Hibernia REIT plc: Preliminary results for the financial year ended 31 March 2021

DJ Hibernia REIT plc: Preliminary results for the financial year ended 31 March 2021

Hibernia REIT plc (HBRN) 
Hibernia REIT plc: Preliminary results for the financial year ended 31 March 2021 
26-May-2021 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 
(MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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PRELIMINARY RESULTS 
For the financial year ended 31 March 2021 
 
26 May 2021 
 
Hibernia REIT plc ("Hibernia", the "Company" or the "Group") today announces preliminary results for the financial year 
ended 31 March 2021 (the "financial year"). Highlights include: 
Continued high rent collection rates reflecting strong tenant base 
?    99% of rent due for the financial year ended Mar-21 now received or on agreed payment terms 
?    Post financial year end, contracted rent received or on agreed payment terms is as follows: 
 - Commercial[1]: 99% for Q/E Jun-21 
 - Residential[2]: 98% for May-21; >99% for Apr-21 
Net loss due to negative property revaluations but further increase in distributable income 
?    Annual contracted rent of EUR67.1m at Mar-21, up 2.2% since Mar-20, and office WAULT of 5.8yrs, down 9.4% 
 - Six new office leases on 45,600 sq. ft. adding EUR2.6m, or EUR0.3m net of lease expiries and adjustments on let space 
 - Three rent reviews and five lease variations agreed, adding incremental rent of EUR0.7m 
 - Five bolt-on acquisitions adding EUR0.5m of new rent 
 - Diluted IFRS loss per share of 3.7 cent due to negative revaluation movement on portfolio (Mar-20: EPS of 8.8 cent) 
?    EPRA EPS[3] of 6.3 cent, up 13.4% on last year due to increase in rental income (Mar-20: 5.5 cent) 
?    Final DPS of 3.4 cent, bringing the total for the financial year to 5.4 cent, up 13.7% (Mar-20: 4.75 cent) 
Modest decline in portfolio value, mainly coming in the first quarter of our financial year 
?    Portfolio value of EUR1,427.4m, down 4.4%[4] in the financial year and down 0.7% in H2, primarily due to lower 
net ERVs and higher yields assumed on our office assets 
?    12-month Total Property Return[5] of -0.2% vs MSCI Ireland Property All Assets Index (excl. Hibernia) of -1.5% 
?    EPRA NTA per share3 of 172.7 cent, down 3.7% in the financial year but up 0.4% in H2, helped by the share 
buyback 
Robust balance sheet: flexibility and investment capacity further enhanced post year end by new US private placement 
?    Net debt of EUR278.8m, LTV3 of 19.5% (Mar-20: EUR241.4m, LTV 16.5%) 
?    EUR125m of 10- and 12-year unsecured US private placement notes with avg. coupon of 1.9% to be issued in late 
Jul-21 
?    Weighted average debt maturity of 3.4 years at Mar-21, or 5.2 years pro-forma new USPP (Mar-20: 4.4 years) 
?    Cash and undrawn facilities net of committed expenditure of EUR110m, or EUR235m pro-forma of new USPP (Mar-20: 
EUR136m) 
Disciplined capital allocation 
?    EUR16.8m in development expenditure, mainly on two schemes to deliver 62,500 sq. ft. of Grade A office space (38% 
pre-let): both expected to complete by Jul-21, following delays due to lockdowns (Mar-20: EUR21.3m) 
?    EUR11.1m invested in five bolt-on property acquisitions (Mar-20: EUR23.3m) 
?    EUR25m share buyback programme successfully executed; 23.1m shares repurchased and cancelled, an average price 
per share of EUR1.08 (Mar-20: 17.6m shares repurchased for EUR25m, an average price per share of EUR1.42) 
Progress on strategic priorities of: 
?    1) Clustering 
 - Full planning now in place for Clanwilliam and Harcourt schemes, which can be commenced in the next seven and 18 
  months, respectively, and can deliver 539,000 sq. ft. of clustered, Grade A office space 
 - These schemes will take the proportion of Hibernia's office assets by value in clusters from 39%[6] to 65%[7] 
?    2) ESG excellence 
 - Commitment to become a Net Zero Carbon business by 2030 and to align with the TCFD recommendations by 2022 
 - Real-time energy consumption monitoring system installed and operating in our managed in-place offices 
 - Received a four-star GRESB rating for the first time 2020 and a B- score in our inaugural CDP response 
 
 
Kevin Nowlan, Chief Executive Officer of Hibernia, said: 
"Our business has delivered a resilient performance in the financial year despite the extraordinary circumstances 
resulting from the COVID-19 pandemic. While we recorded a net loss due to a modest decline in portfolio value, our 
continued high rent collection rates have helped deliver double-digit growth in EPRA earnings and dividends. 
"Since introducing COVID-19 safeguards in our buildings, our primary focus has been on the long-term evolution of the 
portfolio to meet changing occupier expectations. We believe asset clustering and ESG excellence will be key elements 
for us in providing the type of flexible, efficient, amenity-rich office space occupiers increasingly want and we have 
made good progress with both in the financial year. Our Clanwilliam Court and Harcourt Square schemes now have full 
planning permission and both can be started over the next 18 months; when complete they will increase the proportion of 
our office portfolio held in clusters to 65%. We have also published our Sustainability Statement of Intent, which 
sets challenging, long-term targets and outlines our commitment to becoming a net zero carbon business by 2030. 
"Our leverage remains amongst the lowest in the pan-European REIT universe, giving us substantial capacity and 
strategic flexibility for value-enhancing investment opportunities. In the financial year we invested EUR11m in small 
acquisitions to enhance our existing properties, EUR17m in development expenditure and executed a highly accretive EUR25m 
share buyback programme. Since March 2021 we have increased our available funding and average debt maturity by 
agreeing to issue EUR125m of 10- and 12-year US private placement notes. 
"With Ireland's vaccination programme gathering pace and a government roadmap for the easing of lockdown restrictions, 
optimism is growing and this is starting to be seen in active demand for office space and tenant enquiries. While the 
near-term outlook is likely to remain tied to progress on "unlocking", we are optimistic on our longer-term prospects 
given our clear strategy, exciting development pipeline, balance sheet strength and talented team." 
 
Contacts: 
Hibernia REIT plc     [phone] 
Kevin Nowlan, Chief Executive Officer 
Tom Edwards-Moss, Chief Financial Officer 
Murray Consultants 
Doug Keatinge: [phone], [e-mail] 
Andrew Smith: [phone], [e-mail] 
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. 
Results presentation details 
There will be a results presentation at 10.00 a.m. Dublin time, today, 26 May 2021. If you think you will want to ask 
a question at the end, please register for the phone call as you will not be able to do this from the webcast. 
Webcast URL: https://www.investis-live.com/hibernia-reit/609bb4d933d2290a004f8bc5/iuhj 
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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.