Additional information on yield-producing properties
Disposals of yield-producing properties
Location | Address | Type [1] | Year of | Transfer |
Dielsdorf | Kronenstrasse 10 | CP | 1979 | 01.04.2013 |
Schlieren | Zürcherstrasse 52 | RP | 1972 | 28.06.2013 |
Schlieren | Zürcherstrasse 64 | RP | 1972 | 28.06.2013 |
Zumikon | Farlifangstrasse 1 | CP | 1986 | 30.09.2013 |
Wallisellen | Neugutstrasse 2–6/Bahnhofplatz 2/ |
|
|
|
Zurich | Dreikönigstrasse 37 | CP | 1990 | 02.12.2013 |
[1]CP = commercial property, RP = residential property
Leasehold properties
Place | Address | Length of agreement |
|
|
|
Zurich | 30 January 2101 | |
Zurich | 20 October 2086 |
Largest tenants, commercial real estate
Share in total rental income from commercial real estate:
|
| 2013 |
| 2012 |
|
|
|
|
|
IBM Switzerland AG |
| 9% |
| 9% |
Canton Zurich |
| 9% |
| 5% |
MAN Diesel & Turbo Switzerland AG |
| 7% |
| 7% |
Allianz Suisse Insurance Company Ltd |
| 6% |
| – |
Partner Reinsurance Company Ltd. (PartnerRe) |
| 5% |
| 4% |
Credit Suisse Ltd |
| – |
| 4% |
Total |
| 36% |
| 29% |
The five largest tenants’ share of total rental income from all yield-producing properties (residential and commercial) declined to around 29% in 2013 (IBM Switzerland Ltd 7.5%, Canton Zurich 7.1%, MAN Diesel & Turbo Switzerland Ltd 5.6%, Allianz Suisse Insurance Company Ltd 4.8% and PartnerRe 3.7%).
Profile of terms of rental contracts for commercial real estate
The weighted remaining term of fixed-term rental contracts is 6.8 years (versus 6.4 years on 31 December 2012)
Future income from fixed-term contracts
As a result of fixed-term rental contracts on yield-producing properties, the following nominal rental income will accrue in future:
CHF million |
| 2013 |
| 2012 |
| ||||
Residential real estate |
|
|
|
|
Rental income up to one year |
| 0.8 |
| 1.1 |
Rental income from two to five years |
| 2.3 |
| 4.1 |
Rental income after five years |
| 2.0 |
| 2.3 |
Total future rental income from fixed-term contracts |
| 5.1 |
| 7.5 |
| ||||
Commercial real estate |
|
|
|
|
Rental income up to one year |
| 103.9 |
| 102.7 |
Rental income from two to five years |
| 268.7 |
| 301.5 |
Rental income after five years |
| 129.9 |
| 126.0 |
Total future rental income from fixed-term contracts |
| 502.5 |
| 530.2 |
| ||||
Total future rental income from fixed-term contracts Yield-producing properties |
|
|
|
|
79.0% of all rental income for commercial space is indexed, i.e. rents are adjusted for inflation in accordance with the Swiss Consumer Price Index (CPI) (2012: 85.9%).
97.2% of rental contracts for residential space are for an unlimited term (2012: 95.8%). The weighted remaining term of fixed-term rental contracts for residential property is 4.7 years (versus 5.0 years on 31 December 2012). Rental prices are based, among other factors, on the development of the mortgage reference rate calculated quarterly by the Swiss National Bank and last published on 3 September 2013, when it was reduced to 2.00%.
As at 31 December 2013, 70.2% of all rental contracts contained index clauses corresponding to a target rental income of CHF 104.7 million (2012: 71.7%, CHF 108.8 million).