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Annual Report 2020 DUBLIN

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Annual Report 2020 DUBLIN TRANSFORMING Hibernia REIT plc DUBLIN Annual Report 2020 Annual Report Annual Report 2020 Hibernia REIT plc WHO WE ARE We are the largest Irish real estate investment trust (“REIT”), owning a property portfolio worth €1.5bn all of which is located in Dublin and mostly comprises city centre offices. We are listed on Euronext Dublin and the London Stock Exchange. OUR PURPOSE Our purpose is to improve the built environment in Dublin, primarily the stock of city centre offices, providing above average long-term returns for our shareholders and bringing benefits to all our stakeholders. HOW WE DO IT We use our knowledge and experience of the Dublin property market, together with modest levels of leverage, to upgrade buildings or deliver new ones at appropriate times in the property cycle and to grow our income through active asset management. We also recycle capital, selling assets with limited future potential and reinvesting in property with future (re)development opportunities. Our portfolio is mainly a mix of redeveloped properties held for income and assets held for future repositioning. OUR CULTURE • Transparent, honest and fair • Hard-working and flexible • Collaborative and inclusive • Long-term perspective but pragmatic OUR VALUES • Openness • Integrity • Hunger • Curiosity • Passion • Creativity • Safety • Sustainability Read more at www.hiberniareit.com Strategic report Strategic Contents Strategic report Governance 2 The year in summary 4 Our business at a glance 10 Chairman’s letter 12 Chief Executive Officer’s review 14 Investment case Financial statements 15 Impact of COVID-19 16 Market review 20 Our stakeholders 22 Our business model 24 Our strategy 26 Strategy in action 36 Measuring our performance information Additional 38 Risk management 41 Going concern and viability statement 42 Principal risks and uncertainties 51 Business review 57 Financial review 61 Sustainability Corporate governance 70 Chairman’s Corporate Governance statement 72 What the Board did during the year 73 Board snapshot 74 Leadership 75 Board snapshot 76 Culture and people 78 The Board of Directors 80 The Senior Management Team 82 Board effectiveness 89 Nominations Committee report 92 Audit Committee report 98 Remuneration Committee report 117 Directors’ report 121 Directors’ responsibility statement Financial statements 122 Independent auditor’s report 128 Consolidated income statement 129 Consolidated statement of comprehensive income 130 Consolidated statement of financial position 131 Consolidated statement of changes in equity 132 Consolidated statement of cash flows 133 Notes to the consolidated Hibernia REIT plc financial statements 177 Company statement of financial position 178 Company statement of changes in equity 179 Notes to the Company financial statements Annual Report 2020 Report Annual Supplementary information (unaudited) 187 Five-year record 188 Alternative performance measures 189 EPRA performance measures 196 Other disclosures 198 Directors and other information 199 Glossary 01 THE YEAR IN SUMMARY Financial highlights Portfolio value EPRA NAV per share €1,465m 179.3c LFL growth +2.0% 2019: €1,395m +3.5% 2019: 173.3c Net debt Loan to value (“LTV”) €241m 16.5% +11.2% 2019: €217m +0.9pp 2019: 15.6% Cash and undrawn facilities net of Total property return committed capital expenditure 5.9% €136m +1.5pp over benchmark -4.9% 2019: €143m 2019: 11.6%, +4.1pp Net rental income Profit after tax €58.6m €61.0m +9.9% 2019: €53.3m -50.6% 2019: €123.5m EPRA EPS Dividend per share (full year) 5.5c 4.75c +39.9% 2019: 4.0c +35.7% 2019: 3.5c Annual Report 2020 Report Annual Alternative performance measures (“APMs”) The Group uses a number of financial measures to describe its performance which are not defined Hibernia REIT plc 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 187 to 02 197 of this Annual Report. Strategic report Strategic Operating highlights • Contracted rent up 14.1% to €65.7m at Mar-20 due to: – Seven new lettings on 93,000 sq. ft. adding €5.7m (on average 9% ahead of last net ERV) – Nine rent reviews completed on 99,000 sq. ft. adding €2.7m (on average 2% ahead of ERV at review) Governance • 2 Cumberland development expanded 13% to 58,000 sq. ft. – Expected to complete in late 2020 – 41% pre-let to 3M in April 2020 ahead of ERV Financial statements • Longer term pipeline expanded and advanced – Office pipeline +5% to 566k sq. ft. after new planning grants at Harcourt Square and Clanwilliam Court – Mixed-use pipeline +5% to 154.3 acres • Net sales proceeds in FY19 of €60.3m reinvested: – €23.3m invested in nine acquisitions of property information Additional – €21.3m invested in capital expenditure on developments – €25.0m invested in share buyback programme • COVID-19 impact and response (see page 15): 89% of Q2 2020 commercial rent collected within seven days of due date, 94% within 60 days Stakeholders and responsibility • While s.172 of the UK Companies Act, referenced in the UK Corporate Governance Code 2018 (“UK Code”), does not apply directly to Hibernia see pages 86 and 87 for how we comply • Completed first formal stakeholder materiality assessment • Improved sustainability performance further – 13% LFL reduction in energy consumption and carbon emissions against prior year – Three star rating in 2019 GRESB submission (the Group’s second year of participation) and a score of 75%, up 17pp on prior year • 1SJRQ office development (completed in prior year) received LEED Platinum certification in the year • Helped organise and participated in third annual Dragons at the Docks event, which raised €349k for Dublin Simon and other local charities • Founder member of Irish Institutional Property, which helps promote engagement between institutional property owners in Ireland and their stakeholders Leadership and governance Hibernia REIT plc • Appointment of Grainne Hollywood and Margaret Fleming as independent Non-Executive Directors (“NEDs”), taking total Board composition to 30% female and, for the non- executive Board, reducing average age to 65 years from 67 years and average tenure to 3.8 years from 4.3 years 2020 Report Annual • Board succession remains a priority (see pages 89 to 91) • An external Board performance assessment was completed in May 2020 (see pages 82 and 83) • Promotion of Edwina Governey to Chief Investment Officer • Retirement of Mark Pollard as Director of Development from June 2020: Gerard Doherty promoted to the role • Appointment of Neil Menzies as full-time Sustainability Manager to lead our sustainability efforts • Second corporate governance roadshow (see page 85) 03 Strategic report OUR BUSINESS AT A GLANCE ALL OF OUR PORTFOLIO IS IN DUBLIN... Our primary focus is on the Dublin city centre office market but we also own multi-family residential properties as we see similarly favourable dynamics in the long-term in this market. Consistent with our business model of asset management and asset improvement (see pages 22 to 23 for further details), our portfolio mainly comprises redeveloped properties held for income and older assets held for future repositioning. The majority of our tenant base (by rent) comprises large companies (especially in the TMT sector) or state entities. Portfolio segments by value Dublin office Traditional Core 30% Dublin office IFSC 14% Dublin office South Docks 38% €1,465m Dublin CBD office development 3% Dublin residential 11% Industrial/land 4% Contracted rent by tenant HubSpot Ireland Limited 16% OPW 9% Twitter International Company 8% €65.7m Zalando 4% Autodesk Ireland Operations 4% Informatica Ireland EMEA 3% Riot Games 3% Electricity Supply Board 3% Travelport Digital Limited 3% Annual Report 2020 Report Annual BNY Mellon Fund Services 2% Remaining tenants 45% In-place oce contracted rent byContracted tenant business rent by tenantsector sector TMT 49% Government/state entity 16% Banking and capital markets 11% Hibernia REIT plc €65.7m Residential 9% Professional services 7% Other 5% Insurance and reinsurance 2% 04 Serviced offices 1% Strategic report Strategic KEY STATISTICS AT MAR-20 Properties Governance 36 Financial statements In-place offices 1.1m sq. ft. Additional information Additional Offices including fully developed pipeline 1.5m sq. ft. In-place office vacancy 7% Portfolio contracted annual rent €65.7m In-place office contracted annual rent €57.7 m Average in-place office rent €50psf In-place office WAULT Hibernia REIT plc 6.4yrs Annual Report 2020 Report Annual Rental uplift potential from current investment portfolio plus 2 Cumberland Place €9.6m 05 Strategic report OUR BUSINESS AT A GLANCE CONTINUED ...AND OUR KEY CLUSTERS PROPERTIES ARE WELL-LOCATED, CLOSE TO PUBLIC TRANSPORT LINKS... All of our office buildings, which comprise c. 85% of our portfolio by value, are situated in the three main office sub-markets in central Dublin: the Traditional Core, the The Windmill Quarter The Windmill Quarter comprises six South Docks and the International Financial Services adjoining or adjacent buildings in Dublin’s Centre (“IFSC”). Most are in prominent positions and a South Docks (there are two buildings on the 1WML site) with c. 400,000 sq. ft. of office number are clustered together, improving the accommodation plus further ancillary space effectiveness of our asset management for tenants or and communal facilities. Four of the six buildings have been delivered by us and the offering the potential to do so in future. Many of the Quarter is now valued at over €490m and properties held for repositioning also have the potential produces rent of €24m per annum. As well as being our main regeneration scheme for significantly increased building density on these for the past few years, the Quarter also sites in the future. represents our first cluster of office buildings and is managed as one estate.
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