


Bern, Zeughausgasse 26/28


Bern, Eigerstrasse 2


Basel, Grosspeterstrasse 18, 20


Bern, Seilerstrasse 8


Basel, St. Alban-Anlage 46


Bern, Laupenstrasse 18/18a



SELECTED PROPERTIES – LAUSANNE/OTHERS

Lausanne, Saint-Martin 7


Luzern, Maihofstrasse 1


Aarau, Bahnhofstrasse 29/33


Winterthur, Marktgasse 74


Fribourg, Av. de Beauregard 1


Zug, Kolinplatz 2


Fribourg, Rte des Arsenaux 41


Lausanne, Rue du Grand-Chêne 2


Lausanne, Rue du Pont 22


Lausanne, Rue du Sébeillon 1, 3, 5


Lausanne, Place St-François 5


Winterthur, Untertor 34

rentable area: 764 m2


Bahnhofstr. 28a

ZURICH AREA

Bahnhofplatz 9

Bahnhofstr. 81

Bahnhofstr. 66

Bahnhofstr. 39

Bahnhofplatz 1

Bahnhofquai 9/11

Bahnhofquai 15

Bahnhofplatz 2


GENEVA AREA

Rue Richard-Wagner 6

Rue des Bains 31-33/35

Av. des Morgines 8-10

Rue de la Gabelle 6

Palace du Molard 7

Cours de Rive 13/15

Rue de la Fontaine 5

Rue de la Corraterie 24/26


BASEL AREA

Marktplatz 30/30a

Barfüsserplatz 10

Steinentorberg 8/12

Kirschgartenstr. 12-14

Freie Strasse 38

St. Alban-Anlage 46

Grosspeterstr. 18/20

Dornacherstr. 210


BERN AREA

Bollwerk 15

Laupenstrasse 18/18a

Eigerstrasse 2

Seilerstrasse 8

Zeughausgasse 26/28

Kramgasse 49

Kramgasse 78

Spitalgasse 9


LAUSANNE AREA

Rue de Sébeillon 2

Avenue de Sévelin 54

Avenue de Sévelin 40

Avenue de Cour 135

Rue Saint Martin 7

Rue du Pont 22

Place Saint-François 5

Place Saint-François 15


Luciano Gabriel CEOPhone +41 (0)44 625 50 47Mobile +41 (0)79 400 34 79Fax +41 (0)44 625 58 [email protected]

Giacomo Balzarini CFOPhone +41 (0)44 625 59 59Mobile +41 (0)79 207 32 40Fax +41 (0)44 625 58 [email protected]

Vasco Cecchini CCOPhone +41 (0)44 625 57 23Mobile +41 (0)79 650 84 32Fax +41 (0)44 625 58 [email protected]

CONTACTS

Documents

Q1-3 2011 RESULTS - PSP Swiss Property · (chf 1‘000) 2008 2009 2010 q1-3 10 q1-3 11 Rental income 256’397 264’559 262’979 196’627 203’865 3.7% 1 Valuation gains 121’464