PSP Swiss Property : Quarterly report Q1 2023

Quarterly report Q1

2023

2

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In May 2022, Great Place to Work Switzerland recognised us as one of the best employers in Switzerland in the Medium category (medium-sized companies).

EPRA reporting

Since 2000, PSP Swiss Property is a member of EPRA (European Public Real Estate Associa- tion). Domiciled in Brussels, EPRA was founded in 1999. It is a non-profit organisation promoting and supporting the European public real estate industry. We apply EPRA's Best Practices Recommendations in the disclosure of our performance measures and in sustainability reporting.

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Contents

04 Key figures

06 Q1 2023 report

12 Portfolio summary

17 Financial statements

3

49 Additional information

68 Contacts and important dates

69 Customer care

4 Key figures

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 estate investments		CHF 1 000	124 886	11 864	0
Income from property sales (inventories)		CHF 1 000		25 181		18 444		938
Income from property sales (investment properties)		CHF 1 000	- 447	- 447	910
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
on real estate investments2		CHF 1 000	235 714	69 685		56 283	- 19.2%
Ebitda excluding gains/losses
on real estate investments2		CHF 1 000	293 822	86 991		69 901	- 19.6%
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 % of total assets	%		32.6			32.3
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 properties		Number	13			14
Carrying value sites and development properties		CHF 1 000		534 382				754 487		41.2%
Headcount
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
on real estate investments2, 5		CHF	5.14		1.52	1.23		- 19.2%
EPRA EPS5		CHF	4.66		1.16	1.21		4.9%
Distribution per share		CHF	3.806	n.a.		n.a.
Net asset value per share (NAV)7		CHF	113.33			114.59		1.1%
NAV per share before deduction of deferred taxes7		CHF	136.62			137.91		0.9%
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.
2. See definition on page 33, note 11.
3. For investment properties.
4. 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.

Key figures

5

Real estate portfolio

		9.1	9.4	9.4
	8.6
8.0
3.5%	3.0%	3.8%	3.0%	3.2%
2019	2020	2021	2022	Q1 2023

Portfolio value in CHF billion

Vacancy rate in %

Shareholders' equity

	4.6	5.0	5.2	5.3
4.5
10.5%	6.5%	12.4%	6.5%	4.4%
2019	2020	2021	2022	Q1 2023

Shareholders' equity in CHF billion Return on equity in %

Ebitda
271.1	278.8	293.8
83.4%	83.0%	83.9%	86.4%	84.5%
			87.0	69.9
2020	2021	2022	Q1 2022	Q1 2023

Ebitda excl. gains/losses on

real estate investments in CHF million Ebitda margin in %

Net income components

373.9

76.3		94.2
215.8	221.1	235.7	8.3	0.7
			69.7	56.3
2020	2021	2022	Q1 2022	Q1 2023

Net income excl. gains/losses on real estate investments in CHF million

Contribution gains/losses on

real estate investments in CHF million