DJ HALF YEARLY FINANCIAL REPORT
Hibernia REIT plc (HBRN) HALF YEARLY FINANCIAL REPORT 18-Nov-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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HALF YEARLY FINANCIAL REPORT
For the six months ended 30 September 2021
18 November 2021
Hibernia REIT plc ("Hibernia", the "Company" or the "Group") today announces results for the six months ended 30 September 2021 (the "period"). Highlights include:
Good progress with strategic priorities of asset clustering and ESG excellence
-- Completion of 2 Cumberland Place and 50 City Quay schemes, delivering 62,500 sq. ft. of new office space
-- Sale of Dockland Central, one of our less energy efficient properties, for EUR152.3m in Oct-21 (post periodend), with the proceeds expected to be recycled into the delivery of the Clanwilliam Quarter and Harcourt Square
-- In advanced discussions regarding a substantial pre-let to KPMG of the 337,000 sq. ft. Harcourt Squaredevelopment
-- Neil Menzies promoted to Director of Sustainability and Net Zero Carbon Pathway published in Jun-21
-- Four stars achieved in the 2021 GRESB assessment (2020: four stars)
Continued high rent collection rates and increased contracted rent in the period from letting activity
-- 99% of rent due for the six months ended Sep-21 received or on agreed payment terms
-- Similar rates observed for the quarter ended Dec-21
-- Annual contracted rent of EUR68.2m at Sep-21, up 1.5% (+EUR1.1m) since Mar-21, and office WAULT of 5.5yrs,down 3.9%? New lettings plus uplift in residential rents added EUR0.7m, net of expiries, breaks and surrenders - Acquisitions added EUR0.4m of new rent
-- Factoring in activity since period end proforma contracted rent would be EUR60.8m, down 9.4% since Mar-21
-- Office vacancy rate increased 4pp since Mar-21 to 11%, following completion of developments: this isexpectedto reduce in the near-term
Robust financial position and performance: interim dividend maintained at FY21 level
As at 30 September 2021 31 March 2021 Movement Portfolio value EUR1,450.4m EUR1,427.4m +0.4%[1] Net debt[2] EUR291.7m EUR278.8m 4.6% Group LTV 2 20.1% 19.5% +0.6pp IFRS NAVPS2 173.5c 173.6c (0.1)% EPRA NTAPS2 172.5c 172.7c (0.1)% Financial period ended 30 September 2021 30 September 2020 Movement Net rental income EUR31.4m EUR32.0m (2.1)% Profit/(loss) after tax EUR21.2m (EUR34.2m) +161.9% EPRA earnings2 EUR20.9m EUR22.4m (6.8)% Diluted IFRS EPS 3.2c (5.0c) +163.9% EPRA EPS2 3.2c 3.3c (3.7)% Interim DPS2 2.0c 2.0c -
-- Periodic valuer rotation undertaken: Savills appointed, with first valuation of portfolio at Sep-21
-- Portfolio value increased EUR23.0m in the period or 0.4%1 to EUR1.45bn (Sep-20: -3.8%1)? Our prime offices and future developments outperformed our older offices, residential and industrial/other assets - EUR4.1m in development expenditure, including completion of 2 Cumberland and 50 City Quay (Sep-20:EUR8.4m) - EUR18.4m invested in two bolt-on property acquisitions (Sep-20: EUR3.8m)
-- Modest decrease in net rental income due to planned lease expiries at Clanwilliam Court and Marine House
-- Six-month Total Property Return[3] of 2.2% vs MSCI Ireland Property All Assets Index (excl. Hibernia) of2.4%(Sep-20: -1.7% vs Index excl. Hibernia -1.6%)
Balance sheet strength further increased by debt issuance and sale of Dockland Central
-- Issue of EUR125m of 10- and 12-year US private placement notes in Jul-21 resulted in weighted average debtmaturity of 4.8 years at Sep-21 (Mar-21: 3.4 years)
-- Net debt at Sep-21 of EUR141.3m and LTV2 of 10.9%, factoring in the Dockland Central sale
-- Cash and undrawn facilities net of development and acquisition commitments of EUR214m, or EUR365m pro-formasale of Dockland Central (Mar-21: EUR110m)
Kevin Nowlan, Chief Executive Officer of Hibernia, said:
"We are making good progress with our strategic priorities of asset clustering and ESG excellence, with the key achievements since March 2021 being the completion of the 2 Cumberland Place and 50 City Quay developments and the sale of Dockland Central. We are also in advanced discussions with KPMG regarding a significant pre-let at Harcourt Square.
"Our business continues to perform well, with strong rent collection, a stable portfolio valuation and new lettings agreed supporting an interim dividend of 2.0 cent per share, the same as last year.
"It has been pleasing to see the pick-up in activity in the Dublin office market since we reported in May, with particular interest in prime, ESG-efficient, city centre space. While the Government's decision this week to advise a temporary return to working from home is likely to impact activity in the near-term, with our clear strategy, an exciting development pipeline ready to start in 2022 and the team and funding in place to deliver it, we remain optimistic about our longer-term prospects."
Contacts:
Hibernia REIT plc +353 (0)1 536 9100
Kevin Nowlan, Chief Executive Officer Tom Edwards-Moss, Chief Financial Officer
Murray Consultants
Doug Keatinge: +353 86 037 4163, dkeatinge@murraygroup.ie Andrew Smith: +353 83 076 5717, asmith@murraygroup.ie
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.
ISIN: IE00BGHQ1986 Category Code: IR TIDM: HBRN LEI Code: 635400MHRA4QVVFTON18 OAM Categories: 1.2. Half yearly financial reports and audit reports/limited reviews Sequence No.: 127096 EQS News ID: 1250043 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
November 18, 2021 02:01 ET (07:01 GMT)
