Interim Results November 2020 - Hibernia REIT
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Interim Results November 2020
Disclaimer This presentation (hereinafter "this document") has been prepared by Hibernia REIT plc (“Hibernia”, the “Company“, “Group”, “we” or “us”) 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, omissions 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 Group 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 on, such forward-looking statements. There is no guarantee that the Group will generate a particular rate of return. Pictured on cover: 2 Cumberland Place nearing completion Hibernia REIT plc INTERIM RESULTS | NOV 2020 2
Agenda
Highlights
Financial results
Market update
Portfolio and development
update
Conclusion
Pictured: Dublin’s Dawson Street photographed looking north
Hibernia REIT plc INTERIM RESULTS | NOV 2020 3
Results summary
6 months 12 months
to Sep-20 to Sep-20
Portfolio value(1,2) (3.8%) (2.6%)
Total property return (“TPR”)(2,3) (1.7%) 1.6%
TPR vs. MSCI Ireland Index(4) (0.2pp) +1.8pp
EPRA NTA per share(2) (4.1%) (2.1%)
EPRA earnings per share +17.6% +22.9%
Total accounting return (“TAR”)(2,5) (2.4%) 0.6%
(1) Like-for-like change (incl. finance costs) on Investment Property and excluding assets acquired and disposed of during the period
(2) “NTA” is the abbreviation for Net Tangible Assets. Over the 12 month period to Sep-20, performance was impacted by the increase in commercial stamp duty (from 6% to 7.5%) in October 2019,
which reduced Hibernia’s portfolio value by c.1.5%
(3) TPR is calculated on an “all assets” basis as per MSCI
(4) MSCI/SCSI Ireland Quarterly Property All Assets Index (excl. Hibernia)
(5) Calculated as EPRA NTA per share growth plus dividends per share paid in period
Hibernia REIT plc INTERIM RESULTS | NOV 2020 4
Business highlights
1. Rent collection rates reflect strong tenant base 4. Accretive use of capital
• 60% of our contracted rent is from technology • €25m share buyback programme launched in Aug-20
companies or state entities – Completed in Nov-20 with average purchase price of
• Commercial(1) rent collection(2) : 99% for the last three €1.08 per share
quarters • €3.8m of bolt-on acquisitions of property
• Residential(1) rent collection: averaging 99% for the last
three months
5. ESG focus
2. Further growth in distributable income • Real-time energy monitoring system now running in our
• 24,000 sq. ft. of new office lettings in period and a managed offices
further 12,000 sq. ft. after period end • EPRA Gold Award for ESG disclosures for third
• Annual contracted rent +1% in the period to €66.5m successive year
• Net rental income in the period +12.0% to €32.0m • GRESB and CDP submissions made and results due
shortly
• Interim DPS +14.3% to 2.0c
• Focus on the TCFD and Net Zero Carbon pathways
3. Progress with developments
• 62,500 sq. ft. of Grade A offices completing by Jan-21(3)
– 38% pre-let
• Full planning now in place for 539,000 sq. ft. near term
office pipeline
– Final approval received for Clanwilliam Court
(152,000 sq. ft.) and Marine House (50,000 sq. ft.)
– Approval received for expanded Harcourt Square
scheme (337,000 sq. ft.)
(1) 91% of contracted rent is commercial; 9% is residential
(2) Rent received or on agreed payment terms
(3) 2 Cumberland Place and 50 City Quay
Hibernia REIT plc INTERIM RESULTS | NOV 2020 5
Office market update and outlook
Current: Significant fall in activity due Longer-term: Acceleration in structural shifts
to restrictions / economic uncertainty seen pre-COVID
Occupational market More remote working
• Q2+Q3 2020 take-up: -57% on prior year(1)
• Active demand: -28% vs Feb-20 and -45% vs Sep-19(2) Offices as a place for collaboration
• Grade A CBD office vacancy: 9.1% at Sep-20 vs 5.9% at • More break-out spaces
Mar-20(1) • Town-halls and communal areas
• Headline prime CBD rents: €57.50psf vs €62.50psf in
Mar-20(1) Increased focus on employee wellness
• Building facilities
Investment market • Air and light quality
• Q2+Q3 2020 volumes: -54% on prior year(1) • Nearby amenities
• Overseas investors still active
• Prime yields remain at 4%(1) Importance of ESG credentials
• Some evidence of secondary yields moving out(1)
Greater lease flexibility sought
• Shorter lease terms
• Furnished space (“managed offices”)
Outlook Outlook
➢ Limited transactional evidence since COVID-19 but market ➢ Well-configured, prime CBD offices likely to be in demand
fundamentals much better than in 2008 ➢ Many of the features above were successfully
➢ Until workers are able to return in meaningful numbers incorporated in the Windmill Quarter, our first office
expect vacancy rates and rents to remain under pressure cluster
(1) Source: Knight Frank
(2) Source: Cushman & Wakefield
Hibernia REIT plc INTERIM RESULTS | NOV 2020 6
Opportunities for Hibernia
1. We have two new city centre office cluster developments ready to start in near term, both building on the success of the Windmill
Quarter and both with low break-evens
• Clanwilliam Quarter (>200,000 sq. ft.) can start in early 2022 for delivery in 2025
• Harcourt Square (337,000 sq. ft.) can start in early 2023 for delivery in 2026
• Estimated all-in capital cost of delivery of c.€850 per buildable sq. ft. (including current property value)
2. Substantial longer-term potential in our portfolio
• 154 acres of well-located land with mixed-use potential(1)
• Assessing in-place office portfolio for future redevelopment opportunities
3. Strong balance sheet gives strategic flexibility and substantial investment capacity
• LTV of 18.7% at Sep-20
• €103m of cash and undrawn facilities(2), with potential to add more facilities if necessary
We have the team and the funding capacity to capitalise on internal and external opportunities
(1) Subject to rezoning
(2) Net of committed expenditure
Hibernia REIT plc INTERIM RESULTS | NOV 2020 7
Agenda
Highlights
Financial results
Market update
Portfolio and development
update
Conclusion
Pictured: The Living Wall at 1SJRQ, Dublin
Hibernia REIT plc INTERIM RESULTS | NOV 2020 8
Tenant breakdown and rent collection
Contracted rent by sector/industry Commercial rent(2) collection
Quarter ending Dec-20 Sep-20 Jun-20
45%
Within seven days 90% 87% 89%
Within 14 days 90% 90.5% 89%
Office
Contracted WAULT*: Within 30 days 93% 90.5% 90%
15%
rent:
€66.5m(1)
6.2 years Within 60 days 95% 95% 93.5%
1% 3%
3% Rent received at 16 November 95% 99% 96%
6% 11%
7% 9% Monthly rent 3.5% - -
Deferred rent - - 3%(3)
Office - Technology Office - Govt agency Office - Banking & Capital Markets Rent on payment plans at 16
3.5% - 3%
Residential Other Office - Professional Services November
Office - Media & Telecomms. Office - Insurance & Reinsurance Co-working
Rent due 0.5% 0.5% 0.5%
Top 10 tenants by contracted rent Rent waived 1.0% 0.5% 0.5%
Rent unpaid at 16 November 1.5% 1% 1%
HubSpot
€10.5m
16%
OPW
€6.0m Residential rent collection
9%
Rest of portfolio Top 10 Month Nov-20 Oct-20 Sep-20
€30.0m €36.5m Twitter
45% 55% €5.1m Within 30 days 98% >99% >99%
3.9yrs* 7.4yrs* 8%
Zalando
ComReg €2.9m
€1.6m 4%
Autodesk
2%
€2.8m
4%
BNY Mellon Riot Games Informatica
€1.6m Travelport €2.0m €2.1m
3% €1.8m 3% (1) Contracted rent includes residential on a net basis and excludes income from The Brickhouse
3%
3% (2) Commercial tenants are all tenants other than residential
*Office WAULT to earlier of break/expiry (3) Due to be paid in full by July 2021
Hibernia REIT plc INTERIM RESULTS | NOV 2020 9
Financial highlights Balance sheet Sep-20 Mar-20 Change Portfolio value €1,420.9m €1,465.2m (3.8%) Net debt €265.3m €241.4m +9.9% Loan to value 18.7% 16.5% +2.2pp Net assets €1,167.1m €1,231.1m (5.2%) EPRA NTA per share 171.9c 179.2c (4.1%) Income statement Sep-20 Sep-19 Change Net rental income €32.0m €28.6m +12.0% Revaluation and disposal (loss) / gain (€56.9m) €6.3m N/A (Loss) / Profit after tax (€34.2m) €25.5m (234.2%) EPRA earnings €22.4m €19.3m +16.4% EPRA EPS 3.3c 2.8c +17.6% Interim dividend per share 2.0c 1.75c +14.3% Hibernia REIT plc INTERIM RESULTS | NOV 2020 10
EPRA NTA per share movement since 31 March 2020
184
Like-for-like “in-place” office valuation: (4.4%) (c.40%(1) ERV impact)
182
Net valuation reduction: (8.3c)
180 179.2c
Resi.i
178
Trad Core
(4.1%)
EPRA NTA per share (c)
176
South Docks
3.3c
174 IFSC
Other
Developments 0.7c 171.9c
172
(6.9c)
Other
(1.4c) (3.0c)
170
South Docks
Residential +0.9c
168 Trad Core (0.5c)
Other
South Docks (0.8c)
IFSC (0.8c)
166 Other (0.1c)
Developments (0.1c)
164
Mar -20 Q1 performance Q2 performance EPRA EPS Dividends paid Share buyback Sep-20
173.2c 0.9c 2.8c (2.0c) 0.7c 175.6c
Mar-19(2) Sep-19(2)
(1) Based on standing office investments only in 6 months to Sep-20 per MSCI
(2) Reported EPRA NAV per share figures restated to EPRA NTA per share
Hibernia REIT plc INTERIM RESULTS | NOV 2020 11Earnings and dividend progression
EPRA earnings movement versus period to 30 Sep 2019 6.0
EPRA EPS and DPS growth in last five years
2WML €1.7m
€23m €0.2m
1SJRQ €1.1m €0.4m
€22.4m 5.0
(€0.3m)
€2.8m
€22m
€21m +€3.1m 4.0
+16.4%
Per share (c)
€20m 3.0
€19.3m 3.0 EPRA EPS
3.3c(3)
€19m
2.0
New lettings €0.9m (1) Direct property cost (€0.1m)
€18m 2.0 1.9
Vacancy (€0.3m) Expected credit loss (€0.1m)
Rents waived (€0.2m) Finance expense (€0.1m) 1.5
€17m
1.0 2.0
1.75
€16m 1.5
1.1
0.75
€15m 0.0
Sept-19 Developments Leasing Disposals & Cost Items Sept-20 FY17 FY18 FY19 FY20 FY21
completed in activity acquisitions
prior year Interim DPS Final DPS EPRA EPS
(2)
€12.8m €2.2m €1.3m (€1.9m) €4.9m €19.3m
Sep-18 Sep-19
(1) Largely attributable to lettings in Observatory and South Dock House in prior financial year
(2) The Investment Management Agreement (“IMA”) expired in Nov-18 and was replaced by a new incentive scheme, which was the primary driver of the net €4.9m saving
(3) Based on weighted average number of shares in issue
Hibernia REIT plc INTERIM RESULTS | NOV 2020 12Organic rent roll growth opportunity(1)
€100m
Rent Reviews/lease €0.2m
variations Office under review: €0.9m(3) €31.1m(3) €95.4m
Lettings €1.5m
€90m Acquisitions €0.1m 2CP: €1.9m(3) +€21.3m
Forum €2.4m(3) 50CQ: €0.3m(3)
Expiries/breaks/ (€1.1m) +29%
surrenders Central Quay €1.4m(3) Harcourt
Other €0.1m Remainder €1.2m(3) Square
€80m
€74.1m(2) Marine House
€0.5m(3,4) Clanwilliam Clanwilliam +€28.9m
Court
€70m +€7.6m Harcourt Court +43%
€5.0m
€65.7m(2) €0.8m €66.5m(2) +11% Square Marine
Rent
House
(€9.8m)(2)
€60m
1 2 3
€50m Delivered Estimated capex of €17.9m(5) to Office development pipeline
complete (estimated capex of €295m(6)
to complete)
€40m Book value €303psf(7)
Cost to build €550psf(7)
€30m
Contracted rent Movement Contracted Vacant assets Reversion Committed (unlet) Near term portfolio Rent loss from ERV of pipeline Potential rent roll
at Mar-20 in-place rent schemes developing pipeline office schemes incl. office schemes
at Sep-20 office schemes
Potential to grow rent roll in near term and looking further ahead
(1) Excl. income potential of possible future mixed-use development schemes
(2) Excl. Iconic Offices arrangement in Brickhouse (Clanwilliam Court, Block 1). Residential rent on a net basis.
(3) Based on C&W ERVs @ Sep-20
(4) Office reversion (€0.4m = €0.9m under review + negative reversion of €0.5m) + residential reversion (€0.1m): €0.4m + €0.1m = €0.5m
(5) Committed capex (€10.8m on 2 Cumberland Place, 50 City Quay, 2 Windmill Lane) plus estimated capex per valuer assumptions for Forum & other minor capex
(6) Capex based on current build cost incl. contingency but excl. effect of any future construction cost inflation
(7) Per buildable sq. ft.; Book value includes present value of remaining existing income of approx. €29psf at Sep-20. Note: standard purchaser costs should be assumed to be 9.92% @ Sep-20.
Hibernia REIT plc INTERIM RESULTS | NOV 2020 13Robust balance sheet and no debt maturities until December 2023
Current facilities Quantum Cost Capital allocation
2.00% margin/0.8%
RCF due Dec-23 €320m
undrawn fee
PP note due Jan-26 €37.5m 2.36% coupon €150m 20.0%
18.7%
PP note due Jan-29 €37.5m 2.69% coupon 17.5%
€125m
(1)
Total €395m 2.10%
15.0%
€100m
85m
Debt statistics Sep-19 Mar-20 Sep-20 12.5%
€75m
Drawn debt €242m €262m €288m 39m 10.0%
40m
Capital deployed
23m
Net debt €222m €241m €265m €50m 7.5%
LTV
% interest fixed/hedged 124% 76% 69% 21m
€25m 53m 45m 5.0%
% unsecured 100% 100% 100% 46m 4m 11m
25m 8m
Weighted average debt maturity 4.8 years 4.4 years 3.8 years 9m 16m 2.5%
€0m
Cash and undrawn facilities(2) €133m €136m €103m
0%
(35m) (35m)
(€25m)
(65m) (2.5%)
(5)
Headroom vs key covenant Requirement At Sep-20 Headroom
(€50m)
Loan to value (gross Portfolio value could (5.0%)
1.5x 6.7x
fall 78%
costs)
Actual Forecast
Net asset value could Asset sales Buyback Capex
Net worth (NAV) >€400m €1,167m
fall 66%
Acquisition spend Net spend LTV
Through-cycle LTV target remains 20-30%
(1) Assuming RCF fully drawn (4) Based on LTM interest cover
(2) Net of committed expenditure (5) At Sep-20
(3) Please note LTV as reported elsewhere is calculated as net debt/portfolio value, giving a figure of 18.7%
Hibernia REIT plc INTERIM RESULTS | NOV 2020 14Key financial messages
1. Further growth in distributable income from high quality tenant base
• EPRA EPS +17.6%
• Interim DPS +14.3%
2. Modest decline in portfolio value, due to a reduction in office ERVs and yield shift
• -3.2% in Q1 2020(1)
• -0.6% in Q2 2020(1)
• Six monthly TPR of -1.7%(2) vs MSCI Ireland Index of -1.6%(3)
3. Balance sheet strength gives great flexibility
• Over €100m of cash and undrawn facilities(4) and ability to add further debt to fund investment opportunities
• No maturities before Dec-23
4. Disciplined capital allocation
• €25m deployed in accretive share buyback programme
– At Sep-20, €8.1m shares repurchased for average price of €1.11
– At completion in Nov-20, 23.1m shares repurchased for average price of €1.08
• €3.8m invested in bolt-on acquisitions
Outlook
• Expect market rents to remain under pressure until there is a clear pathway for workers to return to the office
• Will continue to invest for the long-term: substantial pipeline of exciting opportunities
(1) Like-for-like change (incl. finance costs) on Investment Property and excluding assets acquired and disposed of during the period
(2) TPR is calculated on an “all assets” basis as per MSCI
(3) MSCI / SCSI Ireland Quarterly Property All Assets Index (excl. Hibernia)
(4) Net of committed expenditure
Hibernia REIT plc INTERIM RESULTS | NOV 2020 15Agenda
Highlights
Financial results
Market update
Portfolio and development
update
Conclusion
Pictured: Car park at Cumberland Place
Hibernia REIT plc INTERIM RESULTS | NOV 2020 16Economic outlook
“K-shaped” recovery expected in Ireland Euro area yield curves* flattening: “lower for even longer”
1.25%
2019 2020f 2021f
GDP 5.6% (2.5)% 1.4% 0.75%
GNP 3.4% (3.1)% 1.3% 0.25%
Domestic demand(1) 3.3% (6.5)% 3.9%
-0.25%
Construction 1.1% (2.8%) 1.0%
-0.75%
Personal consumption 2.0% (4.7%) 3.4%
Government consumption 1.2% (2.5%) (0.4%)
-1.25%
Employment 2.9% (13.8%) 7.1%
Unemployment rate(2) 5.0% 15.9% 10.7% 31-Mar-20 Current 31-Mar-20 Current
Source: Department of Finance Source: European Central Bank
(1) Modified Domestic Demand (MDD) is Domestic Demand excl. R&D and aircraft leasing *Note: solid lines are for all bonds and dashed lines are AAA rated bonds only
(2) COVID adjusted unemployment rate
Significant increase in unemployment*… …hospitality and retail the most impacted sector
35.0% 250,000 40%
Standard unemployment rate (%) 35% PUP % PUP of sector employment (RHS)
COVID adj. unemployment rate (%) 35%
30.0%
200,000
30%
25.0% 20.2%
25%
# of people
150,000
20.0%
20%
15.0% 100,000 15%
10%
10.0% 7% 10%
7.3% 50,000 5%
5.0% 3% 5%
0.0% - 0%
Hospitality, Office based Construction & Other Total
Dec-07
Nov-08
Jun-13
Dec-18
Nov-19
Oct-09
Jul-12
Oct-20
Sep-10
Apr-15
Feb-17
Aug-11
May-14
Jan-07
Mar-16
Jan-18
Retail, Arts & employment* Industry
Entertainment
Source: CSO Source: CSO @ Week 44 for PUP claimants and Q2 2020 for number of persons employed in each sector
*the standard rate of unemployment is based on the CSO’s monthly unemployment *Office based employment = Information & communication, Professional, scientific and technical
series and the COVID adjusted unemployment rate assumes all those claiming the Pandemic activities, Administrative and support service activities, Public administration and defence, compulsory
Unemployment Payment (PUP) are unemployed and it is considered an “upper bound” social security, Financial, insurance and real estate activities
Hibernia REIT plc INTERIM RESULTS | NOV 2020 17Dublin office rental market
2020 YTD take-up significantly impacted by COVID-19 Vacancy levels likely to remain elevated in near term but rising from a low base
11.5% (1)
4.0m 11.0% 11.20%
10.5%
3.5m 10.0% (2)
3.0m 25.0% 9.5% 10.20%
9.0%
Area (sq. ft.)
2.5m 20.0% 8.5% 8.9%
2.0m 8.0%
15.0% Q3 2020 2021E
1.5m
1.0m 10.0%
0.5m
5.0%
0.0m
0.0%
Net Take-Up Gross Take-Up 10 Yr. Avg. Gross Take-Up (1) Assumes no further lettings of stock scheduled to be delivered by end of 2021 and no other lettings in the market. Excludes the
Source: Knight Frank @ 30 Sept 20 effect of additional grey/shadow market coming back into the market. i.e. overall net take-up over the period is zero
(2) Assumes no new lettings in 2020 and 500k sq. ft. net absorption in 2021
Source: Knight Frank/Hibernia
Some softening in prime headline rent, reflecting uptick in vacancy Dublin office market much better positioned than 2008
€70psf Pre-GFC Pre-COVID
€65psf All Dublin office market (Mar-08) (Mar-20)
€60psf Prime Dublin headline office rent €65.00psf(1) €62.50psf(1)
€55psf
Vacancy rate 12.3%(1) 6.5%(1)
€50psf
Stock under construction 5.1m sq. ft. (2) 5.5m sq. ft. (3)
€45psf
€40psf Stock under construction that is un-let 4.6m sq. ft. (2) 3.0m(3)
€35psf Under construction as a % of total stock 16.6%(2,4) 12.6%(3)
€30psf
Under construction but not yet let as a %
€25psf 14.9%(2,4) 6.9%(3)
of total stock
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Sep-20
(1) Knight Frank (4) End 2007 stock
(2) Property Market Analysis (PMA)
Source: Knight Frank @ 30 Sept 20
(3) Hibernia/Knight Frank
Office occupational market expected to remain challenging until there is a clear pathway for workers returning to offices
Hibernia REIT plc INTERIM RESULTS | NOV 2020 18Expected CBD Dublin office development supply
Dublin CBD(1) office development pipeline @ May 20 Dublin CBD(2) office development pipeline @ Nov 20
• CBD forecast supply 2020-23 5% to 5.4m sq. ft.
• Some delays seen between years
4.0 4.0
May 50% of space currently under Nov 47% of space currently under construction is
3.5 2020 construction is pre-let 3.5 2020 pre-let
3.0 3.0
2.5 2.5
Potential sq. ft. (m)
Knight Frank 2019 CBD take-up: 2.2m sq. ft.
Potential sq. ft. (m)
Knight Frank 2019 CBD take-up: 2.2m sq. ft.
2.2m 2.1m
2.0 2.0
1.8m 1.8m
Knight Frank 10yr avg. CBD Knight Frank 10yr avg. CBD
take-up: 1.5m sq. ft. take-up: 1.5m sq. ft.
1.5 1.5
1.3m 1.2m
1.4m 1.1m
1.0 1.0 1.0m
0.8m
0.7m 0.7m
0.5 0.5
0.0 0.0
2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023
Actual Forecast Actual Forecast
Expected year of completion Expected year of completion
Completed Under construction Probability weighted pipeline Pre-let/let All potential schemes
Source: Knight Frank/Hibernia
(1) Restated at Sep-20 to include Ballsbridge submarket as part of CBD pipeline. Ballsbridge is approx. 2m sq. ft. of total CBD stock
(2) Including Ballsbridge submarket
Note: Total Dublin CBD office market including Ballsbridge is 22m sq. ft.
Some delays to commencements and live sites occurring with expectations for delivery out to 2023 reduced
Hibernia REIT plc INTERIM RESULTS | NOV 2020 19Expected Dublin office development supply
Total Dublin office development pipeline incl. suburbs @ Total Dublin office development pipeline incl. suburbs @
May 20 Nov 20
• Dublin forecast supply 2020-23 6% to 7.1m sq. ft.
• Some delays seen between years
4.0
4.0 May 46% of space currently under Nov 43% of space currently under construction is
construction is pre-let 2020 pre-let
2020
3.5
3.5 Knight Frank 2019 take-up: 3.3m sq. ft.
Knight Frank 2019 take-up: 3.3m sq. ft.
3.0
3.0
Knight Frank 10yr avg.
Knight Frank 10yr avg. 2.7m
take-up: 2.5m sq. ft.
take-up: 2.5m sq. ft. 2.5
2.5
Potential sq. ft. (m)
2.2m
Potential sq. ft. (m)
2.2m
2.2m
2.0m 2.0
2.0
1.7m 1.7m 1.6m
1.6m
1.5
1.5
1.2m 1.2m 1.2m
1.0 1.0
0.5 0.5
0.0 0.0
2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023
Actual Forecast Actual Forecast
Expected year of completion Expected year of completion
Completed Under construction Probability weighted pipeline Pre-let/let All potential schemes
Source: Knight Frank/Hibernia
Note: Total Dublin office market is 44m sq. ft.
Some delays to commencements and live sites occurring with expectations for delivery out to 2023 reduced
Hibernia REIT plc INTERIM RESULTS | NOV 2020 20Dublin investment market
Yield progression in key Dublin property sectors Robust Dublin investment demand at Sep-20
Change YoY*
Sep-19 Mar-20 Sep-20 bps % Sector Investment demand Mar-20 Investment demand Sep-20
Office(1)
Office €3.5bn €3.5bn
Prime 4.00% 4.00% 4.00% 0bps 0%
Second. asset; prime location 4.75% 4.75% 4.75% 0bps 0% Private Rental Sector (residential) €3.0bn €3.0bn
Second. asset; second. location 5.25% 5.50% 5.75% +50bps +9.5%
Retail €0.0bn €0.0bn
Residential(2)
Prime (% net) 4.05% 4.00% 4.00% -5bps -1.2% Industrial €1.0bn €1.5bn
Industrial(3)
Total €7.5bn €8.0bn
Prime 5.10% 5.00% 5.00% -10bps -2.0%
* Sep-20 vs Sep-19 Source: Knight Frank
Source: (1) Knight Frank (2) Cushman & Wakefield, mid of range (3) CBRE
Dublin prime office yields and spreads competitive among European peers
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
-2.00%
Brussels
Amsterdam
Berlin
Munich
Vienna
Bucharest
Warsaw
Milan
London
Prague
Budapest
Frankfurt
Barcelona
Madrid
Paris
Dublin
Geneva
Moscow
Prime office yield 10yr gov. bond yield Prime office yield spread over bond
Source: Knight Frank/Financial Times
Investment demand and prime yields broadly stable
Hibernia REIT plc INTERIM RESULTS | NOV 2020 21Agenda
Highlights
Financial results
Market update
Portfolio and development
update
Conclusion
Pictured: CGI of development scheme at Clanwilliam Court, Dublin
Hibernia REIT plc INTERIM RESULTS | NOV 2020 22Portfolio contracted income
Whole portfolio: Office portfolio: Acquired in-place office portfolio:
contracted rent €66.5m contracted rent €58.2m contracted rent €25.5m
Industrial/Land Committed office development un-let Potential incremental rent from near
Industrial/Land: 3% Contracted rent: €0.0m term pipeline of €21.3m
Contracted rent: €2.0m ERV: €2.2m/€55psf
ERV: €2.0m Committed office development pre-let
Contracted rent: €1.5m/€61psf Near term development pipeline
ERV: €1.4m /€59psf Contracted rent: €9.9m/€42psf
Residential ERV: €9.9m/€42psf
Residential: 9% Completed office development
WAULT to review: 1.7yrs
Contracted rent: €6.3m Contracted rent: €31.3m/€54psf
WAULT to break: 1.7yrs
ERV: €6.4m(1) ERV: €31.1m/€54psf
% rent upward only: 0%
WAULT to review: 2.4yrs
% rent cap & collar: 0%
WAULT to break: 8.6yrs
Office % rent upward only: 0%
Office: 88% % rent cap & collar: 29% Investment assets
Contracted rent: €58.2m/€51psf Contracted rent: €15.5m/€51psf
Acquired in-place office
ERV: €58.6m(1)/€51psf ERV: €16.1m/€52psf
Contracted rent: €25.5m/€47psf
WAULT to review: 2.3yrs WAULT to review: 2.1yrs
ERV: €26.1m/€48psf
WAULT to break: 6.2yrs WAULT to review: 2.0yrs WAULT to break: 4.1yrs
% rent upward only: 7% WAULT to break: 3.2yrs % rent upward only: 26%
% rent cap & collar: 15% % rent upward only: 16% % rent cap & collar: 0%
% rent cap & collar: 0%
(1) Excl. vacant space: Residential €0.4m, office €6.7m (€50psf) (in-place office €4.5m (€48psf), committed office un-let €2.2m (€55psf))
Note: Contracted rent includes residential rent on a net basis and excludes The Brickhouse; small differences in summation due to rounding
Office portfolio has long WAULTs except for near term development assets
Hibernia REIT plc INTERIM RESULTS | NOV 2020 23Office portfolio statistics
Sep-19 Mar-20 Sep-20
(1) Excl. arrangement with Iconic Offices at Block 1 Clanwilliam
All office contracted rent(1) €54.3m +6% €57.7m +1% €58.2m
(2) To earlier of break or expiry
In-place office contracted rent(1) €54.3m +6% €57.7m -2% €56.7m
(3) By net lettable office area. Office area only (i.e. excl.
In-place office WAULT(2) 6.9yrs -7% 6.4yrs -5% 6.1yrs retail, basement space, gym, Townhall etc.)
(4) Excl vacancy in near term developments (Marine & Clanwilliam).
In-place office vacancy(3) 12% -5pp 7% - 7%(4) Incl. Marine & Clanwilliam, the vacancy rate would be 10%
Portfolio by area Industry split of in-place tenants Top 10 tenants of in-place portfolio
(1)
1.5m sq. ft. €56.7m €56.7m
1% Co-working
2% 3% ComReg
3% Other
Near-term Insurance & Reinsurance 3%
289k sq. ft. 4% 3% BNY
pipeline Media & Telecommunications 3%
7% 4% Travelport
Committed 5% Riot Games
62k sq. ft. 13% Professional Services
development 5% Informatica
9% Autodesk
In-place office Zalando
18% Banking & Capital Markets
portfolio 11% Twitter
OPW
HubSpot
Government Agency 19%
Remainder
1,137k sq. ft.
Technology
53%
36%
(1) Office areas only (i.e. excl. retail, basement space, gym, townhall etc.)
Hibernia REIT plc INTERIM RESULTS | NOV 2020 24Office leases agreed and schedule of upcoming lease events(1)
Office lease agreements since March 2020
Area Contracted rent Contracted To To
Tenant Building (sq. ft.) Lease event €m rent vs. last ERV break expiry Notes
2 Cumberland 24k New lease €1.5m Ahead 10yrs 10yrs • To commence in 2021
Total in HY21 24k €1.5m Ahead 10yrs 10yrs
• Signed Nov-20
Central Quay 12k New lease €0.6m In line 6yrs 10yrs
• +€0.2m incremental rent
Schedule of upcoming lease events for in-place office portfolio(1,2,3,4)
Contracted in-place office rent(3): €56.7m
ClanW
1CP Central Quay
1DC 2DC
One Earlsfort Harcourt Central Quay
€18m Observatory 1WML 1SJRQ
SOBO Works Observatory 2WML
€16m Observatory
South Dock House
€14m
Central Quay
€12m ClanW
Marine Forum
€10m 1DC Hardwicke
2DC Montague
Hardwicke 1WML
€8m
SOBO Works
€6m
€4m
€2m
€0m
Twelve months Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
ended:
Rent review Expiry - remainder Expiry - near term development ERV @ Sep-20 - remainder ERV @ Sep-20 - near term development (4)
(1) To earlier of rent review or lease expiry. Note that of the rent due for rent review, €9.0m of this income is capped & collared at next review and a further €4.0m is subject to upward only rent review provisions
(2) Note: €5.7m of income is subject to break options in the period from now to Mar-25
(3) Note: excl. 3M letting at 2CP as committed development at Sep-20
(4) Assuming space re-let at same rent as is currently contracted
Hibernia REIT plc INTERIM RESULTS | NOV 2020 25Committed developments
2 Cumberland Place, D2
• 58,000 sq. ft. of new Grade A offices
• 41% pre-let following 3M leasing in
Apr-20 (ahead of ERV)(1)
• Total office space at Cumberland Place post-
completion will be c.190,000 sq. ft.
• Completion now expected in Jan-21 due to
COVID-19 restrictions. Project remains on
budget
Pictured: 2 Cumberland Place nearing completion
Total area post Full Est. total cost Office
Sector Property completion (sq. ft.) purchase price(2) Est. capex (incl. land) €psf ERV(3) ERV psf(3) PC date
Office 2 Cumberland Place, D2 58k office €0m €35m €605psf(4) €3.3m €56.53psf Jan-21
1k retail/café
Office 50 City Quay, D2 5k office €3m €1.4m €935psf €0.3m €55.00psf Jan-21
(1) In April 2020, the Group entered into a pre-let with 3M for the 4th, 5th and 6th floors (24k sq. ft.) on a 10 year lease ahead of the September 2019 ERV
(2) Including acquisition costs
(3) Headline office ERV as per C&W @ Sep 20
(4) Office demise only
Hibernia REIT plc INTERIM RESULTS | NOV 2020 26Committed developments
50 City Quay, D2
• 4,500 sq. ft. of office space refurbished to a
high standard
• Building faces the River Liffey
• Forms part of the Windmill Quarter and
tenants will have access to all the amenities
of the Quarter
• Marketing commenced in Autumn 2020
Pictured: CGI of refurbished 50 City Quay with 1SJRQ in the
background
Total area post Full Est. total cost Office
Sector Property completion (sq. ft.) purchase price(1) Est. capex (incl. land) €psf ERV(2) ERV psf(2) PC date
Office 2 Cumberland Place, D2 58k office €0m €35m €605psf(3) €3.3m €56.53psf Jan-21
1k retail/café
Office 50 City Quay, D2 5k office €3m €1.4m €935psf €0.3m €55.00psf Jan-21
(1) Including acquisition costs
(2) Headline office ERV as per C&W @ Sep 20
(3) Office demise only
Hibernia REIT plc INTERIM RESULTS | NOV 2020 27Development pipeline progress
Pictured: CGI of development scheme at Clanwilliam Quarter
Clanwilliam Quarter, D2
• Final planning received for Clanwilliam Court and Marine
House in the period
• >200,000 sq. ft. office scheme including 11,000 sq. ft.
retail / leisure
• Strategic location in Traditional Core but near Grand
Canal Dock
• Lease expiries through 2021 so project can commence in
early 2022
Future proofing our development pipeline
• The Clanwilliam Quarter is designed to meet evolving
occupiers’ needs:
Collaborative space (eg townhall /
communal areas) ✓
Air + light quality ✓
Health + fitness amenities ✓
Near public transport ✓
Strong ESG credentials ✓
Hibernia REIT plc INTERIM RESULTS | NOV 2020 28Development pipeline progress
Pictured: CGI of development scheme at Harcourt Square
Harcourt Square, D2
• Planning granted for 337,000 sq. ft. office development
scheme(1) (+9% on previous planning)
• Site is a short walk from St. Stephen’s Green in Dublin’s
Traditional Core
• Existing lease expires in Dec-22, so project can
commence thereafter
Future proofing our development pipeline
• Harcourt Square is designed to meet evolving occupiers’
needs:
Collaborative space (eg townhall /
communal areas) ✓
Air + light quality ✓
Health + fitness amenities ✓
Near public transport ✓
Strong ESG credentials ✓
(1) 343k sq. ft. including reception areas
Hibernia REIT plc INTERIM RESULTS | NOV 2020 29Agenda
Highlights
Financial results
Market update
Portfolio and development
update
Conclusion
Pictured: CGI of top floor office space at 50 City Quay
Hibernia REIT plc INTERIM RESULTS | NOV 2020 30Conclusion and outlook
Resilient performance in challenging market conditions
• EPRA NTAPS -4.1%
• EPRA EPS +17.6% / interim DPS +14.3%
High quality tenant base and low financial risk
• Strong rent collection statistics
• LTV of 18.7% at Sep-20, no maturities before Dec-23
Office market expected to remain challenging until clear pathway for workers to return…
• Rising Dublin office vacancy putting market rents under pressure
…we still believe in long-term prospects for appropriately configured offices in Dublin’s CBD
• Important for staff collaboration, creativity and team culture
Exciting near-term development opportunities with low break-evens
• Can start on 539,000 sq. ft. of Grade A office space in next two years
Hibernia REIT plc INTERIM RESULTS | NOV 2020 31Hibernia REIT plc INTERIM RESULTS | NOV 2020 32
Appendix
Pictured: Dublin’s North Docks and the River Liffey as seen from 1SJRQ
INTERIM RESULTS | NOV 2020 33Location of Hibernia portfolio
Dublin overview Central Dublin portfolio(1)
19 20
Dublin
Airport Fairview
Fairview
The Ward Croke
CrokePark
Park Park
Park
M1
Portmarnock
N2/M2
Northwest
Business Park M50
Northern
Cross
N3/M3 Ballymun
Sutton
Blanchardstown 20
Beaumont Howth Kings 1 Wyckham Point
North Bull Inns
2 Gateway Lands
19 Island
Castleknock Drumcondra Clontarf 8 3 Montague House
10
N4/M4 Phibsborough 9 4 Hardwicke House
Palmerstown River Liffey 5 2WML
Dublin 11 7 6 1WML
CBD
6 5 15 7 Observatory
N81 18 2
8 Two Dockland Central
Ballsbridge 12
9 One Dockland Central
Clondalkin Kimmage
10 The Forum
N7/M7 2
Ballymount 11 1SJRQ
St.
Blackrock 17
Stephens 12 1&2 Cumberland
Rathfarnham Green Place
M50 Dundrum
18 13 Harcourt Square
1 14 4
16 14 Dundrum View
Tallaght 13
3 20
15 Central Quay
N11
1 Wyckham Point Glenageary 16 One Earlsfort Terrace
2 Gateway Lands
17 Marine House &
M50 Clanwilliam Court
14 Dundrum View
18 Cannon Place
18 Cannon Place
19 Dublin Industrial
19 Dublin Industrial Estate
Herbert Estate
20 Malahide Road 1 14 Park 20 Malahide Road
Key: Office Residential Industrial Office development
Source: Google Maps, Visit Dublin, Jones Lang LaSalle
(1) Property assets > €7.5m in value as at 30 Sept 2020
Hibernia REIT plc INTERIM RESULTS | NOV 2020 34Portfolio summary at September 2020
Value as at Yield on value %(1) Passing
Sep-20 % of rent Contracted
(all assets)* portfolio Initial Equivalent Reversionary (€m) rent (€m) ERV (€m)
1. Dublin CBD Offices
Traditional Core €413m 29% 5.0%(2) 5.1%(2) 5.1%(2) €22.3m €22.3m €23.1m
IFSC €191m 13% 3.9% 4.8% 5.1% €8.3m €8.3m €11.0m
South Docks €540m(3) 38% 4.3% 4.4% 4.4% €26.1m €26.1m €27.5m
Total Dublin CBD Offices €1,145m(3) 81% 4.5%(2) 4.7%(2) 4.8%(2) €56.7m €56.7m €61.7m
2. Dublin CBD Office Developments(4) €56m 4% - - - - €1.5m €3.6m
3. Dublin Residential(5) €164m(6) 12% 3.7%(7) 4.1%(7) 4.5%(7) €6.3m(7) €6.3m(7) €6.8m(7)
4. Industrial/Land €56m 4% 3.2%(8) 3.2%(8) 3.4%(8) €1.8m €2.0m €2.0m
Total Investment Portfolio €1,421m(3,6) 100% 4.3%(2,7,8) 4.6%(2,7,8) 4.7%(2,7,8) €64.8m(7) €66.5m(7) €74.1m(7)
*Note: Per RICS guidance C&W have highlighted material uncertainty in their Sep-20 valuations (5)Includes 1WML residential element (Hanover Mills)
due to COVID-19. This applies to all assets with the exception of “3. Dublin Residential”. (6)Valuation assuming 80% net-to-gross and purchaser costs as per C&W @ Sep-20
(1) Yields on unsmoothed values and excluding adjustment for 1WML owner-occupied space (7)Residential income on net basis assuming Hibernia cost
(2) Harcourt Square, Clanwilliam Court & Marine House yields are calculated as the passing rent (8)Current rental value assumed as ERV as these assets are valued using a combination of price per
over the total value (after costs) which includes residual land value. Excludes Iconic Offices acre and on an income basis
income at Brickhouse in Clanwilliam Court Note: differences in summation of totals in the above table are due to rounding
(3) Excludes the value of space occupied by Hibernia in 1WML
(4) 2 Cumberland Place and 50 City Quay
Hibernia REIT plc INTERIM RESULTS | NOV 2020 35Portfolio performance since March 2020
Value Reval Q1 Reval Q2 Value LfL change LfL change
(all assets) Capex Acquisitions(1) (Apr-Jun) (Jul-Sep) (all assets) (€m) (%)
Mar-20* Sep-20*
1. Dublin CBD Offices
Traditional Core €435m (€0.2m) - (€18m) (€4m) €413m (€21m) (4.9%)
IFSC €205m - - (€8m) (€6m) €191m (€14m) (6.6%)
South Docks €555m(2) €0.5m €3.4m (€13m) (€5m) €540m(2) (€18m)(2) (3.2%)(2)
Total Dublin CBD Offices €1,194m(2) €0.3m €3.4m (€38m) (€15m) €1,145m(2) (€52m)(2) (4.4%)(2)
2. Dublin CBD Office Development €51m €8.4m - (€3m) (€0m) €56m (€3m) (5.1%)
3. Dublin Residential €159m €0.1m €0.4m (€2m) €6m €164m €4m 2.6%
4. Industrial/Land €61m - - (€4m) (€1m) €56m (€5m) (8.4%)
Total Investment Portfolio €1,465m(2) €8.8m €3.8m (€47m) (€10m) €1,421m(2) (€56m)(2) (3.8%)(2)
*Per RICS guidance, C&W have highlighted material uncertainty in their Sep-20 valuations due to COVID-19, with the exception of assets classed as 3. Dublin Residential. At Mar-20, the material
valuation uncertainty clause was in place for valuations of all assets.
(1) Including acquisition costs
(2) Excludes the value of space occupied by Hibernia in 1WML
Note: At Mar-20, 50 City Quay was within the South Docks segment. At Sep-20, 50 City Quay was undergoing a substantial refurbishment so has been moved to Dublin CBD Office Development. This
transfer explains differences in South Docks and Dublin CBD Office Development at Mar-20 vs that presented in Hibernia’s Preliminary Results in May-20.
Note: Differences in summation of totals in the above table are due to rounding
Hibernia REIT plc INTERIM RESULTS | NOV 2020 36Vacant offices and office leases under review
Vacant office(1) space at September 2020
Area % of portfolio Sep-20 Sep-20
Building (sq. ft.) vacancy ERV(2) (€) ERV(2) (€psf) Comment
The Forum 47k 4% €2.2m €47.00 • Marketing space
• Marketing space
Central Quay 25k 2% €1.3m €52.75
• Since Sep-20, 12k sq. ft. has been leased to Hines
Other 11k 1% €0.4m – • Marketing space
Total 82k 7%(1) €3.9m
Office leases currently under review
Review Area Contracted % of Group
Building date (sq. ft.) rent €m contracted rent Expected uplift Notes
Hardwicke House Jul-18 30k €1.0m 2% Double digit % • Two rent reviews active
2DC Apr-20 16k €0.8m 1% Modest • One rent review active
1DC Apr-20 16k €0.8m 1% Modest • One rent review active
Total 62k €2.6m 4%
ERV of vacancy across entire portfolio(3) of €5.0m
(1) Exc. currently vacant but near term office developments: Clanwilliam (Development pipeline: office
Area post Full
Current area completion purchase
Sector (sq. ft.) (sq. ft.) price(1) Comments
Office
Marine House Office 41k 50k €30m • Full planning granted for refurbishment and extension of
Marine House to provide 50k sq. ft. of office accommodation
(+22% on existing area)
• Lower ground floor planning application approved in Aug-20
which added approx. 1.5k sq. ft. (included within 50k sq. ft.)
• Ability to obtain vacant possession during 2021
Clanwilliam Office 93k 141k office €59m • Redevelopment opportunity post 2021
Court • Potential to increase the existing NIA by 63% and create an
11k ancillary
office cluster similar to Windmill Quarter (with Marine)
• Final planning grant received Aug-20
Harcourt Square Office 122k 337k office €77m • Leased to OPW until Dec-22
• Site offers potential to create cluster of office buildings with
shared facilities or a major HQ
• Planning granted for 337k sq. ft. of offices (343k incl.
reception areas), +9% over previous planning and +176%
over existing area
One Earlsfort Office 22k 28k €20m • Current planning permission for two extra floors (6k sq. ft.),
Terrace expiring Jul-21
• Potential for redevelopment as part of wider Earlsfort
Centre scheme
Total 278k 567k €186m
(1) Including transaction costs and capex spent to date
Hibernia REIT plc INTERIM RESULTS | NOV 2020 38Development pipeline: mixed-use
Full
Area post purchase
Current area completion price(1) Comments
Mixed-use
Newlands 143.7 acres N/A €48m(2) • Strategic transport location
(Gateway) • Potential for future mixed-use redevelopment subject to
rezoning
Dublin Industrial 119k on N/A €11m • Strategic transport location
Estate 6.8 acres • Potential for future mixed-use development subject to
rezoning
Malahide Road 66k warehouse N/A €8m • Potential for future mixed-use development subject to
17k ancillary rezoning
office
on 3.8 acres
Total mixed-use 154.3 acres N/A €67m
(1) Including transaction costs and capex spent to date
(2) Initial consideration
Hibernia REIT plc INTERIM RESULTS | NOV 2020 39Gateway/Newlands Cross
20 mins City CentreSummary financial statements
Balance sheet highlights Summary income statement
6 mths to 6 mths to
€ '000 30-Sep-20 31-Mar-20 € '000 30-Sep-20 30-Sep-19
Investment properties 1,420,886 1,465,183 Revenue 36,672 33,717
Other non current assets 18,518 19,414 Rental income 33,263 29,749
Property expenses (1,243) (1,171)
Cash and cash equivalents 29,341 28,454
Net rental income 32,020 28,578
Trade and other receivables 6,107 3,751
Administrative expenses (4,642) (4,656)
Gross assets 1,474,852 1,516,802
Variable remuneration (1,029) (1,044)
Current liabilities (21,980) (25,567)
Expected credit losses (213) (53)
Liabilities (non-current) (285,811) (260,086)
Net finance (costs) (3,712) (3,586)
Net assets 1,167,061 1,231,149
Revaluation & other income/(expense):
Equity share capital 650,680 700,499
Investment properties revaluation gains / (losses) (56,891) 6,288
Retained earnings 654,098 638,267
Other gains/ (losses) 15 (28)
Dividends paid/Share Buy-back (142,518) (112,996)
Tax credit 208 26
Other reserves 4,801 5,379
Total revaluation gain / (loss) /other income: (56,668) 6,286
Total equity 1,167,061 1,231,149 Profit / (loss) for the period (34,244) 25,525
IFRS NAV per share (cent) 172.5 179.8 Diluted IFRS EPS (cent) (5.0) 3.7
Diluted IFRS NAV per share (cent) 171.9 179.2 EPRA earnings 22,439 19,284
EPRA NTA per share (cent) 171.9 179.2 EPRA EPS (cent) 3.3 2.8
Hibernia REIT plc INTERIM RESULTS | NOV 2020 41Selected investment transactions (9 months to Sep 2020)
Office
Buyer Purchase price
# Property Location Buyer Nationality Seller (€m) Cap. value (€psf)
1 Bishop's Square Dublin 2 GLL Hines €183m €1,003
2 The Treasury Building Dublin 2 Google Percy Nominees & Jayfield Ltd €115m €923
3 2 Burlington Road Dublin 4 KGAL Henderson Park €94m €1,090
AXA IM - Real Assets & BCP
4 La Touche House Dublin 1 Credit Suisse €84m €877
Capital
5 30-33 Molesworth Street Dublin 2 KanAm Henderson Park €60m €1,007
€536m
PRS
Buyer Purchase price Purchase price
# Property Location Buyer Nationality Seller (€m) (€k per unit)
Cheevers Court & Haliday
1 South Suburbs SW3 / DWS Cosgrave Group €195m €530k
House
2 The Prestige Portfolio North Suburbs SW3 / DWS Private €145m €457k
3 Clay Farm (Phase 1C) South Suburbs Urbeo Park Developments €75m €391k
4 Johnstown Road South Suburbs Confidential McGrath Group €45m €445k
5 Herberton Dublin 8 LRC Group Deloitte (receiver) €37m €358k
€497m
Source: Office – Knight Frank @ Sep-20. Residential – various including Hooke & MacDonald, BNP Paribas, Cushman & Wakefield
Hibernia REIT plc INTERIM RESULTS | NOV 2020 42Dublin office rental market (further statistics)
Serviced office and co-working operators in Dublin Top 10 Dublin takers of space in 9 months to Sep 2020
# Tenant Sector Take-up % city centre
450k 2.5%
• In the 12 months to March 2020, serviced office/
400k co-working accounted for 3.3% of gross take-up 1 Finance 249k 0%
• Serviced office/co-working operators occupy 2.0%
350k approx. 3.6% of Dublin CBD stock** 2 Technology 135k 100%
% of City Centre Stock**
300k • For reference, co-working operators’ share of office
3 Technology 85k 0%
Area (sq. ft.)
stock in some other major cities is: London (6.0%), 1.5%
250k Paris (3.2%), New York (3.9%)
4 Technology 75k 0%
200k
1.0%
150k 5 Technology 48k 100%
100k 0.5% 6 Technology 44k 100%
50k
7 Technology 43k 100%
0k 0.0%
IWG
DCU Alpha
Us & Co
Other*
Media Cube
Glandore
Dospace
Pembroke Hall
DCU Invent
Huckletree
Knotel
WeWork
Office Suites
Iconic Offices
Dogpatch Labs
The Digital Hub
The Guinness Enterprise Centre
8 State 42k 100%
9 Technology 37k 100%
10 Technology 36k 0%
Total 794k 44%
Source: Knight Frank @ 30 Sep-20
sq. ft. (LHS) % of city centre stock** (RHS) • Accounted for 70% of the total take-
up in 9 months to September 2020
• Strong expansion: 81% net to gross
Source: Hibernia & Knight Frank @ 31 Mar-20
* smaller operators withYou can also read
