HIBERNIA REIT PLC ii. Portfolio statistics ? valuation
Financial year ended 31 March 2021
Market value Valuation movement EPRA NIY EPRA 'topped-up' NIY Reversionary yield
EUR'm EUR'm % % %
Office 1,138 (65) 4.5 4.5 4.8
Development 62 (4) n/a n/a n/a
Residential 168 7 3.3 3.3 4.2
Industrial/other 59 (6) 4.61 4.6 6.6 1
Total 1,427 (68) 4.4 4.4 4.7 1. These yields exclude the value of the lands at Newlands in accordance with EPRA guidance.
Financial year ended 31 March 2020
Market value Valuation movement EPRA NIY EPRA 'topped-up' NIY Reversionary yield
EUR'm EUR'm % % %
Office 1,197 5 4.2 4.4 4.8
Development 48 18 n/a n/a n/a
Residential 159 5 3.7 3.7 4.5
Industrial/other 61 (6) 5.21 6.11 5.51
Total 1,465 22 4.1 4.4 4.7 1. These yields exclude the value of the lands at Newlands in accordance with EPRA guidance. iii. Reversionary potential
The following data is calculated for the 'in-place' office and industrial portfolio (exclusive of the Iconic office arrangement) and based on the earliest of review, break or expiry dates. Residential data is excluded as reversion to ERV is limited to 4% in rent-controlled areas where all the residential assets are based, and all leases roll on average annually. Passing rent is used to avoid overstating uplifts to ERV as fixed uplifts are generally in the first year of lease and are accounted for on a smoothed period over the lease term in the financial data. Further details on portfolio rent statistics can be found in the business review.
As at 31 March 2021
Rent subject to rent reviews
Financial year ended 31 March 2022 2023 2024-25 >2025 Total
EUR'm EUR'm EUR'm EUR'm EUR'm
Passing rent 12.7 8.1 15.5 2.6 38.8
Uplift to ERV1 0.7 (0.3) (0.2) 0.1 0.3
Total 13.4 7.8 15.3 2.7 39.1
% increase/(decrease) possible 5% (4)% (1)% 6% 1%
From vacant space 4.4 - - - 4.4
Total 17.8 7.8 15.3 2.7 43.5
Rent subject to break or expiry
Financial year ended 31 March 2022 2023 2024-25 >2025 Total
EUR'm EUR'm EUR'm EUR'm EUR'm
Passing rent 5.3 9.0 5.9 0.1 20.4
Uplift to ERV (0.1) (0.7) (0.2) 0.1 (0.9)
Total 5.2 8.3 5.8 0.2 19.5
% increase/(decrease) possible (2)% (8)% (3)% 44% (5)%
Total reversion from review and break/expiry (excluding vacancy)
Total passing rent 18.0 17.1 21.4 2.7 59.2
Total uplift to ERV 0.6 (1.0) (0.3) 0.2 (0.6)
% increase/(decrease) possible 3% (6)% (2)% 8% (1)%
% increase possible including vacancy 6% 1. ERV uplift includes all 'in-place' office and industrial potential uplifts and excludes the Group's residential units. The Group may develop some of these properties in the longer term and therefore these reversions may not be
obtained.
As at 31 March 2020
Rent subject to rent reviews
Financial year ended 31 March 2021 2022 2023-24 >2024 Total
EUR'm EUR'm EUR'm EUR'm EUR'm
Passing rent 5.3 9.8 11.0 8.7 34.8
Uplift to ERV1 1.1 0.5 - - 1.6
Total 6.4 10.3 11.0 8.7 36.4
% increase/(decrease) possible 21% 5% - 1% 5%
From vacant space 4.7 - - - 4.7
Total 11.1 10.3 11.0 8.7 41.1
Rent subject to break or expiry
Financial year ended 31 March 2021 2022 2023-24 >2024 Total
EUR'm EUR'm EUR'm EUR'm EUR'm
Passing rent 3.6 2.6 12.1 2.7 21.0
Uplift to ERV (0.2) - (0.6) (0.1) (0.9)
Total 3.4 2.6 11.5 2.6 20.1
% increase/(decrease) possible (4)% (2)% (5)% (1)% (4)%
Total reversion from review and break/expiry (excluding vacancy)
Total passing rent 8.9 12.4 23.2 11.3 55.8
Total uplift to ERV 1.0 0.5 (0.6) - 0.9
% increase/(decrease) possible 11% 4% (3)% - 1%
% increase possible including vacancy 9% 1. ERV uplift includes all 'in-place' office and industrial potential uplifts and excludes the Group's residential units. The Group may develop some of these properties in the longer term and therefore these reversions may not be
obtained. Property-related capital expenditure ("capex")
Capital expenditure on the investment portfolio analysed to allow an understanding of the investment in the portfolio during the period. Analysis of capex is in note 16 to the consolidated financial statements.
Directors and Other Information
Daniel Kitchen (Chairman)
Colm Barrington (Senior Independent Director)
Roisin Brennan
Thomas Edwards-Moss (CFO)
Margaret Fleming
Directors Stewart Harrington
Grainne Hollywood
Frank Kenny (resigned 29 July 2021)
Kevin Nowlan (CEO)
Terence O'Rourke
Sean O'Dwyer
Company Secretary
Blackglen Corporate Governance Solutions Limited
t/a Corporate Governance Solutions
169 Bracken Hill
Assistant Secretary Sandyford
Dublin D18 R22W
Ireland
1WML
Windmill Lane
Registered office Dublin D02 F206
Ireland
531267
Company number
Deloitte Ireland LLP
Chartered Accountants and Statutory Audit Firm
Deloitte & Touche House
Independent Auditor 29 Earlsfort Terrace
Dublin D02 AY28
KPMG
1 Stokes Place
St. Stephen's Green
Tax adviser Dublin D02 DE03
Ireland
Cushman & Wakefield
164 Shelbourne Road
Ballsbridge
Independent Valuer Dublin D04 HH60
Ireland
Bank of Ireland
2 Burlington Plaza
Burlington Road
Principal banker Dublin D04 X738
Ireland
BNP Paribas Securities Services, Dublin Branch
Trinity Point
Depositary 10-11 Leinster Street South
Dublin D02 EF85
Ireland
Link Registrars Limited t/a Link Asset Services
2 Grand Canal Square
Registrar Dublin D02 A342
Ireland
A&L Goodbody
25/28 North Wall Quay
IFSC
Principal legal adviser Dublin D01 H104
Ireland
Goodbody Stockbrokers
Ballsbridge Park
Ballsbridge
D04 YW83
Ireland
Corporate brokers
Credit Suisse International
One Cabot Square
London E14 40J
United Kingdom
Glossary
AGM is Annual General Meeting.
APM is an alternative performance measure.
BEPS is base erosion and profit shifting. It refers to corporate tax planning strategies used by multinationals to shift profits from higher tax jurisdictions to low tax jurisdictions.
Brexit is the UK exit from the EU.
C&W or Cushman & Wakefield or the Valuer is the Group's external independent Valuer.
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