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11 March 2025 Mandarin Oriental Savoy, Zurich SF Urban Properties Ltd Annual Report 2024 Genferstrasse 21, Zurich
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1. Key Events in 2024 2. Implementation of Focus Topics 3. Portfolio 4. Financials 5. Key Takeaways and Outlook 2025 Table of Contents 2SF Urban Properties Ltd
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Genferstrasse 21, Zurich 1. Key Events in 2024
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Investment Reduction of average interest rate by 0.3% Acquisition of two investment properties in prime locations in Zurich and Basel for CHF 23.9 million Development Securing future development contributions through the purchase of two new development properties for CHF 29.7 million Sale of several units in Ruschlikon and Zurich for CHF 16.8 million Portfolio strengthened through strong operational performance and strategic transactions Key Events in 2024 SF Urban Properties Ltd 4 Market environment 2024 Portfolio Population growth of over 1% and low construction activity SNB key interest rate cut by 125 bp and margin increase of up to 30 bp Increase in supply prices of between 2% and 3% Increase in rental income by + 4.9% and sustained low vacancy rate Increase in portfolio value by + 5.5% Increase in EBIT margin Investment properties excl. revaluation effects by + 9.0% Proposal: Increase in the dividend to CHF 3.65 per listed registered share, to be paid out in full from capital contribution reserves
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2023 2024 Net profit excl. revaluation effects CHF 13.1 million Real estate earnings CHF 31.2 million Distribution yield 3.71 % 2023 2024 2023 2024 15.4 13.1 29.8 Portfolio value of investment properties CHF 786.8 million Gross yield 4.15 % Real discount rate 2.78 % 2023 2024 Portfolio revaluation despite slight increase in discount rate Key Figures 786.8 4.154.20 31.2 745.6 SF Urban Properties Ltd 5 2023 2024 2.782.76 2023 2024 3.713.87 All figures are as at 31 December 2024 with changes compared to the previous year
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Acquisitions in Basel and Zurich to consolidate urban strategy Acquisition of Investment Properties SF Urban Properties Ltd 6 Annual income CHF 481 000 Purchase price CHF 9 500 000 Market value at acquisition CHF 11 700 000 Austrasse 71/73/75, Basel Purchase price 19% below market value Location in line with strategy High gross yield with earnings potential Genferstrasse 21, Zurich 17% 83% Residential Office GY on PP 3.1% 100% Residential GY on PP 5.1% Annual income CHF 450 000 Purchase price CHF 14 400 000 Market value at acquisition CHF 16 600 000 Purchase price 13% below market value Excellent location for Office and Residential High earnings potential
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Securing future development contributions through the purchase of two new development properties Acquisitions of Development Properties SF Urban Properties Ltd 7 Transfer of ownership as at 06.12.2024 Purchase price CHF 17 200 000 Land area 1 886 m2 Gross floor area 1 838 m2 Investment costs CHF 32 600 000 Target ROI: >15% Attractive location in Zurich-Witikon Far (lake) view Dorfstrasse 68, Zumikon Target ROI: >15% Top location in Zumikon High development potential Transfer of ownership as at 13.01.2025 Purchase price CHF 12 500 000 Land area 1 649 m2 Gross floor area 1 600 m2 Investment costs CHF 27 400 000 Berghaldenstrasse 32+34, Zurich
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29.8% 26.8% 22.4% 8.6% 7.9% 4.5% Focus on diversified uses in Zurich and Basel Portfolio Overview SF Urban Properties Ltd 8 Residential Commercial, Storage, Other Office Gastronomy Retail Parking Diversified uses Acquisitions in excellent locations with optimisationpotential Acquisitions in Zurich and Basel in line with strategy Valuation Wüest Partner as at 31 December 2024 Market matrix Market regions Real estate earnings– target net rent by use
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Sustainable yield increase across all uses Real Estate Earnings Real Estate Earnings (in CHF million) Increase in real estate earnings − Acquisition of residential properties Austrasse 71/73/75 in Basel − Residential rental agreements adjusted to reference interest rate − Re-letting after construction projects − Indexation of commercial leases Rent developments / m2 As at 31.12.2023 As at 31.12.2024 Residential 282 289 Office 348 355 Commercial 173 177 Retail 326 329 Gastronomy 412 416 Like-for-like rent developments pariod-based 2023 / 2024 +1.52% 9 26.5 27.1 28.4 29.8 2020 2021 2022 2023 2024 31.2 SF Urban Properties Ltd Vacancy – 1.4% Other – 13% Retail – 8% Office – 22% Commercial – 27% Residential – 30%
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Genferstrasse 21, Zurich 2. Focus Topics
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Focus on stable investment portfolio with slightly above average EPS due to development projects Strategy SF Urban Properties Ltd 11 Urban locations Sustainability Solid financing INVESTMENT PROPERTIES 80% OF EARNINGS Development, realisation & sale of condominium properties DEV. PROJECTS 20% OF EARNINGS Diversification Investment property redevelopmentActive vacancy rate and cost management Acquisitions with focus on realignments
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Total return more attractive long-term Competitive Advantage Zurich and Basel SF Urban Properties Ltd 12 BaselZurich + 1.0% + 0.5% 3.7% 4.6% - 11 BP - 12 BP + 2.6% + 2.4% Change in value like-for-like p.a. (last 10 years) Development of target rent p.a. (last 10 years) GY Change in discount rate p.a. (last 10 years) + 1.5% 4.5% - 10 BP + 1.9% Other + 0.6% 6.2% - 7 BP + 0.9% 31% Residential 64% Comm. 32% Residential 61% Comm. Uses -12% Residential 78% Comm. Development over the last 10 years (2014 - 2024) Portfolio SFUP Switzerland
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Zurich Basel Potential for realisation Real Estate Earnings by Use SF Urban Properties Ltd 13 Δ 70% quantile (potential) Potential + 10% + 31% + 15% + 6% + 29% + 37% + 28% + 29% Despite a significant delta in Basel, we rate the potential at both locations as rather low. There is potential at both locations that can be maximized through a targeted tenant strategy. There is considerable development potential for rents at both locations. There is considerable development potential for rents at both locations. Zurich Basel CHF 439 / m2 CHF 227 / m2 CHF 439 / m2 CHF 361 / m2 CHF 374 / m2 CHF 224 / m2 CHF 360 / m2 CHF 231 / m2 OFFICE RETAIL RESIDENTIAL COMMERCIAL Income as at 31.12.2024 (actual)
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3. Portfolio Fuederholzstrasse 8, Herrliberg
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Vacancy rate as of reporting date 1.4 % Number of developmet projects 5 Wüest Partner Rating1 3.9 2023 2024 WAULT 4.0 years Number of investment property building projects 2 Greenhouse gas emissions2 12.9 kgCO /m2 2 EBF/year 2023 2024 2023 2024 2023 2024 2022 2023 A positive development of key figures confirms active management Portfolio Key Figures 4.0 3.7 3 12.93.9 3.9 5 6 1.3 1.4 SF Urban Properties Ltd 15 12.8 2 The sustainability analysis is carried out with reference year 2023 due to data availability. 1 Note: 1 = poorest grade, 5 = best grade 2 2023 2024
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Vacancy rate remains at a low level, with significant increase in WAULT WAULT and Vacancy Rate Trend 2.6% 2.6% 2.6% 2.4% 1.5% 1.7% 1.3% 1.8% 1.4% 4.4 4.4 4.2 4.4 4.2 3.9 3.7 3.7 4.0 0 1 2 3 4 5 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Dec. 20 June 21 Dec. 21 June 22 Dec. 22 June 23 Dec. 23 June 24 Dec. 24 Vacancy rate WAULT SF Urban Properties Ltd 16 1 office space with 325 m2 0.40% Binningerstr. 5 / Innere Margarethenstr. 5, Basel 0.23% Picassoplatz 4, Basel 0.14% Riehenstrasse 163-165, Basel 0.63% other vacancy 2 office spaces with 412 m2 2 apartments Vacancy rates as at 31 December 2024 1.4% 0.40% 0.23% 0.14% 0.63%
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Use Area in m² Rental income p.a. in CHF Commercial 2 723 698 575 Office 4 636 1 552 908 Gastronomy 1 162 742 320 Retail 483 156 125 Total 9 004 3 149 927 Large number of contract extensions confirm tenant satisfaction Leases Signed in 2024 Use Area in m² Rental income p.a. in CHF Commercial 1 542 317 011 Office 571 206 508 Gastronomy 442 66 002 Retail 458 103 449 Total 3 013 692 971 New lets Contract renewals 2.1% Share of annualised total income 9.7% Share of annualised total income SF Urban Properties Ltd 17 31.12.2023 2.5% 31.12.2023 5.3%
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Initiation of new construction projects Overview of Construction Projects in Investment Properties 18 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Project status Construction costs in CHF million Additional area in m2 Additional rental income p.a. in CHF Inv. return in % Current projects Zurich, Seefeldstrasse Project 7.0 240 440 000 6.3 Munchenstein, Walzwerk J5 Project 2.0 - 2.5 250 90 000 4.0 Zürich, «Eschenmoser» Preliminary study 40 1 045 1 490 000 3.7 Zürich, Burglistrasse Preliminary study 12.5 - 390 000 3.1 Seefeldstrasse, ZH «Eschenmoser», ZH Walzwerk, Münchenstein SF Urban Properties Ltd Bürglistrasse, ZH
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Ambitious targets in terms of ROI and IRR Overview of Development Properties SF Urban Properties Ltd 19 2024 2025 2026 2027 2028 Project status Investment costs in CHF million GLA in m2 Marketing (Units) ROI in % IRR (leveraged) in % Completed projects Zurich, Klusstrasse 38 18.8 1 237 13 / 13 40.7 34.3 Riehen, Sandreuterweg 39 18.9 1 636 10 / 10 7.5 4.5 Basel, Elsasserstrasse 1 19.3 1 620 14 / 14 38.9 32.8 Current projects Herrliberg, Fuederholzstrasse 8 Implementation 17.8 1 225 5 / 6 20.7 20.2 Zurich, Minervastrasse 124 Implementation 17.3 837 9 / 9 17.9 14.1 Rüschlikon, Alte Landstrasse 26 Implementation 15.5 821 2 / 4 20.3 21.8 Zumikon, Ruchenacher 17 Invitation to bid 21.8 1 132 - 15 - 20 - Zurich, Berghaldenstrasse 32+34 Project 32.6 1 838 - 15 - 20 - Zumikon, Dorfstrasse 68 Project 27.4 1 600 - 15 - 20 -
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Ambitious targets in terms of ROI and IRR Overview of Development Properties SF Urban Properties Ltd 20 2024 2025 2026 2027 2028 Project status Investment costs in CHF million GLA in m2 Marketing (Units) ROI in % IRR (leveraged) in % Completed projects Zurich, Klusstrasse 38 18.8 1 237 13 / 13 40.7 34.3 Riehen, Sandreuterweg 39 18.9 1 636 10 / 10 7.5 4.5 Basel, Elsasserstrasse 1 19.3 1 620 14 / 14 38.9 32.8 Current projects Herrliberg, Fuederholzstrasse 8 Implementation 17.8 1 225 5 / 6 20.7 20.2 Zurich, Minervastrasse 124 Implementation 17.3 837 9 / 9 17.9 14.1 Rüschlikon, Alte Landstrasse 26 Implementation 15.5 821 2 / 4 20.3 21.8 Zumikon, Ruchenacher 17 Invitation to bid 21.8 1 132 - 15 - 20 - Zurich, Berghaldenstrasse 32+34 Project 32.6 1 838 - 15 - 20 - Zumikon, Dorfstrasse 68 Project 27.4 1 600 - 15 - 20 - EBIT from property development (net) CHF 3.2 million
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Ambitious targets in terms of ROI and IRR Overview of Development Properties SF Urban Properties Ltd 21 2024 2025 2026 2027 2028 Project status Investment costs in CHF million GLA in m2 Marketing (Units) ROI in % IRR (leveraged) in % Completed projects Zurich, Klusstrasse 38 18.8 1 237 13 / 13 40.7 34.3 Riehen, Sandreuterweg 39 18.9 1 636 10 / 10 7.5 4.5 Basel, Elsasserstrasse 1 19.3 1 620 14 / 14 38.9 32.8 Current projects Herrliberg, Fuederholzstrasse 8 Implementation 17.8 1 225 5 / 6 20.7 20.2 Zurich, Minervastrasse 124 Implementation 17.3 837 9 / 9 17.9 14.1 Rüschlikon, Alte Landstrasse 26 Implementation 15.5 821 2 / 4 20.3 21.8 Zumikon, Ruchenacher 17 Invitation to bid 21.8 1 132 - 15 - 20 - Zurich, Berghaldenstrasse 32+34 Project 32.6 1 838 - 15 - 20 - Zumikon, Dorfstrasse 68 Project 27.4 1 600 - 15 - 20 - EBIT from property development (net) > CHF 4.5 million
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22 Another convincing GRESB result with 4 out of 5 stars − SFUP scored 82 out of 100 points − 4 out of 5 stars rating for investment properties − 4th place in direct peer comparison (Western Europe, Diversified, Listed) − Above the benchmark average in all three areas Environmentally relevant key figures are published in accordance with AMAS specifications Sustainability SF Urban Properties Ltd
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Fuederholzstrasse 8, Herrliberg 4. Financials
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LTV (Loan-to-value) 47.39 % Avg. interest rate (reporting date) 1.78 % Avg. fixed interest period 5.10 years EBIT margin for investment properties excl. revaluation effects 71.65 % Net profit CHF 16.5 million Net profit per registered share excl. revaluation effects 3.73 CHF 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 0.7 16.5 6.22 5.10 2023 2024 Strengthened key performance indicators Key Financial Figures 71.65 65.74 47.39 45.96 1.78 2.07 4.47 3.73 SF Urban Properties Ltd 24
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Increased real estate earnngs and simultaneous cost reduction Income Statement Income statement CHF 1 000 2023 Δ in TCHF Δ in % 2024 Investment properties income 31 210 29 763 1 447 4.86% Other income (incl. profit from Sales) 598 435 163 37.47% Revaluations investment properties 4 311 - 18 606 22 917 123.17% Operating expenses (excl. development) - 8 970 - 10 288 1 318 - 12.81% EBIT contribution from development 3 202 3 819 - 617 - 16.16% EBIT 30 187 4 984 25 203 505.68% EBIT excl. revaluation effects 25 876 23 590 2 286 9.96% Financial expenses (net) - 8 715 - 7 208 - 1 507 20.91% Income taxes - 4 929 2 920 - 7 849 268.80% Net profit 16 543 696 15 847 2 276.87% Net profit excl. revaluation effects, allocated to SFUP shareholders 12 500 14 988 - 2 488 - 16.60% Net profit excl. revaluation effects per share 3.73 4.47 - 0.74 - 16.60% SF Urban Properties Ltd 25 6.85 12.09 8.00 0.10 4.76 7.14 3.32 4.39 4.47 3.73 2.84 3.04 3.12 2.91 3.29 2020 2021 2022 2023 2024 IFRS EPS development 2020 - 2025 EPS incl. NBW EPS excl. NBW EPS return excl. NBW and special effects
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Stable performance of investment properties Change in Portfolio SF Urban Properties Ltd 26 − Acquisitions resulted from the following items: − Purchase of Austrasse 71-75 in Basel − Purchase of Genferstrasse 21 in Zurich − Reclassification of Seefeldstrasse 186 in Zurich − Valuation gain of TCHF 3 562, of which TCHF 1 725 resulted from Austrasse 71-75 in Basel and TCHF 1 837 from Genferstrasse 21 in Zurich. 745.6 3.7 7.4 -6.7 33.2 3.6 786.8 Marktwert 31.12.2023 Investitionen Positive Wertveränderungen Negative Wertveränderungen Zukäufe Einwertungsgewinne Marktwert 31.12.2024 in CHF Mio. 700 710 720 730 740 750 760 770 780 790 800 Market value 31.12.2023 Investments Positive changes in value Negative changes in value Acquisitions Capital gains Market value 31.12.2024
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Improvement in future financing costs Financing SF Urban Properties Ltd 27 Average interest rate for financing 1.78% Average fixed interest period for financing 5.11 years Range for fixed interest period 5 - 10 years 81.8 17.2 25.0 90.0 37.8 48.0 70.0 30.0 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% - 10 20 30 40 50 60 70 80 90 100 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Interest rate in % Debt capital in CHF million Fixed interest rate Ø Interest rate
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Equity base remains solid Change in Equity SF Urban Properties Ltd 28 − NAV per registered share fell by CHF 1.70 to CHF 110.47 (previous year: CHF 113.17) − As at 31 December 2024, the equity ratio was 42.93% (previous year: 45.43%) 380.0 -2.3 -9.7 -9.6 15.9 0.6 374.8 in CHF Mio. 300 310 320 330 340 350 360 370 380 390 400 Equity as at 31.12.2023 Net profit SFUP shareholders Dividend Distribution KER Valuation effects of hedge accounting Minorities Equity as at 31.12.2024
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Scope created for higher distribution Funds From Operations (FFO) SF Urban Properties Ltd 29 4.64 4.97 5.67 4.33 3.48 3.75 3.62 3.85 3.68 3.41 20242023202220212020 FFO yield & promotion business (per share) FFO yield business (per share) Distribution FFO per share in CHF 6.00 5.50 5.00 4.50 4.00 3.50 3.00
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Minervastrasse 124, Zurich 5. Key Takeaways and Outlook 2025
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SF Urban Properties Ltd's successful reporting year 2024 is characterised by: Key Takeaways SF Urban Properties Ltd 31 Key date-related performance Long-term perspective Performance of the portfolio Sustainable increase in earning power and net profit to CHF 16.5 million Portfolio strengthened through strategic transactions and secured future development contributions Equity base remains solid Maintaining low vacancy rate and significantly increasing the WAULT performance Improvement in future financing costs. Average interest rate reduced to 1.78% Another convincing GRESB result with 4 out of 5 stars Portfolio appreciation by 5.5% despite slight increase in discount rate The cost structure for asset management was optimised Proposal: Increase in the distribution to CHF 3.65 per listed registered share
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Consolidation of the portfolio through various transactions Outlook 2025 SF Urban Properties Ltd 32 Investment Properties Development, realisation & sale of condominium properties Development Projects Portfolio developmentAsset ManagementTransactions Purchases CHF 30 - 40 million Sales CHF 50 - 60 million Purchase of 1 - 2 building plotsStart of construction project Seefeldstrasse 186 in Zurich Refurbishment of the Genferstrasse 21 in Zurich Target vacancy rate < 2% Stable property income > CHF 31.2 million despite sale of external locations Stable financing costs Strategy-compliant consolidation of portfolio Completion of 2 projects Identification of new projects on Walzwerk
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Agenda 2025 SF Urban Properties Ltd 33 9 April 2025 Annual General Meeting 27 August 2025 Publication Semi-annual Report 2025 18 June 2025 Property Tour Development Properties and Construction Projects October 2025 Announcement GRESB Result Presentation by Frank Bodin
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SF Urban Properties Ltd Seefeldstrasse 275 CH-8008 Zurich T +41 43 344 61 31 info@sfurban.ch www.sfurban.ch Address SF Urban Properties Ltd 34
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The information in this document is confidential and may not be disclosed in or outside Switzerland to any other person without prior approval of Swiss Finance & Property Ltd and/or its affiliates. This document does not constitute an issue and/or an issue prospectus pursuant to Art 35 et seq. of the Financial Services Act (FinSA) as well as Art 27 et seqq of the Swiss Listing Rules of SIX Swiss Exchange, the Key Information Document (KID) according to the Swiss Federal Act on Collective Investment Schemes or a financial research according to the Directives on the Independence of Financial Research of the Swiss Banking Association. The solely binding documents for an investment decision are available from Swiss Finance & Property Ltd and/or its affiliates. This document is a product of Swiss Finance & Property Ltd and/or its affiliated companies. The information and data contained in this document have been obtained from sources believed to be reliable. Swiss Finance & Property Ltd and/or its affiliates do not guarantee, represent or warrant, expressly or impliedly, that the information and data in this document are accurate, complete or up to date. All expressions of opinion are subject to change without notice by Swiss Finance & Property Ltd and/or its affiliates Swiss Finance & Property Ltd and/or its affiliates accept no liability, including any liability for incidental or consequential damages, arising out of information and data contained in this document and/or the use of this document. Any proposed terms in this document are indicative only and remain subject to a separate contract. Nothing in this document shall constitute or form part of any legal agreement, or any offer to sell or the solicitation of any offer to buy any securities or other financial instruments or to engage in any transaction Investments in securities or other financial instruments should only be undertaken following a thorough study of the relevant prospectuses, regulations, the basic legal information that these regulations contain and other relevant documents. Investments in securities or other financial instruments can involve significant risks and the value of securities or other financial instruments may rise or fall. No assurance can be given that the investment objective of any investment will be achieved or that substantial losses will not be suffered. Past performance does not guarantee or indicate current or future performance or earnings. The performance shown does not take account of any commissions and costs charged when subscribing and redeeming shares or interests in securities or other financial instruments Swiss Finance & Property Ltd and/or its affiliates do not provide legal, accounting or tax advice. Investors in securities or other financial instruments are advised to engage legal, tax and accounting professionals prior to entering into any investments, transactions or other actions mentioned in this document Swiss Finance & Property Ltd and/or its affiliates may from time to time have positions in, and buy or sell, securities and for other financial instruments identical or related to those mentioned in this document and may possess or have access to non-public information relating to matters referred to in this document which Swiss Finance & Property Ltd and/or its affiliates do not intend to disclose. No person shall be treated as a client of Swiss Finance & Property Ltd and/or its affiliates, or be entitled to the protections afforded to clients of Swiss Finance & Property Ltd and/or its affiliates, solely by virtue of having received this document. Neither this document nor any copy thereof may be sent to or taken into the United States or distributed in the United States or to any US persons or to any other state or territory where such distribution is contradictory to local law or regulation. Any eventual legal relationship resulting from the use of this document is governed by Swiss law, regulations and rules including but not limited to the Swiss Financial Market Supervisory FINMA guidelines. The place of jurisdiction is Zurich, Switzerland. © Copyright 2003 - 2025, Swiss Finance & Property Ltd and/or its affiliates. All rights reserved. This translation was created using artificial intelligence. The original German version is binding. Disclaimer SF Urban Properties Ltd 35