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Transforming Dublin Hibernia REIT plc Annual Report 2018 Annual Report Transforming Dublin Annual Report 2018 About us Hibernia is a Dublin- focused REIT, listed on Euronext Dublin and the London Stock Exchange, which owns and develops Irish property. All of our €1.3bn portfolio is in Dublin and we specialise in city centre offices. We aim to use our knowledge and experience of the Dublin property market, together with modest levels of leverage, to generate above average long-term returns for our shareholders. We focus on improving buildings at appropriate times in the property cycle and growing income: our portfolio is mainly a mix of regenerated properties and assets held for future repositioning. Clockwise from top left: 1SJRQ under construction 1WML 2WML (CGI) 2DC Clanwilliam Court 1 Cumberland Place Phase II (CGI) Hibernia’s Management Team at 1SJRQ Hibernia REIT plc Annual Report 2018 Strategic report Governance Financial statements Contents Strategic report IFC About us 02 Our business at a glance 03 Our portfolio 04 Why Dublin? 06 Chairman’s statement 08 CEO’s statement 12 Market review 14 Business model 16 Strategic priorities 18 Key performance indicators 19 Operational metrics 20 Strategy in action 24 Operational review 24 – Portfolio overview 26 – Acquisitions and disposals 28 – Developments and refurbishments 31 – Asset management 33 – Financial results and position 36 Risk management 40 Principal risks and uncertainties 48 Sustainability Governance 68 Chairman’s corporate governance statement 72 Board of Directors 74 Our Management Team 77 Corporate governance report 88 Audit Committee report 95 Remuneration Committee report 128 Nominations Committee report 130 Directors’ report 136 Directors’ responsibility statement Financial statements 138 Independent auditors’ report 146 Consolidated income statement 147 Consolidated statement of comprehensive income 148 Consolidated statement of financial position 149 Consolidated statement of changes in equity 150 Consolidated statement of cashflows 151 Notes to the financial statements 194 Company statement of financial position 195 Company statement of changes in equity 196 Company statement of cashflows 197 Notes to the Company financial statements Supplementary disclosures (unaudited) 208 Four-year record 209 Alternative performance measures 211 EPRA performance measures 217 Other disclosures 219 Directors and other information 220 Glossary Hibernia REIT plc Annual Report 2018 01 Our business at a glance Our investment focus is on office properties in central Dublin with the potential for us to enhance value through repositioning or asset management. Portfolio Portfolio statistics Segment by value Office tenants by industry sector In-place offices (sq. ft.) CBD Office Traditional Core TMT 1.1m CBD Office IFSC Professional Services Offices including fully CBD Office South Docks Government Agency developed pipeline (sq. ft.) CBD Office Development Banking & Capital Markets 1.5m Dublin Residential Co-working Dublin Industrial Other Properties Insurance & Reinsurance 32 Commercial tenants 1% 4% 2% 2% 11% 53 33% 21% Average office rent (psf) 10% €43 42% Reversionary potential €1.3bn €49.6m 12.3% EPRA vacancy rate 25% 21% 2.0% 20% 8% Financial position Net assets Net debt Loan to value Loan to value proforma Cash and undrawn committed capex facilities net of (using GDV) committed capex €1.1bn €203m 15.5% 20.2% €120m Financial performance Portfolio Contracted rent EPRA NAVPS Net rental Total property EPRA EPS DPS value income return €1.3bn €56m 159.1c €46m 11.6% 2.8c 3.0c Alternative Performance Measures (“APMs”) The Group uses a number of financial measures to describe its performance which are not defined under International Financial Reporting Standards (“IFRS”) and which are therefore considered APMs. In particular, measures developed by the European Public Real Estate Association (“EPRA”) are reported in line with other public real estate companies. These are defined in more detail, and reconciled with IFRS where applicable, in the Supplementary Information section on pages 211 to 216 of this Annual Report. 02 Hibernia REIT plc Annual Report 2018 Strategic report Governance Financial statements Our portfolio Dublin City Read more about our Centre properties on pages M50 20 to 32 >> N7 Newlands Cross Dundrum Key Office properties Office developments Residential properties Industrial properties Rail line and stations LUAS line and stations Hibernia REIT plc Annual Report 2018 03 Why Dublin? Why is 90% of your portfolio Would you ever invest in central Dublin offices? outside Dublin? Our primary focus is the office It would be unwise to say ‘never’, sector for a number of reasons: it but for the reasons outlined above is a large, relatively liquid market we believe Dublin is likely to remain totalling over 40m sq. ft. in Dublin the most attractive investment (c. 25m sq. ft. in city centre) which market for us and it is also the one attracts international investors where our local knowledge, built and one where we expect secular up over many years, is a key Why is Dublin an attractive place growth over the next decade. competitive advantage. to invest? Within the office sector we have Dublin is by far the largest and invested solely in central Dublin Is Brexit good or bad for Dublin? wealthiest city in Ireland: Greater offices (i.e. no suburban offices or At the moment none of us knows Dublin currently represents c. 40% offices outside Dublin) as this is the exactly what any Brexit ‘deal’ will of Ireland’s 4.8m population (source: market where most tenants want to look like, if indeed there is one, so CSO) and nearly 50% of its GDP be – leading to higher rents – and it’s a difficult question to answer! (source: IMF). It has three also where the barriers to entry are While companies are often reticent universities and four institutes of highest, on account of planning about giving reasons, we believe technology producing a young and restrictions and scarcity of sites. that since the UK Referendum in highly-skilled workforce, which, We also have 12% of our portfolio June 2016 Dublin has benefitted together with its language, legal in opportunistic investments in the from a number of companies system, time-zone and tax residential and industrial sectors deciding to increase their advantages, has attracted many in Dublin. headcount here, primarily on international companies, particularly account of Brexit. Some of these in the technology and financial “We think that the have been financial services sectors. Greater Dublin is expected companies moving staff but we to continue to grow rapidly, with the positives of Brexit for think the larger source of demand population forecast to grow by over Dublin are likely to for office space has come from 25% in the next decade (source: outweigh the negatives.” the TMT sector directing their CSO), and office-based employment expansion to Dublin (“latent forecast to grow by a similar Brexit”). We think this trend will amount (source: Oxford Economics). continue and that the positives 04 Hibernia REIT plc Annual Report 2018 Strategic report Governance Financial statements of Brexit for Dublin are likely continues to be strong. The supply robust investor and occupier to outweigh the negatives. side remains controlled with 2.3m demand look set to continue to sq. ft. expected to be delivered in support the Dublin property market. What is the outlook for 2018 (61% pre-let) and 1.7m sq. ft. Dublin property? expected in 2019 (13% pre-let). Regardless of Brexit, the office The investment market also remains occupational market is in good robust, with high levels of capital Above and below: health. Take-up in the 2017 calendar looking to invest in long-let year set a new record of 3.6m sq. ft. buildings. The strength of the Irish South Dock House on Hanover Quay, above showing the art installation Grand Canal (source: CBRE) and active demand economy, a growing population and Square by Martha Schwartz Hibernia REIT plc Annual Report 2018 05 Chairman’s statement “We have made good progress against all our strategic priorities in the year.” The year to 31 March 2018 has been Quarter, which will total c. 400,000 another successful one for Hibernia sq. ft. of offices across five buildings Net rental income with good progress made against as well as smaller amounts of retail, all our strategic priorities. We leisure and residential space. The €45.7m +15% continued to grow our rental clustering of office buildings allows income through the delivery of us to provide affordable communal development schemes and effective areas and leisure facilities for our asset management: net rental tenants and is something we are income increased to €45.7m from likely to replicate elsewhere in the €39.7m in the previous year, an portfolio in future. Development EPRA EPS increase of 15.1%. The value of our activity will remain a strategic property portfolio rose to €1.3bn by priority for us over the medium 2.8c +27% year end and EPRA NAV per share term, with the development of was 159.1 cent, an increase of 8.7% Phase II of Cumberland Place now despite the impact on our portfolio approved by the Board and due to value due to the increase in stamp commence shortly and preparation duty on commercial property from and planning continuing on our 2% to 6% (estimated at €54m or longer-term pipeline of office 7.7 cent per share). schemes, which will total 505,000 sq. ft. once complete. With the Our primary focus in the year was acquisition of further land at the delivery of our development Gateway, our interest now projects, namely the completion comprises 45.4 acres and we are of 1 Windmill Lane (“1WML”) and considering plans to enhance Two Dockland Central (“2DC”), and value there. making significant progress on 1-6 Sir John Rogerson’s Quay (“1SJRQ”) Beyond our development and 2 Windmill Lane (“2WML”), programme, and with property which are due to complete by the prices in the Dublin market end of 2018.
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