Hibernia REIT plc: preliminary results for -36-

By on May 26, 2021 0

Rent in cash is the gross real estate rent receivable on a cash basis at the reporting date. It includes various items such as car park rents and rent estimates for unpaid rent reviews.

CBD is the central business district.

The CDP (formerly the Carbon Disclosure Project) is a non-profit organization that manages the global disclosure system for investors, businesses, cities, states and regions to manage their environmental impacts.

Contract rent is the annualized rent adjusted to include rent that is subject to a rent incentive such as a rent-free period or a reduced rental year.

CSO is the Central Bureau of Statistics.

Developer’s profit is the profit over cost estimated by the evaluators, which is usually a percentage of the developer’s costs, usually between 10% and 25%.

The construction cost of the development is the total cost of construction to completion, excluding site and financing costs. Financial charges are generally borne at a notional rate of 7% per annum by the appraiser.

DoF is the Ministry of Finance.

DPS is a dividend per share.

The DRiP or dividend reinvestment plan is a plan offered by the Group which allows investors to reinvest their dividends in cash by purchasing additional shares on the dividend payment date.

EBIT is earnings before interest and taxes.

EBITA is earnings before interest, taxes and depreciation.

EPRA is the European Public Real Estate Association, which is the industry body of European real estate companies. It produces guidelines for a number of standardized performance measures (eg EPRA income).

The EPRA cost ratio (excluding direct vacancy costs) is the same as below, except that it excludes direct vacancy costs.

The EPRA cost ratio (including direct vacancy costs) is the ratio of net overheads and operating expenses to gross rental income. Net general and operating costs correspond to all administrative and operating costs net of any service costs, recharges or other products specifically intended to cover general and property costs.

The EPRA result is the profit after tax excluding revaluations and gains and losses on disposals and associated taxes (if applicable).

EPRA EPS is the EPRA earnings per share (diluted).

The EPRA net asset value (“EPRA NAV”) is defined as IFRS assets excluding mark to market on effective cash flow hedges and associated debt instruments and deferred taxes on revaluations.

The EPRA NAV per share is the EPRA NAV divided by the diluted number of shares at the end of the period. This measure has now been replaced by EPRA NRV, NTA and NDV.

The EPRA net disposal value (“NDV”) represents the value to shareholders in a disposal scenario, in which deferred taxes, financial instruments and certain other adjustments are calculated in their total liabilities, net of any taxes. resulting.

The EPRA net initial yield (“NIY”) is the passing rent generated by the investment portfolio at the closing date, less the estimated recurring non-recoverable property costs, expressed as a percentage of the adjusted portfolio valuation. The valuation of the portfolio is adjusted by excluding buildings under development and those undergoing renovation.

The EPRA Reinstatement Net Value (“NRV”) is the NAV calculated on a basis that assumes entities never sell assets and aims to represent the value needed to rebuild the entity.

EPRA Net Tangible Assets (“NTA”) assumes that entities buy and sell assets, thereby crystallizing certain levels of unavoidable deferred taxes.

The net initial return “completed” of the EPRA is calculated like the EPRA NIY, but by adjusting the rent according to the agreed contractual increases, when these do not replace the growth in rents.

The EPRA vacancy rate is the estimated rental value (“ERV”) of vacant space divided by the ERV of the entire portfolio, excluding developments and residential real estate. It is the reverse of the occupancy rate.

EPS or earnings per share is profit after tax divided by the weighted average number of shares outstanding during the period.

Equivalent yield is the weighted average of the initial yield and the reversion yield and represents the yield that a property will produce based on occupancy data from tenants’ leases.

The ERV or Estimated Rental Value is the appraiser’s opinion as to the open market rental value of the property at the appraisal date, and which could reasonably be expected to be the rent. obtainable on a new rental on this property on the valuation date.

ESRI is the Institute for Economic and Social Research.

The EU is the European Union.

The movement in fair value is the accounting adjustment to change the carrying amount of the asset or liability to its market value.

The FRI lease is a full repair and insurance lease.

The gale date is the date the rent is due

GDA is the Greater Dublin area.

GDV is a gross development value.

GRESB is a benchmark for sustainability for real estate assets.

Gray or shaded space is excess space offered by tenants to be rented out by subtenants.

Gross rental income is accounting rental income under IFRS. When the Group offers incentives to its tenants, the incentives are recognized over the term of the lease on a straight-line basis in accordance with IFRS. Gross rental income is therefore the passing rent adjusted for the distribution of these incentives.

Hibernia is Hibernia REIT plc, the Company or the Group.

IFRS are International Financial Reporting Standards.

The “in place” portfolio is the portfolio of completed properties, ie excluding active development and renovation projects and land.

IPD is the Investment Property Databank Limited which is part of the MSCI group and produces an independent benchmark index of real estate returns (IPD Ireland Index) and which provides the Group with the performance information necessary to calculate management fees based on performance.

IPMS are the international property measurement standards published by the Royal Institute of Chartered Surveyors.

The initial public offering is the initial public offering, ie the first capital increase of the Company.

The rental incentive is any consideration or expense, borne by the Group, in order to secure a rental contract.

LEED (“Leadership in Energy and Environmental Design”) is a certification system for green buildings developed by the US Green Building Council. Its aim is to be an objective measure of the sustainability of buildings.

Loan to value (“LTV”) is the ratio between the Group’s net debt and the value of its investment properties.

The long-term incentive plan (“LTIP”) aims to encourage the retention of senior executives and to align their interests with those of the Group through the payment of rewards based on the long-term performance of the Group through actions of the Company acquired after a future period of service.

Market Abuse Regulations are published by the Central Bank of Ireland and can be found at https://www.centralbank.ie /regulation/securities-markets/market-abuse/Pages/default.aspx.

Private label is modified domestic demand. It is defined as the total net domestic demand of aircraft trade by leasing companies and intellectual property investments.

The MSCI / SCSI Ireland Quarterly Property All Assets (“MSCI Ireland Index”) is the index produced by MSCI which measures the performance of the Irish property market for all asset classes and which is calculated by MSCI including and excluding Hibernia assets and is used to calculate our “Total Return on Property” KPI or TPR.

NAVPS is the net asset value in cents per share.

Development equity is the view of the external expert on the final value of a building under development when the building is fully completed and leased.

The net equivalent return is the weighted average return on income (after taking into account the buyer’s theoretical costs) that a good will produce depending on the time of income received. As is common practice, the equivalent returns (as determined by the external appraiser) assume that the rent is received annually in arrears.

The net rental or net interior area (“NIA”) is the usable area inside a building measured against the internal face of the perimeter walls on each floor.

The net reversion yield is the expected yield after the return of the rent to the VRE.

The occupancy rate is the estimated rental value of the leased units as a percentage of the total estimated rental value of the portfolio, excluding buildings under development.

The OECD is the Organization for Economic Co-operation and Development.

Over-let is used to describe when the contracted rent is greater than the ERV.

Passive rents are the annualized gross real estate rents receivable on a cash basis at the reporting date. It includes various items such as car park rents and rent estimates for unpaid rent reviews.

The PC is the practical completion.

PPs are private placement notes, in effect private loan notes.

Property Income Distributions (“PIDs”) are dividends distributed by a REIT that are subject to tax in the hands of shareholders. Normal withholding tax still applies in most cases.

PRS is the private rental sector which refers to residential properties held for rental.

Psf is per square foot.

RCF is a revolving credit facility.

REIT is a real estate investment trust. Irish REITs follow Section 705E of the Taxes Consolidation Act 1997.

The remuneration policy is the remuneration policy approved by the shareholders at the 2018 AGM and which entered into force on November 27, 2018.

Reversion is the increase in rent when the ERV is greater than the contracted rent.

Royal Institution of Chartered Surveyors (“RICS”) Professional Standards, RICS Valuation Technical and Performance Standards and RICS Valuation Practice Guidance Applications are applications contained in the RICS Valuation – Global Standards 2019 (the “Red Book”) published by the Royal Institution of Licensed land surveyors who provide standards for preparing real estate appraisals.

RTB is the Residential Tenancies Commission.

Phantom space is excess space offered by tenants for rental by subtenants.

Sq. Square feet.

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May 26, 2021 at 2:03 am ET (6:03 am GMT)

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