Hibernia REIT PLC Interim Results - November 2015

12 November 2015

Hibernia REIT plc (“Hibernia”, the “Company” or the “Group”) today announces its interim results for the six months to 30 September 2015. Highlights for the period:

Strong financial performance

• EPRA NAV per share of 122.1 cent up 9.2% since 31 March 2015
• EPRA profit of €10.1m (Sep 2014: €3.0m), helped by €4.9m of one-off gains
• Profit before tax of €73.7m (Sep 2014: €31.9m) including revaluation surplus and gains on disposals
• Interim dividend declared of 0.7 cent per share (Sep 2014: 0.3 cent per share)

Significant letting activity adding to contracted rent roll with more to come

• Major pre-let of c. 85,000 sq. ft. of Cumberland House to Twitter for annual rent of €4.6m (€50psf)
• Pre-let 27,500 sq. ft. currently under refurbishment in One Dockland Central, IFSC, to HubSpot for annual rent of €1.3m (€45psf)
• 213 units in Block 3, Wyckham Point fully let by period end adding net annual rent of c. €3.7m
• One further pre-let and one rent review securing €0.5m of additional rental income
• Contracted rent roll now €34.4m, up 52% on 31 March 2015¹
• Income-producing “in-place”² CBD office portfolio has average rents of €32psf (vs ERV at 30 September of €40psf) and an average period to earlier of rent review or expiry of 2.2 years

Good progress made on development pipeline

• Block 3, Wyckham Point completed ahead of schedule delivering profit on cost of more than 30%
• Windmill Lane and 1-6 Sir John Rogerson’s Quay on track for late 2017 and mid-2018 completions, respectively
• Refurbishment of Cumberland House commenced following Twitter pre-let
• Planning granted for Phase 1 of redevelopment of Harcourt Square and application made for Phase 2 (out of 2)

Select further investment activity

• Off-market acquisition of Dundrum View, an 80 unit apartment complex in Dundrum for c. €28m
• Two small acquisitions made totalling €3.1m, enhancing our positions on existing assets
• 50:50 JV (the “Windmill Lane Partnership”) formed with an affiliate of Starwood Capital Group Global LP (“Starwood”) on Windmill Lane development

Substantial financial capacity in place

• €115m of net cash at 30 September 2015 (31 March 2015: €139m)
• New five year €400m revolving credit facility entered, replacing existing €100m facility

Broadening universe of potential investors

• Inclusion in EPRA Index in September quarterly review³
• Internalisation of management team completed in early November following shareholder approval
• Kevin Nowlan and Tom Edwards-Moss have joined the Board of Directors

Kevin Nowlan, Chief Executive Officer of Hibernia, said:

“We are pleased with the performance for the first half of the year: we have made significant progress on our development portfolio and signed two major pre-lets. Hibernia’s strategy and skillset - allowing us to access off-market deals, loan portfolio opportunities and to take on major development and refurbishment projects - is clearly delivering.

“The Dublin property market is well supported by the economic growth Ireland is enjoying and with new, flexible funding in place allowing us to act quickly as opportunities arise we are optimistic for the future.”

Contacts:

Murray Consultants
Doug Keatinge: +353 86 037 4163, [email protected]
Jill Farrelly: +353 87738 6608, [email protected]

About Hibernia REIT plc
Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT") listed on the Irish and London Stock Exchanges. The principal activity of the Company is to acquire and hold investments in Irish property (primarily commercial property) with a view to maximising shareholder returns.