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Preliminary Results May 2018 Disclaimer This presentation (hereinafter "this document") has been prepared by Hibernia REIT plc (the "Company or Group) for information purposes only. This document has been prepared in good


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SLIDE 1

Preliminary Results

May 2018

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SLIDE 2

2 This presentation (hereinafter "this document") has been prepared by Hibernia REIT plc (the "Company“ or “Group”) for information purposes only. This document has been prepared in good faith but the information contained in it has not been independently verified and does not purport to be comprehensive. This document is neither a prospectus nor an offer nor an invitation to apply for securities. No representation or warranty, express or implied, is given by or on behalf of the Company, its group companies, or any of their respective shareholders, directors, officers, employees, advisers, agents or any other persons as to the accuracy, completeness, fairness or sufficiency of the information, projections, forecasts or opinions contained in this presentation. In particular, the market data in this document has been sourced from third parties. Save in the case of fraud, no liability is accepted for any errors,

  • missions or inaccuracies in any of the information or opinions in this document.

Certain information contained herein may constitute “forward-looking statements” which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target” or “believe” (or negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking

  • statements. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed
  • n, such forward-looking statements. There is no guarantee that the Company will generate a particular rate of return.

Disclaimer

Pictured on cover: 1WML Reception, Windmill Quarter

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SLIDE 3

Agenda

3

Financial results Disposals and acquisitions Highlights Market update Developments Portfolio management Conclusion and outlook

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SLIDE 4

4

(1) Like-for-like change (excl. finance costs) (2) Stamp duty on commercial property transactions increased from 2% to 6% in Budget 2018 effective 11 Oct 17 (3)

  • Excl. acquisition costs

Results summary

12 months to Mar-18 12 months to Mar-17 Portfolio value(1) Excluding stamp duty increase(1,2) +6.6% +10.9% +9.9% Total property return (“TPR”)(3) TPR vs. IPD Ireland Index +11.6% +4.8% +14.5% +3.3% EPRA NAV per share Excluding stamp duty increase(2) +8.7% +14.0% +11.9% EPRA earnings +29.4% +192.5%

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SLIDE 5

Business highlights

5

(1) At practical completion (2) Contracted rent incl. net residential rent and excl. Iconic Offices arrangement in Clanwilliam (3) At valuers’ ERV at 31 March 2018 (4)

  • Excl. cash held relating to tenant deposits and service charge accounts
  • Development programme delivering and pipeline bolstered

– Two schemes completed, delivering 197k sq.ft. and profit on cost of >65%(1) – Three committed schemes delivering 222k sq. ft., mainly in 2018 – Longer term pipeline schemes progressing – Acquisition of further land at Gateway

  • Income and WAULT increasing due to new lettings and rent reviews

– Contracted rent roll of €56.0m(2), +16% since Mar-17 and +13% in H2 – Letting of committed developments expected to add c. €13m(3) – Acquired in-place offices reversionary potential c.€6m(3) (avg. 2.6yrs to review/expiry) – WAULT to break/expiry of in-place offices now 7.3yrs, +9% since Mar-17 and +6% in H2

  • Disciplined and profitable recycling of capital

– Three smaller assets sold in H2 for €35.8m, in aggregate 21% ahead of Sept-17 valuation – Acquisitions totalling €39.1m, enhancing portfolio

  • Financial strength to fund further investment

– Net debt of €203m(4), LTV 15.5% – Cash and undrawn facilities net of commitments of €120m

  • Dividend growing as income increases

– 1.9c final dividend proposed taking dividend for year to 3.0c, +36% on prior year

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SLIDE 6

Looking ahead

6

  • Strong occupier demand in Dublin for offices and residential accommodation

– Broad-based Irish economic growth and favourable demographics – FDI and “latent Brexit” also contributing – Limited new supply in both office and residential sectors

  • More to come from portfolio in near term

– 172k sq. ft. of new offices on track for delivery in 2018, completing Windmill Quarter – 50k sq. ft. office scheme at Cumberland Place now committed, expected completion in H1 2020 – 21% reversionary potential within acquired in-place portfolio and average 2.6 years to review/expiry

  • Substantial longer term development pipeline

– Three office schemes adding up to 227k sq. ft. of incremental new office space – Potential for mixed-use scheme at Gateway

  • Expect recycling of capital to continue
  • Hibernia well positioned

– Clear strategy and talented team – Cash and undrawn facilities of €120m(1)

(1) Net of committed capex

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SLIDE 7

Agenda

7

Highlights Disposals and acquisitions Market update Developments Portfolio management Conclusion and outlook Financial results

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SLIDE 8

Financial highlights

8 Balance sheet Mar-18 Mar-17 Change Portfolio value €1,308.7m €1,167.4m +6.6% Net debt €202.7m €155.3m +30.5% Loan to value 15.5% 13.3% +16.5% Net assets €1,111.7m €1,013.9m +9.6% EPRA NAV per share 159.1c 146.3c +8.7% Income statement Mar-18 Mar-17 Change Net rental income €45.7m €39.7m +15.1% Revaluation and disposal gain €87.8m €103.5m (15.2%) Net profit €107.1m €118.6m (9.7%) EPRA earnings €19.4m €15.0m +29.4% EPRA EPS 2.8c 2.2c +27.3% Full year dividend per share 3.0c 2.2c +36.4%

(1) (1) Like-for-like change (excl. finance costs)

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SLIDE 9

146.3c 159.1c 0.9c 2.8c (2.5c) (7.7c) 140 145 150 155 160 165 170 Mar-17 Investment properties reval. Development properties reval. Disposal gains EPRA earnings Dividends paid

  • Est. stamp duty

impact Mar-18 EPRA NAV cent per share +9%

EPRA NAV per share movement in since 31 March 17

9

Traditional Core IFSC South Docks 1WML 1SJRQ

Valuation uplift: 19.3c Like-for-like in-place office valuation: +5.7%(2,3) (c.100% yield impact)

Other(1)

8.1c 11.2c

Strong uplift in EPRA NAV per share in year to Mar-18 despite stamp duty impact

(1) Residential/Gateway (incl. land) (2) 5.7% excluding stamp duty increase impact. 1.8% including impact of stamp duty increase (3) Represents c.€30m of the net property valuation uplift in the period excluding the impact of the stamp duty increase (c.€10m including impact of stamp duty increase). Excl. 2DC, Clanwilliam, Marine & Harcourt on the basis that capex was spent on the property or the valuation assumptions changed during the period 2WML

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SLIDE 10

Uplift in EPRA earnings since 31 March 2017

EPRA earnings movement since 31 March 17

10

€15.0m €19.4m €5.8m €0.2m €0.9m (€0.6m) (€1.9m) €0m €5m €10m €15m €20m €25m Mar-17 New lettings

  • n completed

developments In-place lease events/acquisitions Admin costs Finance costs (net) Other Mar-18 EPRA earnings €m +29% Promote fees paid(1) €2.3m Performance related pay (€0.7m) Other admin (€0.7m) Promote fees (net of tax)(1) (€2.3m) Other losses €0.4m Developments completed in prior year €3.7m 1WML €2.5m 2DC (€0.4m) Acquisitions & disposals €0.8m New lettings & rent reviews €1.7m Lease expiries & other (€2.3m)

(1) Promote fee received and paid in prior year related to Windmill Lane joint venture

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SLIDE 11

Growth in distributable income

11 Net rental income growth

Growing rental income driving increases in dividend: expect 85%-90% payout in future

EPRA EPS and dividend growth

0.3 0.7 0.75 1.1 0.5 0.8 1.45 1.9 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 FY15 FY16 FY17 FY18 Per share (c) Interim DPS Final DPS EPRA EPS €18.0m €30.3m €39.7m €45.7m 5 10 15 20 25 30 35 40 45 50 FY15 FY16 FY17 FY18 NRI (€m)

154% increase in NRI in last three years

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SLIDE 12

Substantial financial capacity in place

12

  • RCF
  • €400m
  • Nov- 20

maturity

  • 205bps margin
  • Floating charge

Net debt €203m Committed capex €77m Remaining inv. capacity €120m 50 100 150 200 250 300 350 400 Facility Drawings

Debt capacity (€m)

Hedged €244m LTV 27%(1)

Financial capacity

LTV 20%(1) LTV 16%

  • New interest rate hedging put in place in Sep-17, taking total

hedged from €144m to €244m (all at 1% Euribor)

  • RCF used to repay secured facility on 1WML in Feb-18: total

repayment €17.5m

  • Looking at options to diversify debt sources and maturity dates

Net debt and LTV progression

Through-cycle LTV target remains 20-30%

€53m €111m €155m €181m €203m 0% 5% 10% 15% 20% 50 100 150 200 250 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 LTV (%) Net debt (€m)

(1) Forecast LTV based on valuers’ estimates of GDV at Mar-18

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SLIDE 13

€15m €4m €18m €27m €4m €18m €7m €2m €1m €6m €20m 16% 19% 20% 0% 5% 10% 15% 20% 25% 10 20 30 40 50 60 70 Y/E March 2018 (A) Y/E March 2019 (F) Y/E March 2020 (F) LTV (%) €m of capital expenditure 1WML 1SJRQ 2WML Two Dockland Central Cumberland Phase 2 LTV (RHS)

Forecast capital expenditure and LTV(1) for committed development schemes

13

(1) Forecast LTV based on valuers’ estimates of GDV at Mar-18 (2) Hibernia est. all in cost of 1WML on 100% basis is €78m (i.e. €25m all-in land cost plus €53m total capex). In the prior year, Hibernia’s financial accounts show that the cost of acquiring 100% of 1WML was €37m which included the vendor’s 50% share of the capex spent to the date of acquisition of €13m. There was c.€28m of capex remaining (based on est. total capex of €53m) to be spent at date of acquisition. Therefore, the total cost

  • f the project is €78m (€37m + €28m + €13m = €78m)

(3) €9.4m net of dilapidations received

Completed scheme

Project

  • Est. total

capex Spent at Mar-18 Left to spend 1WML €53m €49m €4m Two Dockland Central €11m €9m €2m 1SJRQ €58m €31m €27m 2WML €22m €4m €18m Cumberland Place Ph. 2 €27m €1m €26m Total committed €171m €94m €77m Maintenance capex €3m

(3)

Forecast capital expenditure by financial year – committed developments

(2)

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SLIDE 14

Potential incremental rent roll from committed developments and rent reversion

14

€43.8m €4.0m €7.5m €1.7m(2) €0.3m currently under review €5.7m €6.6m €3.4m €2.7m

30 35 40 45 50 55 60 65 70 75 80 Contracted rent roll at 31 Mar 18 Vacant unlet Reversion Investment pro-forma Committed developments Total potential rent roll Rent €m

€63.7m +€7.7m +14% €76.4m +€20.4m +36% €56.0m(1) 1WML 2DC €0.7m from rent reviews Potential incremental rent roll c.€6.0m(3) 1SJRQ 2WML (1)

  • Excl. Iconic Offices arrangement in Brickhouse (Clanwilliam Court, Block 1). Incl. net residential rent

(2)

  • Excl. Camden St. and space occupied by Hibernia in South Dock House. Incl. vacant parking at valuers’ ERV

(3) At valuers’ ERV @ 31 Mar 18

Significant uplift in rent roll expected from reversion and committed schemes

Average office ERVs of development space as per C&W @ Mar 18:

  • 1SJRQ:

€56.19psf (ground floor and above only)

  • 2WML:

€53.00psf (office only)

  • Cumberland Ph. 2: €54.48psf (office only)

Cumberland Place Phase 2

Based on Cushman & Wakefield (C&W) estimated rental values, Mar-18

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SLIDE 15

Potential profits to come from committed schemes(1)

15

Scheme Area post completion (sq. ft.) Purchase price (incl. costs) (€m)

  • Est. total

capex (€m) Capex to spend at Mar-18 (€m) ERV(2) €m Office(3) (To Let) €psf 1SJRQ Office: Retail/Café/Amenity: 112k 8k €18m €58m €26m €6.6m €56.19 2WML Office: Gym: 60k 12k €21m €22m €18m €3.4m €53.00 Cumberland Place Phase 2 Office: 50k €0m €27m €26m €2.7m €54.48 Total Office: Other: 222k 20k €39m €107m €70m €12.7m Sensitivity of development profits to come from committed schemes(4) Yield

5.25% 5.00% 4.87% 4.75% 4.50% 4.25% 4.00%

  • Avg. ERV

€50.00psf (€16m) (€6m) €0m €5m €18m €32m €47m €52.50psf (€7m) €4m €9m €15m €28m €43m €59m €54.94psf €2m €13m €19m €25m €39m €54m €71m €57.50psf €11m €23m €29m €36m €50m €66m €84m €60.00psf €20m €32m €39m €46m €61m €77m €96m €62.50psf €30m €42m €49m €56m €71m €89m €108m

Profit left to come based on valuers’ current yields/ERVs

(1) Assuming valuers’ estimate of GDV at March 18 (2) Per valuers’ ERV at March 18 average (3) Office areas only (4) At 31 March 18 C&W, the independent valuer, had an average estimated rental value for the unlet office space (222,000 sq. ft.) in 1SJRQ , 2WML and Cumberland Place Phase 2 of €54.94psf and were assuming an average yield of 4.87% upon completion: based on these assumptions they expect a further c.€19m of development profit (ex. finance costs) to be realised through the completion and letting of the unlet space in these schemes

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SLIDE 16

Key financial messages

16

(1) Including gains on acquisitions and sales over carrying value at date of sale (2) Net of committed capex

  • Strong performance, delivering returns above Dublin market

– EPRA NAVPS +8.7% to 159.1c – TPR of 11.6% vs IPD Ireland Index of 6.8% – Profitable recycling of capital delivered gain of 1.2c(1)

  • Transition to fully internalised cost structure in coming year

– Five year IMA expires in Nov-18 – New remuneration structure to be voted on by shareholders at AGM

  • Dividend increasing as earnings rise

– 1.9c final dividend proposed (+31%), 3.0c for the year (+36%) – Expect 85%-90% payout in future

  • Substantial financial capacity

– LTV of 15.5%, cash and undrawn facilities of €120m(2) – Looking at options to broaden funding and extend maturities – Through-cycle LTV target remains 20-30%

Developments and asset management likely to remain the key drivers of future valuation gains

performance fee of €6.6m

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SLIDE 17

Agenda

17

Financial results Highlights Disposals and acquisitions Developments Portfolio management Conclusion and outlook Market update

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SLIDE 18

95 100 105 110 115 120 125 130 135

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018f 2019f 2020f 2021f 2022f 2023f 2024f 2025f

Population (rebased to 100)

95 100 105 110 115 120 125 130 135 140 145 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Population (rebased to 100)

Economic outlook

18

  • 120
  • 100
  • 80
  • 60
  • 40
  • 20

20 40

Change in employment ('000)

Source: CSO, Goodbody *excl. R&D and aircraft leasing Source: CSO: Q4 2007 to Q4 2017 *labour costs (compensation of employees plus taxes minus subsidies) in the following sectors: financial & insurance, real estate, scientific & technical and administrative & support activities Source: European Commission; Q4 2007 to Q4 2017, Q4 2007=100 Source: European Commission, 2000=100

2014 2015 2016 2017f 2018f 2019f Consumption 2.0% 4.2% 3.3% 2.2% 3.1% 2.8% Investment 18.1% 27.9% 61.2%

  • 19.5%

5.9% 4.8% Core Investment* 13.4% 10.8% 13.6% 5.2% 10.5% 7.9% Government 4.8% 1.8% 5.3% 2.2% 2.0% 2.5% Domestic Demand 6.3% 10.1% 21.4%

  • 6.7%

3.9% 3.5% Core Domestic Demand* 4.2% 4.8% 5.4% 2.8% 4.3% 3.7% GDP 8.3% 25.6% 5.1% 8.1% 3.1% 3.1%

IRE ES SWE UK FR NL IT EU PT GER AT

  • 47% IRE population under 35yrs of age
  • 39% EU population under 35yrs of age

IRE GER PT EU NL ES AT FR SWE IT UK

...but labour remains competitive* in international context Ireland rebalancing towards service based employment Favourable Irish demographics …and robust Irish economic growth expectations

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SLIDE 19

<5k sq. ft. 12% 5k sq. ft. to 10k sq. ft. 16% 10k sq. ft. to 20k sq. ft. 16% 20k sq. ft. to 50k sq. ft. 24% 50k sq. ft. - 100k sq. ft. 15% >100k sq. ft. 17%

Dublin office rental market

19

Active demand @ Mar 18: 5.8m sq. ft. Active demand @ Mar 17: 3.8m sq. ft.

Source: Knight Frank @ 31 Mar 18 *gross take-up since Q1 2011; 68% of gross take-up since Q1 2011 is for space <50k sq. ft. Source: Cushman & Wakefield/Hibernia

3.6% 5.6% 6.7% 9.7% 14.1% 6.2% 3.9% 4.3% 5.6% 5.7% 11.7% 5.4% 2 4 6 8 10 12 14 16 City centre Fringe South suburbs North suburbs West suburbs Overall Dublin Vacancy rate (%) Overall vacancy rate Grade A vacancy rate

Source: Knight Frank @ 31 Mar 18

Overall Dublin vacancy rate now 6.2% with the Grade A vacancy rate at 3.9% in Dublin city centre

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018 Millions Sq Ft Annual Dublin office take up 10 Year Average

Source: Knight Frank @ 31 Mar 18

High levels of active demand

Other 21% Professional services 14% TMT 24% Financial services 13% Public sector 4% Undisclosed 24% Other 13% Professional services 10% TMT 31% Financial services 8% Public sector 5% Undisclosed 33%

Despite the large lettings completed in 2017, the majority continue to be less than 50k sq. ft.

2017 a record year for take-up in Dublin Majority of take-up* remains for space less than 50k sq. ft.

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SLIDE 20

20

City centre development remains stable: suburban supply may increase

Expected Dublin office development and refurbishment supply pipeline

Source: Knight Frank/Hibernia

Dublin CBD office development pipeline Total Dublin office development pipeline (incl. suburbs)

All potential schemes Pre-let/let Under construction Completed Probability weighted pipeline

0.2m 1.1m 1.4m 2.3m 1.7m 2.0m 1.4m 0.0m 0.5m 1.0m 1.5m 2.0m 2.5m 3.0m 3.5m 4.0m 2015 (A) 2016 (A) 2017 (A) 2018 (F) 2019 (F) 2020 (F) 2021 (F) Potential sq. ft. Expected year of completion

Knight Frank 2017 take-up = 3.6m sq. ft. Knight Frank 10yr avg. take-up = 2.1m sq. ft.

0.2m 1.0m 0.9m 1.8m 1.1m 1.8m 0.5m 0.0m 0.5m 1.0m 1.5m 2.0m 2.5m 3.0m 3.5m 4.0m 2015 (A) 2016 (A) 2017 (A) 2018 (F) 2019 (F) 2020 (F) 2021 (F) Potential sq. ft. Expected year of completion

Knight Frank 10yr avg. CBD take-up = 1.1m sq. ft. Knight Frank 2017 CBD take-up = 2.2m sq. ft.

1SJRQ: 112k sq. ft. 2WML: 60k sq. ft.

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SLIDE 21

27% 61% 75% 81% 87% 65% 35% 21% 15% 9% 8% 5% 4% 3% 4% 0% 20% 40% 60% 80% 100% under 35 35 to 44 45 to 54 55 to 64

  • ver 65

Other Rented Owner

Dublin investment market

21

Competition for assets has led to further yield compression, particularly for prime assets

1 2 3 4 5 6 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018 Volumes (€bn) Office Retail Mixed use Industrial Residential Other

Source: CSO * Mar 18 vs Mar 17 Source: (1) Knight Frank @ Mar 18; (2) CBRE @ Mar 18 Source: CBRE to Dec-16; Knight Frank post Dec-16 Tenant Industry Take-up (sq. ft.) 1 Microsoft TMT 300k(1) 2 Indeed TMT 211k 3 LinkedIn TMT 175k 4 Facebook TMT 170k 5 AIB Financial services 158k 6 LinkedIn TMT 152k 7 Department of Health Public sector 143k 8 J.P Morgan Financial services 128k(1) 9 AIB Financial services 115k 10 WeWork Co-working 90k 11 Fleetmatics TMT 75k 12 Avolon Financial services 67k 13 NTMA Public sector 61k 14 Delphi TMT 58k 15 Zendesk TMT 56k Total 1,959k (1) Owner occupied Source: Knight Frank @ Mar 18

Change yoy* Mar-17 Sep-17 Mar-18 bps % Office(1) Prime 4.50% 4.25% 4.00%

  • 50bps

12.50% Secondary asset; prime location 5.00% 4.88% 4.75%

  • 25bps

5.26% Secondary asset; secondary location 6.00% 5.75% 5.50%

  • 50bps

9.09% Residential(2) Prime (% net) 4.80% 4.50% 4.25%

  • 55bps

12.94% Industrial(2) Prime 5.50% 5.50% 5.50%

  • Yields tightening in Dublin office and residential

Investment volumes trending down towards long run avgs. 65% of households <35yrs of age are renting Top 15 lettings: c.50% of total take-up in 2017 was TMT

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SLIDE 22

Agenda

22

Market update Financial results Highlights Developments Portfolio management Conclusion and outlook Disposals and acquisitions

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SLIDE 23

Sale price: €12m Disposal date: February 2018 Asset details: 13k sq. ft. office (with p.p. for 20k sq. ft.) and a house Investment period: 3.0 years Returns: IRR 40% Sale price was >95% ahead of Sep-17 valuation Sale rationale: The price received gave the majority of any development upside with no risk

Disposals

23

11a Lime Street Hanover St. East Samuel Beckett Bridge

Sale price: €23.8m (office capital value of €645psf) Disposal date: December 2017 Asset details: 35k sq. ft. office and 4 apartments Investment period: 3.5 years Asset management: Increased WAULT on offices from 2 to 8 years Returns: IRR 17% Sale price was >1.3% ahead of Sep-17 valuation Sale rationale: Completed all material asset management events for the medium term

Hanover Street East & 11a Lime Street, South Docks Chancery, D8

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SLIDE 24

Acquisition

77 Sir John Rogerson’s Quay

  • 34k sq. ft. South Docks office building acquired for €30.7m (incl. costs) in

February 2018

  • Simultaneously let to IWG plc on a 25-year lease, with 15 year term-certain

and 9 month rent-free

  • Rent of €1.8m p.a. (€50psf) achieved, giving an NIY of 5.8% (rising to 6.3%

post-fixed uplift in year 5)

  • 11% valuation uplift since acquisition (incl. costs)

Inset: 77SJRQ Location

  • St. Stephens

Green

77

River Liffey South Docks

24

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SLIDE 25

Agenda

25

Disposals and acquisitions Market update Financial results Highlights Portfolio management Conclusion and outlook Developments

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SLIDE 26

Summary of committed development schemes

26

Sector Total area post completion (sq. ft.) Full purchase price Capex/Est. capex

  • Est. total cost

(incl. land) €psf ERV(1) Office ERV psf(1) Expected PC Date Schemes completed in 12 months to 31 March 18 1WML Office 124k office 8k retail(2) 7k reception 14 resi. units €25m(3) €53m(3) €554psf(4) €7.6m(5) €52.59psf(4)

  • Completed Aug 2017
  • Delivered profit on cost
  • f >80%(6)
  • Now 96% let

Two Dockland Central Office 73k(7) office €46m €11m(8) €760psf(9) €4.1m €52.37psf(10)

  • Completed Nov 2017
  • Delivered profit on cost

>35%(6)

  • Now fully let

Total completed 197k office 8k retail(2) 7k reception 14 resi. units €71m €64m(11) €11.7m Committed schemes 2WML Office 60k office 12k gym €21m €22m €678psf(4) €3.4m €53.00psf Q4 2018 1SJRQ Office 112k office 8k food & beverage €18m €58m €639psf(4) €6.6m €56.19psf Q3 2018 Cumberland Place Phase 2 Office 50k office €0m €27m €540psf(4) €2.7m €54.48psf H1 2020 Total committed 222k office 20k retail/gym €39m €107m €12.7m

(1) Per C&W valuation at 31 March 18 (2)

  • Incl. 1k sq. ft. basement store

(3) Refer to footnote (2) on slide 13 (4) Office demise only (5) Commercial (incl. reception/townhall) and net residential (6) Assuming 6% stamp duty and no finance costs @ Sep-17 values (7) 57k sq. ft. is completed refurbishment of entire 73k sq. ft. (8) €9.4m net of dilapidations received (9)

  • Est. total cost psf is net of dilaps

(10) For entire 73k sq. ft. (11) €62.4m net of dilapidations received

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SLIDE 27

Committed developments

Windmill Quarter: 1SJRQ & 2WML

4 1 2 3

  • Windmill Quarter will complete with delivery of 1SJRQ and

2WML in H2 2018

  • Comprises c.400,000 sq. ft. of office space plus gym, retail

(food & beverage) and residential units across five buildings

  • Focus on communal space, centred around Townhall in

1WML, proving popular with tenants

  • First example of clustering: potential to repeat in

Clanwilliam and Harcourt redevelopments

Windmill Quarter: Hibernia-owned properties 1. 1SJRQ 3. 2WML 2. 1WML & Hanover Mills 4. Observatory

Inset: 1WML Townhall

27

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SLIDE 28

28

Committed development

Cumberland Place Phase 2

  • Commencement of Cumberland Place Phase 2

development approved by Board in May 2018

  • Will deliver 50k sq. ft. of Grade A office space,

with potential to interlink with existing building

  • Estimated capex budget €27m
  • Expected construction start Q3 2018 and

completion H1 2020

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SLIDE 29

Sector Current area (sq. ft.) Area post completion (sq. ft.) Full purchase price Comments Longer term offices Blocks 1, 2, & 5 Clanwilliam Court and Marine House Office 139k 200k €80m

  • Refurbishment/redevelopment opportunity post 2020/2021
  • Potential to add significantly to existing NIA across all four blocks and create

an office cluster similar to Windmill Quarter

  • Have applied for planning to refurbish Marine House

Harcourt Square Office 117k on 1.9 acres 277k €72m

  • Lease to OPW until Dec 2022
  • Site offers potential to create cluster of office buildings and shared facilities
  • Planning in place for 277k sq. ft. redevelopment
  • Seeking revised planning for up to 322k. sq. ft.

One Earlsfort Terrace Office 22k >28k €20m

  • Current planning permission for two extra floors
  • Also potential for redevelopment as part of wider Earlsfort Centre scheme

Total longer term offices 278k >505k €172m Mixed use Gateway & Gateway Lands 45.4 acres(1) Unclear €17m

  • Strategic transport location
  • Potential for future mixed-use redevelopment
  • Have applied for planning for new access road

Total mixed use 45.4 acres(1) Unclear €17m

Development pipeline

29

(1) Currently 178k sq. ft. of industrial/logistics on 14.1 acres & 31.3 acres of agricultural land

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SLIDE 30
  • Hibernia now owns 45.4 acres at Newlands in South

Dublin (cost €17m)

  • 14.1 acre Gateway site (zoned “enterprise”)
  • 31.3 acres of adjacent land (zoned “agricultural”)
  • Area has excellent transport links
  • <30 minutes on Luas to city centre and <20

minutes to new children’s hospital

  • Have applied for planning for new road across

Gateway site to gain access to the M50 and N7

  • Longer term potential to change use

Longer term development: Gateway Lands

N7

City Centre <30 mins

Gateway Proposed new road layout Gateway Lands

20 mins Park & Ride

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SLIDE 31

Agenda

31

Developments Disposals and acquisitions Market update Financial results Highlights Conclusion and outlook Portfolio management

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SLIDE 32

Portfolio summary

32

% of portfolio Initial Equivalent Reversionary Passing Rent (€m)

  • 1. Dublin CBD Offices

Traditional Core €436m 33% 3.7% 3.6% 4.8% 5.3% 5.5% €21.6m IFSC €261m 20% (0.1%) (0.1%) 4.3% 5.1% 5.2% €12.2m South Docks €322m 25% 9.8% 9.9% 2.7% 4.8% 5.0% €10.1m Total Dublin CBD Offices €1,019m 78% 4.3% 4.5% 4.0% 5.1% 5.3% €43.9m

  • 2. Dublin CBD Office Development

€134m 10% 19.8% 19.8%

  • 3. Dublin Residential

€138m 11% 13.4% 13.3% 3.8% 4.2% 4.2% €5.6m

  • 4. Industrial

€18m 1% (3.7%) (8.7%) 3.7% 3.7% 3.7% €0.7m Total Investment Properties (incl. offices) €1,309m 100% 6.6% 6.6% 4.0% 5.0% 5.1% €50.2m Value as at Mar-18 (all assets) % uplift since Mar 17

  • incl. new

acquisitions(1) % uplift since Mar 17

  • excl. new

acquisitions(1) Yield on Value %

Yield tightening since March 2017 focused on prime assets

(5) (4) (3,7,9) (3,7,9) (3,7,9)

(1) Includes capex (2) Yields on unsmoothed values and excluding the adjustment for South Dock House owner-occupied space (3) Harcourt Square yield is the yield on the total value which includes residual land value (4) Excludes the value of space occupied by Hibernia in South Dock House (5) Includes 2WML, 1SJRQ & Cumberland Place Phase 2 (6) Includes 1WML residential element (Hanover Mills) (7) These are the net yields assuming 80% net-to-gross. C&W has valued Wyckham Point, Dundrum View, Cannon Place & 1WML residential on a gross yield basis ex acquisition costs: gross initial yield is 4.9% and gross reversion is 5.2% (8) Current rental value assumed as ERV as these assets are now being valued on a price per acre basis (9)

  • Excl. all CBD office developments

(10) Residential rent on a net basis

(6) (3) (3) (3) (7) (7) (7) (8) (8) (3) (3) (3) (2) (10) (10)

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SLIDE 33

Office portfolio statistics

33

Insurance & Reinsurance 2% TMT 42% Professional Services 8% Government Agency 21% Banking & Capital Markets 21% Co-working 4% Other 2% 12% 10% 7% 6% 6% 4% 4% 4% 4% 4%

39% Remainder

TMT

In-place office portfolio 1,067k sq. ft. Committed developments (to let) 222k sq. ft. Longer term pipeline 227k sq. ft.

Mar-16 Mar-17 Mar-18 In-place office contracted rent(1) €27.3m +39% €38.0m +31% €49.6m In-place office WAULT(2) 4.3yrs +56% 6.7yrs +9% 7.3yrs In-place office vacancy(3) 6%

  • 3pp

3%

  • 3%

(1)

  • Excl. arrangement with Iconic Offices at Block 1 Clanwilliam

(2) To earlier of break or expiry (3) By net lettable office area. Office area only (i.e. excl. retail, basement space, gym, townhall etc.)

€49.6m

1.5m sq. ft.(1)

Portfolio by area Top 10 tenants of in-place portfolio Industry split of in-place tenants

€49.6m

(1) Office areas only (i.e. excl. retail, basement space, gym, townhall etc.)

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SLIDE 34

In-place office portfolio statistics

34

Contracted rent (€m/€psf) ERV (€m/€psf) WAULT to review(1) (yrs) WAULT to break/expiry (yrs) % of rent upwards

  • nly

% of next rent review cap & collar % of rent MTM(2) at next lease event Acquired in-place office portfolio €29.1m(€39psf) €35.1m(€48psf) 2.6yrs 5.1yrs 37% 0% 63% Completed office developments(3) €20.5m(€51psf) €20.6m(€52psf) 4.1yrs 10.4yrs 0% 35% 65% Whole in-place office portfolio €49.6m(€43psf) €55.7m(€49psf) 3.2yrs 7.3yrs 22% 14% 64%

New lettings (esp. developments) growing income and extending WAULTs

(1) To earlier of review or expiry (2) Mark-to-market (3) 1 Cumberland Place, SOBO Works, 1&2DC, 1WML

In-place office portfolio statistics

slide-35
SLIDE 35

Office leases agreed and rent reviews settled

35

Tenant Building Area (sq. ft.) Lease type Contracted rent €m Contracted rent vs. ERV at Mar-17 Notes % of Group rent To expiry To break TMT Tenant 1WML 49k New lease €2.8m +11% 5.0% 20yrs 12yrs • Jul-18 & Mar-19 commencement 77 SJR 34k New lease €1.8m N/A 3.2% 25yrs 15yrs • Apr-18 commencement Media 1WML 24k New lease €1.4m +6% 2.5% 21yrs 12yrs • Aug-17 commencement 2DC 19k New lease €0.7m +3% 1.3% 18yrs 10yrs • Dec-17 commencement 1WML 10k New lease €0.6m +5% 1.1% 20yrs 10yrs • Nov-17 commencement Break Apartments 1WML N/A New lease €0.4m +9% 0.7% 5yrs 5yrs • Jan-18 commencement ESB Marine House 7k New lease €0.3m

  • 5%

0.5% 3yrs 3yrs • Oct-17 commencement 2DC 4k New lease €0.2m +3% 0.4% 15yrs 7yrs • Feb-18 commencement 1WML 7k New lease €0.2m

  • 3%

0.4% 20yrs 10yrs • Jul-17 commencement Other(1) Various(1) 9k(1) New lease €0.5m

  • 9%

0.9% Total 163k €8.9m +6%(2) 16.0%

Rent reviews settled since Mar 17

Tenant Building Review date Rent @ review ERV @ review Rent achieved Notes €m €psf €m €psf €m €psf Media Observatory Feb-17 €0.1m €24 €0.2m €47 €0.2m €53 Observatory Jan-17 €0.4m €20 €0.9m €50 €0.9m €49

  • Term extended by 5yrs at review

Marine House Dec-16 €0.1m €16 €0.1m €47 €0.1m €45 Actuaries Clanwilliam Court Aug-16 <€0.1m €15 €0.1m €45 €0.1m €45 Total €0.6m €1.3m €1.3m ERV @ review was +€0.7m (+138%) above contracted rent Rental uplifts achieved were in line with ERVs in spite of extending term on Realex

Office leases agreed since Mar 17

(1) Contracted rent c.€0.5m. Comprises 5 leases: Fountain Healthcare (2k sq. ft.; 2DC), Fragomen (3k sq. ft..; Central Quay), Park Rite (50CPS; Clanwilliam Court), ESB (2k sq. ft.; Clanwilliam Court), Aldee Investments (2k sq. ft.; Marine House) (2)

  • Excl. 77 SJRQ
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SLIDE 36

Agenda

36

Portfolio management Developments Disposals and acquisitions Market update Financial results Highlights Conclusion and outlook

slide-37
SLIDE 37

Conclusion and outlook

37

Excellent performance in the year and exciting development pipeline

— Cumberland Place Phase 2 commenced, holding at Gateway increased — Recycling of capital likely to continue 

Occupational market remains favourable

— Constrained supply of new offices, especially in central Dublin — Irish economic momentum and “latent Brexit” driving demand 

Hibernia well-positioned with a clear strategy, talented team and funding capacity

slide-38
SLIDE 38

38

slide-39
SLIDE 39

39

Appendix

slide-40
SLIDE 40

20

Location of portfolio

40

Key: Office Residential Industrial Office development Croke Park Fairview Park River Liffey Kings Inns St. Stephens Green 9 7 8 6 2 12 13 4 5 11 10 15

1 Wyckham Point 2 New Century House 3 Gateway & Lands 4 Montague House 5 Hardwicke House 6 77SJRQ 7 2WML 8 1WML 9 Observatory 10 Two Dockland Central 11 One Dockland Central 12 The Forum 13 1SJRQ 14 Cumberland Place 15 Harcourt Square 16 Dundrum View 17 Central Quay 18 One Earlsfort Terrace 19 Marine House & Clanwilliam Court 20 Cannon Place

3

M1 M50 M50 N3/M3 N2/M2 M50

Dublin

N81

Howth Clontarf Dublin Airport North Bull Island Portmarnock Blanchardstown Clondalkin Tallaght Blackrock Ballsbridge Rathfarnham Phibsborough Drumcondra Castleknock Sutton Northern Cross Beaumont Ballymun The Ward Northwest Business Park Glenageary Dundrum Palmerstown Kimmage

N11

Ballymount

N4/M4 N7/M7

1 Wyckham Point 3 Gateway & Lands 16 Dundrum View 20 Cannon Place

1 &16 3 17 18 19

CBD

1 &16 Herbert Park Source: Google Maps, Visit Dublin, Jones Lang LaSalle (1) Property assets > €5m in value as at 31 March 2018

Dublin Overview(1) Central Dublin portfolio(1)

14 20 20

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SLIDE 41

41

(1) Like-for-like change (excl. finance costs) (2) Stamp duty on commercial property transactions increased from 2% to 6% in Budget 2018 effective 11 Oct 17 (3)

  • Excl. acquisition costs

Results summary

12 months H2 H1 Portfolio value(1)

  • Excl. of stamp duty increase(1,2)

+6.6% +10.9% +1.4% +5.6% +5.2% Total property return (“TPR”)(3) TPR vs. IPD Ireland Index +11.6% +4.8% +4.1% +2.4% +7.2% +2.4% EPRA NAV per share

  • Excl. of stamp duty increase(2)

+8.7% +14.0% +2.4% +7.4% +6.2% EPRA earnings +29.4% +15.0% +13.1%

slide-42
SLIDE 42

Summary financial statements

42

€ '000

12 mths to 31-Mar-18 12 mths to 31-Mar-17 Revenue 54,168 46,372 Rental income 49,075 42,519 Property expenses (3,352) (2,838) Net rental income 45,723 39,681 Performance related fees (6,599) (8,215) Administrative expenses (13,517) (12,770) Net finance (costs) (6,236) (5,661) Net rental profit 19,371 13,035 Revaluation & other income/(expense): Investment properties revaluation gains 81,377 103,525 Investment properties disposal gains 6,425

  • Other gains/ (losses)

(41) 2,476 Tax (expense) (31) (450) Total revaluation/other income: 87,730 105,551 Profit for the period 107,101 118,586 Diluted IFRS EPS (cents) 15.4 17.2 EPRA Earnings 19,403 14,989 EPRA EPS (cents) 2.8 2.2

€ '000

31-Mar-18 31-Mar-17 Investment properties 1,308,717 1,167,387 Assets held for sale 534 385 Other non current assets 13,438 13,604 Cash and cash equivalents 22,521 18,148 Trade and other receivables 7,239 10,108 Gross assets 1,352,449 1,209,632 Current liabilities (21,501) (24,642) Financial liabilities (non-current) (219,218) (171,138) Net assets 1,111,730 1,013,852 Equity share capital 686,696 678,110 Retained earnings 453,825 346,738 Dividends paid (38,411) (20,755) Other reserves 9,620 9,759 Total equity 1,111,730 1,013,852 IFRS NAV per share (cents) 160.6 147.9 Diluted IFRS NAV per share (cents) 159.1 146.3 EPRA NAV per share (cents) 159.1 146.3

Balance sheet highlights Summary income statement

(1)

(1) A promote fee was earned in the prior year in relation to the termination of the Windmill JV with Starwood

(1)

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SLIDE 43

€0.0m €1.0m €2.0m €3.0m €4.0m €5.0m €6.0m €7.0m €8.0m €9.0m €10.0m Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Contracted rent Six months ended

Schedule of rent reviews(1) for in-place office tenants

43

Weighted average period to rent review or lease expiry of 2.6yrs excl. completed developments(2) Current in-place office contracted rent: €49.6m

  • Avg. rent: €47psf
  • Avg. rent: €30psf
  • Avg. rent: €25psf
  • Avg. rent: €50psf
  • Avg. rent: €35psf
  • Avg. rent: €39psf
  • Avg. rent: €31psf
  • Avg. rent: €47psf
  • Avg. rent: €52psf
  • Avg. rent: €55psf
  • Avg. rent: €55psf

To earlier of rent review or lease expiry

(1) To earlier of rent review or lease expiry. Excludes various parking licenses, retail space in office buildings, Parkrite in the Forum/Clanwilliam & AIB ATM. Also excludes any rent review dates or expiries prior to Mar-18 (2) i.e. the ‘acquired in-place office’ portfolio (3) Note: OPW ERV in Mar-23 is internal Hibernia assessment

  • Avg. rent: €50psf

TMT Tenant

slide-44
SLIDE 44

44

Little change in overall supply from Sept-17 to Mar-18

Expected Dublin office development and refurbishment supply pipeline as at September 2017

Source: CBRE/Hibernia

Dublin CBD office development pipeline Total Dublin office development pipeline (incl. suburbs)

All potential schemes Pre-let/let Under construction Completed Probability weighted pipeline

0.2m 1.1m 1.9m 2.0m 1.3m 2.4m 0.0m 0.5m 1.0m 1.5m 2.0m 2.5m 3.0m 3.5m 4.0m 2015 (A) 2016 (A) 2017 (F) 2018 (F) 2019 (F) 2020 (F) Potential sq. ft. Expected year of completion

CBRE 2016 take-up = 2.6m sq. ft. CBRE 10yr avg. take- up = 1.9m sq. ft.

0.2m 1.0m 1.2m 1.6m 1.2m 1.4m 0.0m 0.5m 1.0m 1.5m 2.0m 2.5m 3.0m 3.5m 4.0m 2015 (A) 2016 (A) 2017 (F) 2018 (F) 2019 (F) 2020 (F) Potential sq. ft. Expected year of completion

CBRE 10yr avg. take- up = 1.3m sq. ft. CBRE 2016 take-up = 2.1m sq. ft.