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HALF YEARLY FINANCIAL REPORT for the Six Month Period to 30 September 2019

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HALF YEARLY FINANCIAL REPORT for the Six Month Period to 30 September 2019 HALF YEARLY FINANCIAL REPORT For the six month period to 30 September 2019 12 November 2019 Hibernia REIT plc (“Hibernia”, the “Company” or the “Group”) today announces interim results for the six months to 30 September 2019. Highlights for the period: Steady portfolio performance • Portfolio value of €1,423.7m1, up 0.6%2 in the period (active developments up 4.5%2) • Six-month total property return3 of 2.4% vs MSCI Ireland Property Index (excl. Hibernia) of 3.1% • EPRA NAV per share4 of 175.7 cent, up 1.4% in the period (March 2019: 173.3 cent) Strong growth in distributable income from increasing rent roll and reduced costs • Annual contracted rent of €62.0m, up 7.6% since March 2019, mainly due to net new lettings and rent reviews • EPRA like-for-like net rental growth4 of 9.1% in the period • Net rental income of €28.6m, up 7.3% on the same period last year (September 2018: €26.6m) • Operating cost savings of €4.7m versus prior year period following expiry of IMA in November 2018 • EPRA EPS4 of 2.8 cent, up 55.6% on the same period last year (September 2018: 1.8 cent) • Interim dividend declared of 1.75 cent per share, up 16.7% on prior year (2018: 1.5 cent) Further rental growth potential in the near term • Unlet space with ERV of €7.8m (March 2019: €8.0m): office vacancy of 12% by area (March 2019: 12%) • 2 Cumberland Place development due to complete in Q3 2020 (ERV: €3.2m) • Reversionary potential of portfolio of €1.1m with avg. period to capture of 2.6 years for in-place CBD offices Disciplined capital allocation continues • Net sales proceeds in FY19 of €60.3m are being reinvested or returned to shareholders - €17.6m invested in five acquisitions, three of which were “bolt-on” in nature - €9.3m invested in capital expenditure on developments in the period - €25m share buyback launched in April 2019 and completed on 11 November 2019: 17.6m shares bought back and cancelled at an average price of 142.3 cent per share Good progress with committed development and longer-term pipeline • 2 Cumberland Place expanded by 12% to 56,000 sq. ft. of new Grade A offices: Q3 2020 completion now expected • Longer-term pipeline being expanded and progressed and now comprises seven potential schemes - Provisional planning granted for 152,000 sq. ft. redevelopment of Clanwilliam Court, subject to appeal - Addition of Malahide Road: 3.8 acre industrial site with mixed-use potential in longer term Robust balance sheet • Net debt4 at 30 September 2019 of €221.5m, LTV4 of 15.6% (March 2019: €217.1m, LTV4 15.6%) - Weighted average debt maturity at September 2019 of 4.8 years (March 2019: 5.4 years) • Significant funding capacity: cash and undrawn facilities of €173.5m, €133.3m net of committed expenditure Improving sustainability performance • Three star GRESB rating in 2019, with score +17pp on prior year • Full-time Sustainability Manager joining in January 2020 Tax changes announced in Budget 2020 and effective 9 October 2019 (post period end) • Increase in stamp duty on commercial property transactions from 6% to 7.5%: if effective as at 30 September 2019 it would have reduced portfolio value by an estimated €22m and EPRA NAV per share by an estimated 3.3 cent • For details on the other changes and their potential impact, please see the Financial Review section of this release 1. The Group plans to move to a new head office in 1WML in late 2019. During the period fit-out work has commenced on this space and therefore it has been recognised as owner occupied property in the condensed consolidated financial statements. The space currently occupied by the Group in South Dock House has been leased to a tenant from December 2019 (signed on 30 September 2019) so when the Group relocates, this space will be transferred to investment property. These transfers are recognised at fair value on the date of transfer 2. On a like-for-like basis 3. Total property return is the return of the property portfolio (capital and income) as calculated by MSCI 4. An alternative performance measure (“APM”). The Group uses a number of such financial measures to describe its performance, which are not defined under IFRS and which are therefore considered APMs. In particular, measures defined by EPRA are an important way for investors to compare similar real estate companies. For further information see supplementary information at the end of this announcement 1 Kevin Nowlan, Chief Executive Officer of Hibernia, said: “We have made good progress in the first half of the financial year, with net new lettings and rent reviews enabling us to increase our contracted rent roll by 8% to €62m, and EPRA earnings growing by 50% versus the same period last year. With €11m of potential incremental rent (per our independent valuer) to come from leasing the remaining available space in the existing portfolio and our 2 Cumberland Place development, there is a significant opportunity for us to grow our income further in the near term and this remains a high priority for us. “We are also working hard to unlock the value within our development pipeline, with the key achievements in the period being the grant of planning to expand our 2 Cumberland Place scheme and the preliminary planning permission received for the redevelopment of Clanwilliam Court, which is subject to appeal. In addition, we have made a number of small bolt-on acquisitions, expanding and improving our pipeline. “Whilst Ireland continues to have one of the fastest growing economies in the EU, business and consumer sentiment have softened in recent months, consistent with global trends. We have also seen some evidence of smaller occupiers deferring decisions on leasing space given the current geopolitical uncertainty. Nonetheless, overall tenant demand for offices and apartments in Dublin remains high and job creation from foreign direct investment is near record levels. “It remains to be seen how the Irish property investment market reacts to the tax changes announced by the Government in the recent Budget. Our business has low leverage, a talented team and an exciting pipeline of potential development projects and we are well-positioned to take advantage of whatever opportunities arise.” Contacts: Hibernia REIT plc +353 1 536 9100 Kevin Nowlan, Chief Executive Officer Tom Edwards-Moss, Chief Financial Officer Murray Consultants Doug Keatinge: +353 86 037 4163, [email protected] Jill Farrelly: +353 87 738 6608, [email protected] About Hibernia REIT plc Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT"), listed on Euronext Dublin and the London Stock Exchange. Hibernia owns and develops property and specialises in Dublin city centre offices. The results presentation will take place at 8.30 a.m. today, 12 November 2019: a conference call facility will be available to listen to the presentation live using the following details: Ireland dial-in: +353 (0)1 431 1252 UK dial-in: +44 (0)3 333 000 804 US dial-in: +1 (0)1 631 913 1422 All other locations: +44 (0)3 333 000 804 Access Code: 19145447# Disclaimer This announcement contains forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Group or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements speak only as at the date of this announcement. The Group will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority. 2 MARKET REVIEW General economy While Ireland’s economy is expected to be one of the fastest growing in the euro area in 2019 and foreign direct investment (“FDI”) remains strong, it is not immune from the global economic backdrop of slowing growth as concerns around trade and geopolitics persist: Goodbody now expects core domestic demand to grow 3.6% in 2019 and 3.2% in 2020, down from 4.5% and 3.7%, respectively, when we reported in May 2019. Irish GDP growth is forecast at 4.0% in 2019 and 2.8% in 2020 versus 1.2% and 1.4% for the euro area, respectively (source: Goodbody), helped by continuing low levels of unemployment, which stood at 4.8% at October 2019 (source: the Central Statistics Office (“CSO”)), consumer spending and growth in exports. FDI in Ireland continues to be strong: 8,175 IDA- sponsored jobs have been created in the first nine months of 2019, up 10% on the same period last year and, at the current run rate, 2019 looks set to be another record year for FDI job creation in Ireland (source: Goodbody, IDA). Employment in Dublin remains buoyant with the latest data from the CSO (Q2 2019) showing that there are 717,000 people employed, up from 695,000 a year earlier. The unemployment rate in Dublin at Q2 2019 was 4.4%, down from 5.3% a year earlier. Despite these strong fundamentals, recent economic data indicates activity is slowing and investment decisions are being delayed: Ireland’s composite PMI (Purchasing Managers’ Index) reading for October 2019 was 50.6, down from the 2018 average of 57.1 but still in expansionary territory (i.e.
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