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SF Sustainable Property Fund SF Sustainable Property Fund Annual Report 2019 30 March 2020 Contents 1. SF Sustainable Property Fund 2. Portfolio 3. Financials 4. Take-aways Slide 2 Swiss Finance & Property Group 1. SF Sustainable Property Fund Key figures and milestones Overview The fund invests in residential properties that are within one kilometre of a station. Properties to buy must meet the internal standards on sustainability and energy efficiency. If not, the buildings' energy efficiency will be increased within five to seven years at most (target Cat. C of the cantonal building energy certificate). CHF 1.05 billion CHF 43.7 million 4.32% Portfolio value Target rental income Gross yield – The portfolio comprises 91 properties – The portfolio's market value increased to over CHF 1 billion – Significant reduction in the vacancy rate as of the reporting date compared with mid- 2019 from 8.1% to 7.0% Slide 4 Swiss Finance & Property Group Residential market overview The market is characterized by COVID-19, persistently low interest rates and sinking quoted rents. - The Swiss economy recorded a below-average growth rate in 2019 (real 0.9%), and the prospects for 2020 look negative due to COVID-19, with growth of -1.5%. - The unemployment rate for 2019 amounted to a very low 2.3%. Expectations for 2020 point to an increase in the jobless rate to 2.8%. - Interest rates continue to hover at a very low level and accordingly investment pressure should remain persistently high. The trend toward sinking quoted rents prevails and is the result of oversupply. - Expansion of supply is gradually diminishing – with declining new building activity and single households spurring the demand for apartments. - A persistently prolonged economic downswing resulting from COVID-19 would also impact the real estate industry. In addition to limited trading, stepped-up vacancy rates for investment properties in the residential sector could materialise as well. Rent defaults should emerge but only on a scattered basis due to the measures undertaken by the federal government. - The decrease in the reference interest rate to 1.25% should pose a challenge for portfolios. Slide 5 Swiss Finance & Property Group Key events in 2019 Transactions – Acquisitions of 17 properties with high-quality locations and good building condition at a total market value of CHF 121.6 million Portfolio – The portfolios was expanded to 91 properties with market value of CHF 1.05 billion Vacancies – The vacancy rate amounted to 7.0% as at the reference date 31.12.2019 (as at 31.12.2018: 7.7%) – The vacancy rate over the total reporting period amounted to 8.5% (as at 31.12.2018: 7.9%) Developments – Total refurbishments in Zofingen and Münchenstein – Building permit obtained for new building project Lausen Furlenboden (quarter planning project). Excavation activities begin in August 2019 Slide 6 Swiss Finance & Property Group 2. Portfolio Transactions 2019 (1/2) Acquisitions / sales Property Transfer of Recognised in Market Purchase Difference Difference Gross Gross 1) ownership income value price yield yield to purchase per per in CHF in CHF in CHF At MV At PP price Felben-Wellhausen TG, 06.03.2019 01.03.2019 5 362 000 5 200 000 162 000 3.02% 4.10% 4.19% Hauptstrasse 63, Wiesenstrasse 61 Lausen BL, Furlenbodenstrasse 11.03.2019 11.03.2019 4 518 000 3 250 000 1 268 000 28.07% n/a n/a 1/3, Furlenstrasse 37/37a Lausen BL, HofMattstrasse 33/35 26.03.2019 01.04.2019 5 240 000 5 250 000 -10 000 -0.19% 4. 97% 4.96% Aesch BL, IM Gwidem 2/4/6 30.04.2019 30.04.2019 10 100 000 10 000 000 100 000 0.99% 4.16% 4.21% Aarau AG, Erzgrubenweg 3-9/27- 01.05.2019 01.05.2019 10 360 000 9 800 000 560 000 5.41% 3.78% 4.00% 33/35-41 Basel BS, Luzernerring 148 15.04.2019 01.05.2019 4 600 000 4 500 000 100 000 2.17% 3.74% 3.82% Liestal BL, Ostenbergstrasse 9/11 09.05.2019 09.05.2019 13 660 000 13 675 000 -15 000 -0.11% 3.72% 3.72% Oftringen AG, Staufergutstrasse 2/4 21.05.2019 21.05.2019 5 480 000 5 325 000 155 000 2.83% 4.46% 4.59% Versoix GE, Rue des Boucheries 8, 23.05.2019 23.05.2019 6 400 000 6 425 000 -25 000 -0.39% 4.57% 4.55% Route de Suisse 21 Olten SO, Neuhardstrasse 9/11 06.06.2019 01.06.2019 9 970 000 9 400 000 570 000 5.72% 4.59% 4.87% Binningen BL, BündtenMattstr. 38 15.07.2019 15.07.2019 8 270 000 8 000 000 270 000 3.26% 4.24% 4.38% 1) Market value at acquisition Slide 8 Swiss Finance & Property Group Transactions 2019 (2/2) Acquisitions / sales Property Transfer of Recognised in Market Purchase Difference Difference Gross Gross 1) ownership income value price yield yield to purchase per per in CHF in CHF in CHF At MV At PP price Felben-Wellhausen TG, 26.08.2019 26.08.2019 10 290 000 10 100 000 190 000 1.85% 4.28% 4.36% Hauptstrasse 26 a-c Rickenbach TG, Wilenstrasse 23 22.11.2019 01.11.2019 1 450 000 1 540 860 -90 860 -6.27% 6.21% 5.84% St. Gallen SG, Teufenerstrasse 72, 21.11.2019 01.11.2019 3 580 000 3 580 000 0 0.00% 4.68% 4.68% Melonenstrasse 9 Näfels GL, Alte Bahnhofstrasse 5, 20.11.2019 01.11.2019 8 190 000 8 190 000 0 0.00% 4.27% 4.27% Bahnhofstrasse 18 Speicher AR, Hauptstrasse 42 21.11.2019 01.11.2019 5 170 000 5 170 000 0 0.00% 4.34% 4.34% Chur, Saluferstrasse 12, 18.12.2019 01.01.2020 8 950 000 8 800 000 15 000 1.68% 4.18% 4.25% Ringstrasse 205 Total 121 590 000 118 205 860 3 384 140 2.83% 4.24% 4.32% Property Transfer of Recognised in Market Selling Difference Difference Gross Gross 1) ownership income value price yield yield to purchase per per in CHF in CHF in CHF At MV At PP price Neuenhof AG, Althofstrasse 5/7 19.12.2019 31.12.2019 16 840 000 17 000 0002) 160 000 0.95% 4.28% 4.24% 1) Market value at acquisition 2) Realised capital gain of CHF 5 121 219 before liquidation taxes Slide 9 Swiss Finance & Property Group Investments Ongoing projects 2019 2020* Total in TCHF in TCHF in TCHF Oberglatt, Bahnhofstrasse 25/29 1 960 0 1 960 Rümlang, Bahnhofstrasse 21 360 0 360 Münchenstein, Therwilerstrasse 17 1 440 230 1 670 Zofingen, Mühlemattstrasse 6/8, 2 600 4 100 6 700 Gotthelfstrasse 3 Lausen, Furlenbodenstrasse 1/3, 2 790 10 000 12 790 Furlenstrasse 37/37a Pratteln, Längistrasse 7/15/17 10 3 000 3 010 Miscellaneous projects 1 290 2 440 3 730 Total 10 450 19 770 30 220 Slide 10 Swiss Finance & Property Group Vacancy rate trend 2016-2019 Vacancy rate trend at end of period 9% 8.1% - The vacancy rate declined versus the 8% 7.7% 7.0% level of previous periods 7% 6.3% 6% - Reduction of vacancy rates is pursued 5% 4.4% 4.4% with priority 4% 2.8% 3% 2% 1% 0% Dez 16 Jun 17 Dez 17 Jun 18 Dez 18 Jun 19 Dez 19 Vacancy rates for the target net rental portfolio - The vacancy rate in canton Ticino was Pregassona TI, Via Industria 17/17a 0.7% reduced overall Chiasso TI, Via Soldini 14 0.6% - Cooperation with professional marketing aimed at leasing the UnterkulM AG, Im Dorf 2-8 0.5% Unterkulm AG property as soon as Vacallo TI, Via Vicolo Molino Nuovo 1/3 0.4% possible Ma ssagno TI, Via Martignoni 4/6 0.4% Übrige 4.5% 0% 1% 2% 3% 4% 5% Slide 11 Swiss Finance & Property Group Portfolio development Ticino Focusing on reducing vacancy rates and streamlining portfolio Measures show effects - The vacancy rate was reduced by 1.3%-points to 15.4% as at the reference date versus 30.06.2019 thanks to the following measures: - Recruitment of an asset manager - The management as well as caretaker have been replaced - A local marketing agency has been commissioned - More than 100 residential rental agreements were concluded, and 110 apartments were renovated in the last half-year Reference picture froM the portfolio - Selective divestments should additionally benefit portfolio restructuring à Two properties in Biasca are currently in the divestment process Slide 12 Swiss Finance & Property Group Dietlikon commercial site Former Piatti site Dietlikon, Riedmühlestrasse 12-18 – Rental area 21 549 m2 – Number of units 33 commercial 14 office, 11 storage 2 miscellaneous 213 parking spaces – Year of construction 1951/1956/1972/1997 – Entry 01.10.2018 – Vacancy at entry 50.4% – Vacancy 31.12.2019 2.5% – Gross yield 5.9% – Market value CHF 28 650 000 Slide 13 Swiss Finance & Property Group Portfolio structure as at 31 December 2019 Target net rental income by type of use 90% 85.1% 80% 70% 60% 50% 40% 30% 20% 7.3% 5.9% 10% 1.7% 0% Residential Commercial etc. Parkings Office Heating medium GEAK classification Oil 53.3% 42.0% 51.8% GEAK C or better 47.8% Gas 31.3% 33.5% 47.7% GEAK D or worse Renewable energies 10.1% 50.5% (Geothermie etc.) 8.6% GEAK C in 2021 District heating 5.3% 2018 2019 2018 2019 6.1% 1.7% 0% 10% 20% 30% 40% 50% 60% 0% 10% 20% 30% 40% 50% 60% Slide 14 Swiss Finance & Property Group Sustainability development Like-for-like development GEAK from 2015 20 17 17 - Like4Like six properties have been 15 15 energetically renovated since 2015 15 14 12 11 11 - Like4Like did not change from 2018 to 10 9 9 2019, as properties purchased after 2015 were renovated 5 0 2015 2016 2017 2018 2019 GEAK C or better GEAK D or worse 2 Developmnent of CO2 consumption renovated properties (m /a) from 2015 600 537 499 - A total of 11 properties have 500 been renovated since 2015 398 400 342 - The CO2 consumption per 293 279 300 square meter and year was reduced by approx.
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