PRELIMINARY RESULTS - Green REIT plc REIT...30.06.2016 +28%1 v 2015 Net Rental Profit €24.8m (3.7...

PRELIMINARY RESULTS

SEPTEMBER 2016

This presentation document (hereinafter "this document") has been prepared by Green REIT plc (the “Company”) and Green

Property REIT Ventures Limited (“Green”), the Company’s investment manager, for information purpose only.

This document has been prepared in good faith but the information contained in it has not been the subject of a verification

exercise. No representation or warranty, express or implied, is given by or on behalf of the Company, its group companies,

Green or any of their respective shareholders, directors, officers, employees, advisers, agents or any other persons as to the

accuracy, 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 constitutes “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 the

negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events

or results or actual performance of the Company 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 Company will generate a particular rate

of return.

DISCLAIMER

& IMPORTANT NOTICE

2

INVESTMENT MANAGER’S

PRESENTATION

Stephen Vernon

Chairman

FINANCIAL

Niall O’Buachalla

Chief Operating Officer

PORTFOLIO

Pat Gunne

Chief Executive

MARKET

Caroline McCarthy

Chief Investment Officer

SUMMARY

Stephen Vernon

Chairman

One Albert Quay l Cork

DIVIDEND

Cents per share

0.9

1.6

4.6

2014 2015 2016e

PORTFOLIO

HIGHLIGHTS

PRELIMINARY RESULTS

FULL YEAR PROFIT

NAV ANALYSIS

EPRA NAV per share

€1.52

June

2015

€1.32 per share

+15%June ‘16 v June ‘15

December

2015

€1.41 per share

+8%June ‘16 v Dec ‘15

GEARING

Property

LTV

Total

Gearing

21% 19%H1

46%

H2

54%

H1

29%

H2

71%

Basic EPS

per share

21.5 cents

Property Value

€1.24bn

EPRA EARNINGS

€10.5m

Year to30.06.2015

Year to30.06.2016

+28%1

v 2015

Net Rental Profit

€24.8m (3.7 cents per share)

+137%June ‘16 v June 15

The Board expects to declare a

dividend of 4.6c per share,

to be paid in Q4 2016

Net Profit

2016

€145.5m

+78%

+188%

€67.1m €78.4m

4(1) % increase on assets held at valuation dates H1 (31 December 2015) and H2 (30 June 2016). Includes Green REIT’s 60% interest in Mount Street and One Albert Quay “1AQ” (100%)

HIGHLIGHTS

PRELIMINARY RESULTS

5

Economy:

Irish economic growth continues to outperform within Europe

Unemployment rate now below EU average, and just over half what it peaked at in the

financial crisis

The effect of Brexit is too early to call in terms of assessing the impact or opportunity for

Ireland and real estate respectively

Apple EU tax case also too early to call, and expectations are for a protracted legal and

political international debate

Real Estate Market:

Interest rates, driven by Central Bank policy, remain very supportive of real estate as an asset

class

Take up has been very robust, driven by local and international occupiers

NAMA remains constrained in their development of assets under their control

Supply of speculative space has continued to increase, but robust take up levels have meant

that the market is operating in relative equilibrium

Rents continue to rise, but market consensus is that prime office rents are close to peak levels

Yield gap is still high due to longer term interest rates falling faster than property yields

Green REIT:

Delivering on promises, with dividend plans coming to fruition, and development projects on

plan

Very successful 12 months in active asset management witnessed by the increased security

of income and low voids within portfolio

Continued focus on driving risk adjusted returns George’s Quay l Dublin 2


PRESENTATION

Stephen Vernon

Chairman

FINANCIAL

Niall O’Buachalla


PORTFOLIO

Pat Gunne

Chief Executive

MARKET

Caroline McCarthy


SUMMARY

Stephen Vernon

Chairman


132.1

153.9

17.7

3.7

2.0

-1.6

Net Assets pershare at

30.06.2015

PropertyRevaluation

Net Rental Profit& Other Income

PerformanceFee Reserve

DividendsPaid

Net Assets pershare at

30.06.2016

€685.0m€727.8m

€807.1m

€899.3m€961.5m

€1,048.0m

Net EquityRaised

30/06/2014 31/12/2014 30/06/2015 31/12/2016 30/06/2016

NAV

EPRA Net Assets of €1,048m up by €149m (16.5%) on 30 June 2015

(€899m)

EPRA NAV per share of €1.52, up 15% on June 2015 (€1.32 per share)

Profit for the year

Profit for the period of €145.5m (30 June 2015: €156.7m)

Basic EPS of 21.5 cents for the period (30 June 2015 : 23.5 cents)

EPRA EPS of 3.7 cents for the period (30 June 2015 : 1.6 cents)

Property Value

Portfolio valued at €1,241m at 30 June 2016

Increase of €117m (13%) on 30 June 2015 for assets held throughout the

period

Increase of €30m on the acquisition of the other 50% of Central Park

(acquired Jan 2016) and One Albert Quay (acquired Feb 2016)

Dividend

Dividend of 4.6 cents per share, up 188% on June 2015 (1.6 cents per

share)

Total dividend €31.4m (2015: €10.7m)

FINANCIAL

KEY FINANCIALS

NAV Build-up

Basic NAV Analysis (cents per share)

+16.5%

+16.5%

+53%

7

FINANCIAL

YEAR TO 30 JUNE 2016

30 June 2016€’000

30 June 2015€’000

Gross Rent 56,432 39,432

Property Outgoings (3,883) (1,613)

Net Rent +39% 52,549 37,819

Share of Rental Profit - Central Park JV 2,740 5,018

Profit on residual business 519 0

IM Base Fee (9,669) (8,104)

IM Performance Fee (13,893) (20,982)

Admin Expenses (2,708) (2,137)

Operating Profit +146% 29,538 11,614

Net Finance Costs (4,644) (1,150)

Pre Tax Earnings 24,894 10,464

Tax (65) 0

Post Tax Earnings +137% 24,829 10,464

Movement in Fair Values:

100% Owned Properties 109,367 113,803

Central Park JV Property 11,306 32,436

Total Fair Value Movement -17.5% 120,673 146,239

Net Profit -7% 145,502 156,703

Basic earnings per share (cents) 21.5 23.5

EPRA earnings per share (cents) 3.7 1.6

Summary Income Statement

30 June 2016 30 June 2015

€MMCent per

share% of total

profit€MM

Cent per share

% of total profit

EPRA Earnings 24.8 3.7 17% 10.5 1.6 7%

Revaluation Uplifts 120.7 17.8 83% 146.2 21.9 93%

Profit for the Year 145.5 21.5 100% 156.7 23.5 100%

EPS Analysis

Developments – Update on Costs & Profit

Expenditure €MM

Estimated total Build Cost 100% 128.2

Spend to 30.06.2016 (22.5%) 28.8

Remaining Spend 77.5% 99.4

To be funded from cash and the company’s revolving credit facility

Profit Estimates €MM

Estimated Total Profit 100% 67.9

Uplifts to 30.06.2016 (17.1%) (11.6)

Estimated Future Profit 82.9% 56.3

8

FINANCIAL

FINANCING

Total gearing of 19.2% at 30.06.2016, with total debt of €255.4m, up

from 9.5% total gearing / €95.7m debt at 30.06.2015

Further capital to be deployed on One Albert Quay of €10.4m and on

our development pipeline of €99.4m

Bank of Ireland facility on Central Park extended to June 2021 (+3

years) with a margin reduction from 3% to 2%, saving €1.5m per

annum

New forward starting hedging in place on €200m

Total debt cost reduced to 1.9% at 30.06.2016 from 2.8% at

30.06.2015

Debt maturity increased to 4 years at 30.06.2016 from 3.1 years at

30.06.2015

At30 June

2015

At31 December

2015

At30 June

2016

TOTAL GEARING €MM €MM €MM

Total Debt 95.7 104.7 255.4

Total Assets 1,011.9 1,089.9 1,331.8

Total Gearing 9.5% 9.6% 19.2%

PROPERTY LTV

Total Debt 95.7 104.7 255.4

Property Value 968.3 1,034.2 1,241.0

Property LTV 9.9% 10.1% 20.6%

Debt Analysis

Gearing Analysis

Total Debt€MM

Interest Cost(per annum)

Annual Interest€MM

Gearing -Property

OnlyHedged

WeightedAverage

Maturity

At 30.06.2015 95.7 2.8% 2.7 9.9% 78% 3.1

At 30.06.2016 255.4 1.9% 4.8 20.6% 98% 4.0

9

Strong contribution from rental profit, up 137% on 2015 to

€24.8m

Strong balance sheet with low leverage

Lower debt cost of 1.9% with longer maturity of 4 years

Dividends on plan, at 4.6 cents per share, an increase of

188% on 2015

Summary


PRESENTATION

Stephen Vernon

Chairman

FINANCIAL

Niall O’Buachalla


PORTFOLIO

Pat Gunne

Chief Executive

MARKET

Caroline McCarthy


SUMMARY

Stephen Vernon

Chairman


0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

Yie

ld %

0

2

4

6

8

10

12

14

16

Yie

ld %

10 Year Bond Yield 2006 - 2016

PORTFOLIO

ACQUISITION PROFILE IN CONTEXT OF 10 YEAR BOND YIELD

Bond Yield July 2013 – August 2016

March 2014

Central Park(50%)

6.6% NIY / 7% EY

+400 bps

October 2014

Project Sapphire

6.3% NIY / 6% EY

+400 bps

“NIY” Net Initial Yield // “EY” Equivalent Yield

Source: Green REIT plc, Trading Economics and Davy, 2016

April 2014

2nd Fund Raise

January 2016

Central Park (balance 50%)

4.4% NIY / 5.3% EY

+430 bps

February 2016

1 Albert Quay

7.5% NIY / 6.8% EY

+580 bps

July 2013

IPO

June 2016

Brexit

10 weeks

1.8%

0.6%

Central Bank policy continues

to be highly supportive of

real estate, however as

witnessed in summer 2015,

a change in sentiment can

impact the yield curve

dramatically

11

31 December

2013

30 June

2014

31 December

2014

30 June

2015

31 December

2015

30 June

2016

Equivalent Yield % 7.4 6.1 5.6 5.5 5.4 5.0

10 Year Bond % 3.5 2.4 1.3 1.6 1.2 0.5

Yield Gap (bps) 390 370 430 390 420 450

October 2014

(acquisition)

5 September

2016Variance

Equivalent Yield % 5.3 5.0

10 Year Bond % 1.8 0.5

Yield Gap (bps) 350 450 +100

PORTFOLIO

YIELD GAP ANALYSIS

Source: Green REIT plc and Davy, 2016

Despite the aggregate value of

Central Park & George’s Quay

being up by 30% since

acquisition,

the yield gap is now higher

than at the point of purchase

(1) Analysis on investment assets held at stated date (Includes Green REIT’s 60% interest in Mount Street and One Albert Quay) – excludes residential element (Arena Centre), lands and property under construction at date of valuation

March 2014

(acquisition)

5 September

2016Variance

Equivalent Yield % 7.0 5.5

10 Year Bond % 3.0 0.5

Yield Gap (bps) 400 500 +100

Central Park 50%

George’s Quay & Court

Investment Assets only 1

-115

-420

390 370430

390420

450

-500

-400

-300

-200

-100

0

100

200

300

400

500

Jun-2007 Jun-2011 Dec-2013 Jun-2014 Dec-2014 Jun-2015 Dec-2015 Jun-2016

Yield Gap (bps)

Last peak

Post cra

sh

12

2013/14 2014/15 2015/16 2016/17

Phase 1 Phase 2 Phase 3 Phase 4

PORTFOLIO

ASSEMBLY

DEVELOPMENT PROJECTS

INITIATED

ACTIVE

MANAGEMENT

DEVELOPMENT AND

DIVIDEND FOCUS

7 deals / 18 properties

€353m invested1

6.8% net initial yield

420,000 sq. ft. gross area

Projected end value €244m

39% return on cost2

Active management resulting in

greater income security.

WAULT up 56% from 5 year to 7.8

years3 and 98% occupancy by ERV

across the portfolio

Delivery on the dividend and securing

development properties through the

lease up of new space

Dividend

4.6c per share

+188% y-o-y

Development projecting

39% return on cost

Central Park

2 Burlington Rd

INM Building

Mount Street

Central Park

Molesworth Street

Ormond Building

Harcourt Rd (CGI)Harcourt St

Mount Street George’s Quay One Albert QuayWestend Shopping Park

PORTFOLIO

THE CYCLE

(1) Actual acquisition price (net of costs). One Albert Quay – payments made of €41m (80%) with the balance €10.35m (20%) to be paid on or before March 2017

(2) Figures updated in June 2016 – see appendix for further details

(3) % uplift from last results (Jun 2015). WAULT is the rent-weighted average remaining term on leases to lease expiry/ break date (whichever comes first). Excludes residential component

(4) On the basis of acquired portion of One Albert Quay (80%) only


€400m invested1


2 properties

€206.3m invested1

6.0% net initial yield4

ACQUISITIONS ACQUISITIONS

13

In LegalsReserved

FY 2014 FY 2015 Movement FY 2016

Portfolio

Value 1 2 €402.9m €968.3m+€359m

-€87m €1,240m

% Prime 70% 72% 93%

Contracted

Rent (pa) 1 2 €29.4m €55.7m+€12.2m

-€6.6m €61.3m

Initial Yield(on expiry of rent free)

Investment 4 7.2% 5.8% 5.2%

Portfolio 7.0% 5.5% 4.7%

Equivalent Yield

Investment 4 6.1% 5.5% 5.0%

Portfolio 6.0% 5.3% 4.8%

WAULT 3

(years) 6.0 5.0 7.8

EPRA

Occupancy 91% 98% 98%

PORTFOLIO

ANALYSIS

Portfolio Value Build-up 1 2

Contracted Rent Build-up 1 2

(1) Value and rental income at valuation dates. Includes Green REIT’s 60% interest in Mount Street

(2) One Albert Quay – payments made of €41m (80%) with the balance €10.35m (20%) to be paid on or before March 2017. Includes annual contracted rent €3.2m

(3) WAULT is the rent-weighted average remaining term on leases to lease expiry/ break date (whichever comes first). Excludes residential component

(4) Analysis on investment assets held at stated date – excludes residential element, lands and property under construction at date of valuation

+28%(12 months)

+10%(12 months)

+20%(6 months)

+11%(6 months)

+€9.0m

+€3.2m -€5.7m

-€0.5m

-€86.7m +86.9m

€155m

Central Park

1AQ, €51.3m+140% +28%

+89% +10%

-17% +56%

7.8

98%

14

WAULT 3

(years)

EPRA

Occupancy

Value 1 Contracted Rent 2 ERV (Let element only) Vacant

ERV

€m pa

WAULT

(years)Top Tenants

June 2016% of

total€ psf €m pa

% of

total

€psf

(ex car)€m pa

€psf

(ex car)

Off

ices

Dublin

City

Centre

€562.4m 45% €1,023 €24.4m 40% €42.20 €27.7m €48.10 €0.01m 7.8

Central

Park &

Lands

€345.7m 28% €500 €18.0m 29% €22.80 €20.1m €26.10 €0.00m 7.4

Dublin -

Other€35.5m 3% €233 €2.8m 5% €16.60 €2.2m €12.50 €0.00m 8.1

Cork€63.8m

(AQ 100%)5% €478 €3.2m 5% €23.40 €3.5m €25.20 €0.83m 2 10.8

Office

Total€1,007.4m 81% €660 €48.4m 79% €29.40 €53.5m €32.80 €0.85m 7.9

Retail €181.5m 15% €394 €10.7m 18% €23.30 €8.8m €19.00 €0.75m 8.0

Industrial €37.8m 3% €214 €1.3m 2% €7.20 €1.3m €7.30 €0.34m 5.0

Other €14.0m 1% €88 €0.9m 1% €5.70 €1.1m €4.60 - 6.0

Portfolio

Total€1,240.7m 100% €534 €61.3m 100% €24.5 €64.7m €26.20 €1.95m 7.8

PORTFOLIO

ANALYSIS

(1) Value and rental income as at 30 June 2016. Includes Green REIT’s 60% interest in Mount Street and One Albert Quay (100%). Arena (office element) is included in ‘Offices’

(2) One Albert Quay – payments made of €41m (80%) with the balance €10.35m (20%) to be paid on or before March 2017. Includes annual contracted rent €3.2m. Vacant ERV of €0.83m relates to portion not yet acquired


Offices

81% by value 1

with 7.9 years

WAULT

Dublin

93%by value 1

5%reversionary

on portfolio rent

15

-32.8%

-22.4%

-9.5%

-1.1%

3.4% 5.2%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Q4 2013 Q2 2014 Q4 2014 Q2 2015 Q4 2015 Q2 2016

PORTFOLIO

INCOME ANALYSIS

(1) Based on contracted rent and market rent on let element only, at valuation dates


Rent relative to Market Rent at Valuation Dates 1

Reve

rsio

na

ryO

ve

r-re

nte

d

Offices, 81% of our

portfolio value, being the

standout rental performer

to date

61%of portfolio income on

upwards only with 7.9 years WAULT

-25.3% -15.7% -4.3%

5.4% 10.1% 9.5%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Q4 2013 Q2 2014 Q4 2014 Q2 2015 Q4 2015 Q2 2016

OFFICES RETAIL INDUSTRIAL

-69.1%

-50.2%

-30.5% -30.2%-25.4%

-22.6%

-80%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

Q4 2013 Q2 2014 Q4 2014 Q2 2015 Q4 2015 Q2 2016

-0.8%

-15.3% -15.3%

-10.9%

1.6%2.3%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Q4 2013 Q2 2014 Q4 2014 Q2 2015 Q4 2015 Q2 2016

61%of ERV

37%of ERV

2%

7.9 years7.6 years

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0%

10%

20%

30%

40%

50%

60%

70%

Upwards only Up/down Vacant ERV

Rent Review Clause & WAULT2

16

Top Irish International Contracted Rent pa 1 As a % of Group Rent WAULT 2

€31m 51% 8.3

€12m 19% 8.3

€6m 10% 7.6

Top 30tenants

account for

€49m(80%)

of portfolio

rental income

25% 75%(1) Rental income as at 30 June 2016. Includes Green REIT’s 60% interest in Mount Street and One Albert Quay €3.2m contracted rent

(2) WAULT is the rent-weighted average remaining term on leases to lease expiry/ break date (whichever comes first). Excludes residential component 17

75%of which is from

international covenants

PORTFOLIO

INCOME ANALYSIS

Financial41%

TMT23%

Retail18%

Government (Irish)

6%

Other9%

Professional3%

€61.3mRent Roll

Finance/

Financial Services

7.4 76%

WAULT

(yrs)

International

Occupiers

Technology, Media &

Telecommunications

8.7 97%

WAULT

(yrs)

International

Occupiers

Retail Trade

8.4 61%

WAULT

(yrs)

International

Occupiers

Government (Irish)

6.8 -

WAULT

(yrs)

International

Occupiers

Professional Services

7.1 94%

WAULT

(yrs)

International

Occupiers

Others

7.2 72%

WAULT

(yrs)

International

Occupiers

Diverse sectoral exposure with

high concentration of

international occupiers(€45m/ 73% of group rent)

(1) Rental income as at 30 June 2016. Includes Green REIT’s 60% interest in Mount Street and One Albert Quay €3.2m contracted rent


PORTFOLIO

INCOME ANALYSIS 1 2

18

29%

27%

13%

7%

5%

28%

28%

11%

7%

5%

Served by:

Served by:

Strong focus

on cost efficiency

and labour pool

€1.24bnPortfolio Value

€61.3mRent Roll

Central Park



19%

€45 / €50 100% 7.5 / 4.8

Rent psf

Contracted / ERV

Occupancy WAULT (years) 3

Current/ At Acquisition

€23 / €26 100% 7.3 / 5.0

Rent psf

Contracted / ERV

Occupancy WAULT (years) 3

Current/ At Acquisition

(1) Value and rental income as at 30 June 2016. Includes Green REIT’s 60% interest in Mount Street



Focus on

City Centre & Profile

Clustering financial

services

One Albert Quay

2 Burlington Road

Westend Shopping Park

21%

Other 16 assets

Top five assets accounting for

79% of portfolio value and

81% of group rent

19

PORTFOLIO

ASSET ANALYSIS 1 2

New Build Subject to planning

Contracted August 2016

80,000 sq. ft.

Possible expansion of a

further 80,000 sq. ft.

15 years

Unit B1

Unit completed May 2016

Terms agreed with a global

logistics company

44,000 sq. ft.

10 years

Building Tenant TypeArea

sq. ft.

Contracted

Rent

€m pa

Term

(years)

v Jun-15

ERV

One Albert Quay

New Letting 73,986 1.72 20 -

ARUP New Letting 20,586 0.54 15 -

New Letting 13,937 0.33 15 -

Malwarebytes New Letting 10,360 0.27 10 -

New Letting 8,008 0.21 15 -

Investec New Letting 3,680 0.10 15 -

New Letting 2,738 0.07 20 -

Central Park New Letting 7,602 0.21 2 +7%

Parkway

Retail Park

New Letting 2,800 0.06 10 +19%

Costa Coffee New Letting 2,872 0.05 20 -

Westend

Shopping Park

Freshly

ChoppedNew Letting 1,802 0.06 15 +11%

Various 2 New lettings/ 5 Short Term licences 6,861 0.16 - +129%

Total – New Lettings/ Renewals 155,232 3.77+10

(average)+3.2%

2 Burlington Road 85,266 4.20 +10

Various 9 tenants 88,042 1.40 +1.4

Total – Break option not exercised 173,308 5.60 +5.6

PORTFOLIO

LEASING ACTIVITY COMPLETED SINCE JANUARY 2016 1

Horizon Logistics Park 2

124,000 sq. ft. contracted

with rent 12% above ERV

and

possible expansion of a further

80,000 sq. ft.

20(1) Lease events/ lettings secured since 1 January 2016

(2) Completed post 30 June 2016


PRESENTATION

Stephen Vernon

Chairman

FINANCIAL

Niall O’Buachalla


PORTFOLIO

Pat Gunne

Chief Executive

MARKET

Caroline McCarthy


SUMMARY

Stephen Vernon

Chairman

DEVELOPMENT

Block H l Central Park l Dublin 18

Site Cost, €48m

Expenditure to Jun-16, €29m

Development Cost (Est. balance),

€99m

Valuation uplift (since acquisition), €12m

Projected Future Profit,

€56m

PORTFOLIO

DEVELOPMENT

(1) Net present value to allow for void on NDV and notional purchaser’s costs of 4.46%

(2) Estimated total profit on acquisition cost

(3) Estimated rent on completion, revised in June 2016

(4) On estimated build cost plus site cost, development levies and fees. Excludes financing

Rounded to the nearest hundred thousand. Figures subject to change

BLOCK H CENTRAL PARK

Under Construction

HORIZON LOGISTICS PARK

Complete

In Legals

4- 5 HARCOURT ROAD

Under Construction

€244.4mProjected Net

Development Value 1

€68m(10c per share)

Total Projected

Profit 2

of which

€57m(8.2c per share)

is unrealised

€13.3mRent

Estimate 3

7.5%Yield on

Cost 4

39%Return on Cost 4

32 MOLESWORTH STREET

Under Construction

Reserved

ONE MOLESWORTH STREET

Under Construction

Total 5 Projects

Total Cost€176m

Total Projected

Profit€68m

22

Site Cost€24m

Site Cost, €4m

Site Cost€16m

Site Cost, €4m

Expenditure to Jun-16€5m



Development Cost (Est. balance)

€33m

Development Cost (Est. balance)

€34mDevelopment Cost

(Est. balance)€25m

Development Cost (Est. balance)€8m

Total Cost2, €4.5m





Projected Future Profit€31m




Total Projected Profit1, €1m

€0m

€20m

€40m

€60m

€80m

€100m

1 Molesworth St Block H Central Park 4&5 Harcourt Rd 32 Molesworth St Horizon Logistics Park

€11.6m (17%) profit

reflected

in valuation

Total Cost2

€62m

Total Cost2

€52mTotal Cost2

€41m

Total Cost2

€17m

Total Projected

Profit1

€34m

Total Projected

Profit1

€17m

Total Projected Profit1

€6m

Total Projected Profit1

€10m

Complete

In Legals

Under Construction

Reserved

PORTFOLIO

DEVELOPMENT

23(1) Estimated total profit on acquisition cost

(2) Estimated build cost plus site cost, development levies and fees. Excludes financing and tenant incentives (void and rent free)

Rounded to the nearest hundred thousand. Figures subject to change

Initial Underwrite

€10.8m

Feb-16€13.5m

Jun-16€13.3m

Initial Underwrite

€185.0m

Feb-16€246.3m

Jun-16€244.4m

Rent Estimate 2 Net Development Value 3

Total Cost 4 Return on Cost

Initial Underwrite

€143.2m

Feb-16€172.5m

Jun-16€176.4m

Initial Underwrite

28%

Feb-1643% Jun-16

39%

50%

Centr

al P

ark

50%

Centr

al P

ark

50%

Centr

al P

ark

50%

Centr

al P

ark

-1% -0.7%

+2%

+25% +33%

+20% +15%

Build cost inflation

is still evident in the

development process,

however the cost of our

projects have, to a large

extent been de-risked

Estimated return on cost

running at 39% v 43%

in Feb 2016 and 28% at the original time of underwrite

PORTFOLIO

DEVELOPMENT 1

24(1) On an overall basis (5 projects). Figures updated in June 2016 but are subject to change

(2) Estimated rent on completion, revised in June 2016


(4) On estimated build cost plus site cost, development levies and fees. Excludes financing and tenant incentives (void and rent free)


PRESENTATION

Stephen Vernon

Chairman

FINANCIAL

Niall O’Buachalla


PORTFOLIO

Pat Gunne

Chief Executive

MARKET

Caroline McCarthy


SUMMARY

Stephen Vernon

Chairman

ASSET DISPOSALS

Ormond Building l Dublin 7

Arena Centre Classon House

Ormond Building Parnell Car Park

Parkway Retail Park Globe Retail Park

PORTFOLIO

DISPOSALS

Glas Collection

Announced in February

the intention to

dispose of

€100m

of assets in

calendar year

2016

(1) 4 assets sold in H1 2016 (calendar year) with sale price of €75m (Acquisition price of €43m)

26

Arena Centre

Parkway Retail Park

Glas Collection

€75m / 75%(of target sales)

achieved to date releasing a

75% uplift

on purchase price

SOLD

SOLDSOLD

SOLD

(1) 4 assets sold in H1 2016 (calendar year) with sale price of €75m (acquisition price of €43m)

(2) 75% uplift is before acquisition costs and sales fees

PORTFOLIO

DISPOSALS

27

2013/14 2014/15 2015/16 2016/17 >2017

Phase 1 Phase 2 Phase 3 Phase 4 Next Phase

PORTFOLIO

ASSEMBLY

DEVELOPMENT

PROJECTS INITIATED

ACTIVE

MANAGEMENT

DEVELOPMENT AND

DIVIDEND FOCUS

Decisions around our

development exposure once

existing programme is

de-risked 7 deals / 18 properties

€353m invested1


420,000 sq. ft. gross area

Projected end value €244m

39% return on cost2

Active management resulting

in greater income security.

WAULT up 56% from 5 year to

7.8 years3 and 98% occupancy

by ERV across the portfolio

Delivery on the dividend and

securing development

properties through the lease up

of new space

Dividend

4.6c per share

+188% y-o-y

Development

projecting

39% return on cost

2 Burlington Rd

INM Building

Mount Street

Central Park

Molesworth Street

Ormond Building

Harcourt Rd (CGI)Harcourt St

George’s Quay One Albert Quay

Mount St

PORTFOLIO

THE CYCLE


€400m invested1


2 properties

€206.3m invested1

6.0% net initial yield4

Being ready

to take advantage

of any market

pricing or liquidity

dislocation

by maintaining

prudent leverage

and a disciplined

approach to

speculative

development

Exploiting any

opportunity

arising from

Brexit

“

”

“

”ACQUISITIONS ACQUISITIONS

28

Central Park One Albert QuayGeorge’s Quay Westend Shopping Park

(1) Actual acquisition price (net of costs). One Albert Quay – payments made of €41m (80%) with the balance €10.35m (20%) to be paid on or before March 2017

(2) Figures updated in June 2016 – see appendix for further details

(3) % uplift from last results (Jun 2015). WAULT is the rent-weighted average remaining term on leases to lease expiry/ break date (whichever comes first). Excludes residential component

(4) On the basis of acquired portion of One Albert Quay (80%) only

In LegalsReserved

Aerial view of Dublin / Dublin Docklands1. George’s Quay2. 1 Molesworth Street (under construction)3. 32 Molesworth (under construction)

1

2 3


PRESENTATION

Stephen Vernon

Chairman

FINANCIAL

Niall O’Buachalla


PORTFOLIO

Pat Gunne

Chief Executive

MARKET

Caroline McCarthy


SUMMARY

Stephen Vernon

Chairman

Historic High15.1%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

2006

M08

2007

M08

2008

M08

2009

M08

2010

M08

2011

M08

2012

M08

2013

M08

2014

M08

2015

M08

2016

M08

MARKET

ECONOMIC

GDP Growth Rate – Ireland v EU28 Unemployment Rate (10 Years to August 2016)

Debt to GDP – Ireland v EU28 Office Yields relative to 10 Yr. Irish Bond Yields

Unemployment continue to fall

Source: Eurostat, August 2016 Source: CSO, August 2016

3.7

5.5

7.5

7.5 7.5 7.2

6.2

5.0 4.8 4.7 4.5

5.1

6.0

9.4

14.1

8.9

4.3 3.5

1.8 0.5 -

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 Q2 2016

%

Yield Bond

Source: Eurostat, August 2016 Source: CBRE and Davy, September 2016

201526.3%

2016(consensus)

4.4%20152.0%

2016f1.6%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016f

Ireland EU (28 countries)

200723.9%

2016f93.8%

200757.8%

2016f86.4%

0%

20%

40%

60%

80%

100%

120%

140%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016f

Ireland EU (28 countries) Yield spreads remain

relatively high

30

Aug-16

8.3%

TenantSigned

or O/O

Gross

Area 1

sq. ft.

Headline

Rent

€psf

P 320,000 -

P 185,000 €47.50

O 165,000€49.00-

€55.00

P 152,000 -

P 140,000€49.00-

€50.00

P 130,000 €39.00

NTMA O 100,000 -

O 86,000 €60.00

O 43,000 €60.00

P 376,000 -

MARKET

OFFICE SECTOR

2014 2015 H1 2016(calendar year)

Consensus

2017

Prime Rent

€psf€45 €55 €60 €65

Prime Yield 5.0% 4.8% 4.65%4.5% -

4.65%

Take-up

(sq. ft.)(Rounded)

2.4m 2.7m 1m 2m(average)

Overall Vacancy

Rate12.7% 9.4% 8.3% --

Total Under

Construction (sq. ft.)Nil 126k

(completed)5.3m --

Speculative -- -- 55%

Pre-let / Owner

Occupied “O/O”-- -- 45%

Construction Tender

Cost (1998=100)115.2 121.5 130

(2016f) --

Source: CBRE; SCSI and Bruce Shaw, 2016

+5% +7%

+22% +14% +8%

Rental growth has

moderated in the

last quarter, whilst

robust take-up

reduces the risk

of the market

becoming

oversupplied

against a

backdrop of

increased

construction

(1) Gross floor area (sq. ft.) – Rounded to the nearest hundred thousand

31

Top 5

Tra

nsactions 2013 2014 2015 H1 2016

€1.8bn €4.6bn €3.5bn €2.95bn (H1)

1

Ulysses Portfolio

€152mProject Sapphire

€375m

Project Molly

€350m

Blanchardstown

Shopping Centre

€950m

2

Project Arc

€128m

Central Park

€310m

4&5

Grand Canal Sq

€233m

One Spencer Dock

€240m

3

One Grand Canal

€93m

Project Cherry

€280m

Elm Park

€190m

Whitewater

Shopping Centre

€180m

4

Clancy Quay

€82m

Liffey Valley

Portfolio

€250m

The National

Portfolio

€177m

The Oval

€140m

5

75

St Stephen Green

€75m

Redwood Portfolio

€215m

Sovereign

Portfolio

€154m

Project Kells

€93m

MARKET

INVESTMENT

Source: JLL, 2016 (Top 5 Transactions); CBRE, 2016 (Total Investment Volume)

The market has continued to evolve

from the opportunistic phase to core

with Irish, German and US buyers

being the dominant force

Core/ Core Capital

TRANSITIONINGOPPORTUNISTIC CORE

Brexit will likely continue this

theme as EU destined funds

reallocated from London

Investment Spend by Purchaser Type

Source: CBRE, 2016

> €1 million in value

H1

2016

Total

Investment

Volume

Core

Core

Core

Core

Core

Core

Core

Core

Core

Core

Core

Core

32

Probable, 66% Probable, 86%

Probable, 33% Probable,

41%Probable, 6%

Probable,32%

Possible, 34% Possible, 14%

Possible,60%

Possible, 38% Possible,

42%

Possible, 42%

Unlikely, 8%

Unlikely, 21%

Unlikely,52%

Unlikely,26%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Feb-16 Sep-16 Feb-16 Sep-16 Feb-16 Sep-16 Feb-16 Sep-16

Mil

lio

ns

2016 2017 2018 2019/20

City,35% City,

20%

City,65%

City,42%

City, 100%

City, 100%

City, 100%

Suburbs,15%

Suburbs, 8%

In Legals, 38%

In Legals,24%

Signed,50%

Signed,12%

Signed,35%

Signed,34%

Completed & let,22%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Feb-16 Sep-16 Feb-16 Sep-16 Feb-16 Sep-16 Feb-16 Sep-16

Mill

ion

s

MARKET

DUBLIN OFFICE DEVELOPMENTUnder Construction

Let/ In LegalsUnder Construction – analysis of Feb v Sep 2016

Planning Granted – analysis of Feb v Sep 2016

Speculative28%

Let/ Owner Occupied

50%

Overall

planning granted

up 15% to

5.4m sq. ft.

26% increase in

office development

since Feb-2016

bringing the total from

4.2m to 5.3m sq. ft. with

45% (2.4m sq. ft.)

let or in legals

an increase of 57%

1.81m+2%

1.96m+3%

1.3m+141%

0.25m

Let/ Owner Occupied

58%

Speculative42%

0.25m-26%

1.3m-46%

3.9m+105%

Probability Analysis

“Probable” – 75% probability

“Possible” – 50% probability

“Unlikely” – 25% probability

Source: Green REIT plc, JLL, CBRE, Savills, CIS, 2016 (Historic data 2001 – 2015 obtained from JLL, 2016 – 2020 data obtained from various sources to include CBRE, Savills and CIS)

Probability analysis on schemes with planning permission conducted by Green Property REIT Ventures (Investment Manager for Green REIT plc) on February 2016 and updated in September 2016.

This is a subjective view by Green Property REIT Ventures. Showing schemes > 10,000 sq. ft. (gross area), details as per planning applications and is subject to change.

* Updated in September 2016

Speculative100%

Speculative100%

1.77m1.91m

0.54m

2016 2017 2018 2019/20

0.34m

2.4m

1.9m

33

Practical

Completion (PC):

Planned

Delivery in:

1.8m2m

1.3m

0.2m

Probable

Probable

Probable

Possible

Possible

Possible

Unlikely

Unlikely

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016* 2017* 2018* 2019/20*

Mill

ion

s sq

. ft.

(gr

oss

)

MARKET

OFFICE DEVELOPMENT

Potential Office Supply 2016 – 2020 *

10.7m sq. ft.+17% v Feb-16

16.3m sq. ft.

deliveredNo development

Rents

30-40%

Rents

50-60%

Rents

100%

Rents

75-85%

Planning Granted

Under Construction

0.2m

1.3m

3.9m

Source: Green REIT plc, JLL, CBRE, Savills, CIS, 2016 (Historic data 2001 – 2015 obtained from JLL, 2016 – 2020 data obtained from various sources to include CBRE, Savills and CIS)

Probability analysis on schemes with planning permission conducted by Green Property REIT Ventures (Investment Manager for Green REIT plc) on February 2016 and updated in September 2016.

This is a subjective view by Green Property REIT Ventures. Showing schemes > 10,000 sq. ft. (gross area), details as per planning applications and is subject to change.

* Updated in September 2016

2016 – 2020

5.3m sq. ft. under construction

• 2.4m sq. ft. let/ in legals

• 2.9m sq. ft. speculative

5.4m sq. ft. planning granted

• 36% “Probable”

• 40% “Possible”

• 24% “Unlikely”

“ Robust levels of take-up

leading to a well-balanced

market ”

34

2016

€53

€58

€56 €56

€60

€62

€65 €65

€60 €60

€62

€65

€50

€52

€54

€56

€58

€60

€62

€64

€66

€68

€70

2015 2016 2017 2018

€63

€57.50

€60€60

€61€60

€25

€30

€35

€40

€45

€50

€55

€60

€65

€70

2007 Q3 2010 Q3 2013 Q3 2016 Q3

CBRE

JLL

Savills

MARKET

TRENDS

Prime Office Rents (€ psf) JLL Prime Office Rents Projections

Prime Yields 2002 – July 2016

3.25

4.65

5.75

4.75

0

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

Q1

20

02

Q3

20

02

Q1

20

03

Q3

20

03

Q1

20

04

Q3

20

04

Q1

20

05

Q3

20

05

Q1

20

06

Q3

20

06

Q1

20

07

Q3

20

07

Q1

20

08

Q3

20

08

Q1

20

09

Q3

20

09

Mar-

10

Ju

l-10

No

v-1

0

Mar-

11

Ju

n-1

1

Au

g-1

1

Oc

t-1

1

Dec-1

1

Fe

b-1

2

May-1

2

Ju

l-12

Sep

-12

No

v-1

2

Jan

-13

Mar-

13

May-1

3

Ju

l-13

Sep

-13

No

v-1

3

Jan

-14

Mar-

14

May-1

4

Ju

l-14

Sep

-14

No

v-1

4

Jan

-15

Mar-

15

May-1

5

Ju

l-15

Sep

-15

No

v-1

5

Jan

-16

Mar-

16

May-1

6

Ju

l-16

Yie

ld %

Prime High Street Prime Offices Prime Industrial Prime Shopping Centre

Source: CBRE; JLL; Savills, July 2016 Source: JLL, July 2016

Source: CBRE, July 2016

PEAK2007

TROUGH

2012

€28 – 30psf

RECOVERY

2014

€40psf

2016 2017-2018

Jun-2015

Dec-2015

35

Construction Tender Prices Y-O-Y Changes

Source: SCSI, 2016

2.8%

-0.12

-0.10

-0.08

-0.06

-0.04

-0.02

0.00

0.02

0.04

0.06

0.08

0.10

H1 1

99

8

H2 1

99

8

H1 1

99

9

H2 1

99

9

H1 2

00

0

H2 2

00

0

H1 2

00

1

H2 2

00

1

H1 2

00

2

H2 2

00

2

H1 2

00

3

H2 2

00

3

H1 2

00

4

H2 2

00

4

H1 2

00

5

H2 2

00

5

H1 2

00

6

H2 2

00

6

H1 2

00

7

H2 2

00

7

H1 2

00

8

H2 2

00

8

H1 2

00

9

H2 2

00

9

H1 2

01

0

H2 2

01

0

H1 2

01

1

H2 2

01

1

H1 2

01

2

H2 2

01

2

H1 2

01

3

H2 2

01

3

H1 2

01

4

H2 2

01

4

H1 2

01

5

H2 2

01

5

MARKET

ECONOMIC

IDA Performance against Targets (2015 – 2019) Origin of IDA Ireland Supported Companies 2015

Source: IDA, July 2016

212 investments won by

IDA in 2015

36

Ireland ranked 5th highest for

Foreign Direct Investment inflows

in Europe (2009 – 2014)

2015 and 2016 have been record

years for employment growth and

investment flows

““

””


PRESENTATION

Stephen Vernon

Chairman

FINANCIAL

Niall O’Buachalla


PORTFOLIO

Pat Gunne

Chief Executive

MARKET

Caroline McCarthy


SUMMARY

Stephen Vernon

Chairman


GREEN REIT PLC

SUMMARY

Continued decline in the risk free rate means property yields

still look attractive on a relative basis despite being close to

previous cycle peak

Brexit, whilst a net negative for Ireland, could result in an

increase in UK based tenants looking to take space in Dublin &

Ireland. Too early to have a firm view at this stage, but

monitoring carefully for opportunity

Portfolio is dominated by high grade Dublin office assets

which remain a strong performer, as illustrated by the results

Development assets continuing on plan, and team focussed to

secure tenancies and release profits from value uplift

Asset management has been very successful with 61% of

income in the portfolio being reviewed on an upwards only

basis and portfolio WAULT now standing at 7.8 years, up by

56% from this time last year

Dividend increased by 188% to 4.6c per share

38


Prime Real Estate

with strong tenants

on secure leases

in a growth economy

Structured to maximise risk adjusted returns

with appropriate development exposure

and moderate debt ratios,

whilst being alert to future opportunity

““

””

Q&A

APPENDIX

Fitzwilliam Hall l Dublin 2

Dublin City Centre45%

Dublin - Other28%

Cork5%

Retail15%

Industrial 2%

Other5%

Offices78%

Portfolio

21 Properties

€1.24 billion portfolio value at 30 June 2016

€45.9 million annual passing rent rising to €61.3 million on expiry of rent

frees

Dublin Centric

93% of assets by value1 2 located in Dublin

Focus on Office Sector (split by value 1 2)

78% Offices (Excludes Arena office element)

15% Retail

2% Industrial

5% Land & Other

Active Management

105 Tenants

36 new lettings3 completed in the last 12 months with a contracted rent of

€9.5m per annum

5 lease re-gears completed in the last 12 months with a contracted rent of

€14m per annum

WAULT increased to 7.8 years4 from 5 years in June 2015

98% EPRA occupancy by Estimated Rental Value (ERV)

PORTFOLIO

AT 30 JUNE 2016

(1) Excludes 4 assets sold within the period – they are 1) Globe Retail Park, 2) Classon House, 3) Ormond Building and 4) Parnell Car Park

(2) Based on latest valuation 30 June 2016. Includes Green REIT’s 60% interest in Mount Street property and 100% of One Albert Quay (Cork) (contracted to purchase)

(3) Includes short term lettings


Value by Sector 1 2

Value by Geography 1 2

Dublin City Centre46%

Dublin - Other47%

Cork5%

Limerick2%

41

PORTFOLIO

TOP ASSETS

Central ParkGeorge’s

Quay &

Central Park

accounting

for

56%of

portfolio rent

& value1 2€16.8m 27% 350,000 28

Contracted

Rent

of

Group Rent

Floor Area

sq. ft.

Tenants

€18m 29% 692,000 14

Contracted

Rent

of

Group Rent

Floor Area

sq. ft.

Tenants

€7.7m 13% 300,000 34

Contracted Rent of Group Rent Floor Area sq. ft. Tenants

€4.2m 7% 85,000

Contracted Rent of Group Rent Floor Area sq. ft.

€3.2m 5% 164,000 7

Contracted Rent of Group Rent Floor Area sq. ft. Tenants

Westend Shopping Park 2 Burlington Road One Albert Quay


42(1) Value and rental income at valuation dates. Includes Green REIT’s 60% interest in Mount Street


€7.3m

€4.5m

€3.7m

€3.4m

€2.8m €2.7m

€1.9m€1.7m €1.7m

€1.4m

10.310.7

11.4

10.7

4.2 4.2

2.21.7

11.6

5.9

€0.0m

€1.0m

€2.0m

€3.0m

€4.0m

€5.0m

€6.0m

€7.0m

€8.0m

Vodafone Ireland Allied Irish Bank Fidelity Pioneer Ulster Bank OPW Northern Trust Bank of America ML Tyco GAM

Mill

ion

s Contracted Rent Unexpired Term

Central Park 2 Burlington Rd GQ Blk E&F GQ Blk A Central Park Mount St George’s Court Central Park One Albert Quay George’s Court

PORTFOLIO

INCOME ANALYSIS

As % of Total Group Rent:

By Contracted Rent and WAULT 1 2

No of

property:

Top 10 tenants paying

51% of total rent

8 International

Irish Bank (Irish govt.)

Irish Government

12% 7% 6% 6% 5% 4% 3% 3% 3% 2%1 2 1 1 2 2 1 1 1 1

(1) Rental income as at 30 June 2016 includes Green REIT’s 60% interest in Mount Street

(2) WAULT is the rent-weighted average remaining term on leases to lease expiry/ break date (whichever comes first). Excludes residential component 43

Jan 2018

Jan 2016

Jan 2017

76-78 Harcourt St

Q1 2017 (E) 24,382 sq. ft.Rent €1.0m

GQ Blk E&F

Q2 2016 (B)

41,302 sq. ft.

Rent €1.9m

(1) Showing leases with an annual rent over €0.5 million/ Excludes short term licences/ Date of Analysis 30 June 2015

(2) Central Park – Rent represents Green REIT plc’s 50% share. Green REIT plc has since acquired the JV partner’s interest of 50%

Central ParkQ1 2018 (B)74,215 sq. ft. Rent €0.9m

4&5 Harcourt Rd

Q4 2015 (E)

Rent €1.3m

Central Park

Q4 2018 (B) **

263,000 sq. ft.

Rent €3.7m

GQ Block A

Q2 2017 (B)

62,782 sq. ft.

Rent €3.4m

2 Burlington Road

Q2 2017 (B)

85,266 sq. ft.

Rent €4.2mArena Centre

Q1 2018 (B)

63,586 sq. ft.

Rent €1.4m

84-93 Mount St

Q1 2016 (E)

49,353 sq. ft.

Rent €1.7m GQ Blk E&F

Q3 2016 (B)

26,444 sq. ft.

Rent €1.3m

Legend

Expiry

Break

Redevelopment

George’s

Court

Q3 2016 (E)

16,255 sq. ft.

Rent €0.8m

George’s Court

Q3 2018 (B)

44,380 sq. ft.

Rent €1.8m

GQ Blk AQ2 2017 (B)8,344 sq. ft.Rent €0.5m

GQ Blk A

Q2 2017 (B)

8,473 sq. ft.

Rent €0.5m

GQ Blk AQ1 2017 (B)16,734 sq. ft.Rent €1.0m

€21m (72%)*

of lease eventsbetween 2016-2018 now secured

* As a % of 2016-2018 total (€29.3m pa) on 30 June 2015

PORTFOLIO

INCOME ANALYSIS

44

2015 2016 2017 2018 2019

One Molesworth Street

32 & rear of Molesworth Street

4-5 Harcourt Road

Block H Central Park

Horizon Logistics Park

PlanningConstruction

90,000 sq. ft. (Letttable)Completion & Void

Income

producing

ERV €4.7m


28,374 sq. ft (Letttable)Completion & Void

Income

producing

ERV €1.45m


48,243 sq. ft. (Letttable) 2Completion & Void

Income

producing

ERV €2.5m


150,000 sq. ft. (Letttable) (100%) 2Completion & Void

Income

producing

ERV €4.35m


66,000 sq. ft. 3

(2 units)

Completion & VoidIncome

producingERV €0.35m

TODAY

(1) Updated June 2016. Contingent on obtaining the necessary planning and board approvals which are outside of the control of the Manager

(2) Estimated rent on completion and lettable areas revised in June 2016

(3) Comprises two new buildings – 44,000 sq. ft. to hold and 22,000 sq. ft. is complete and was sold in Q4 2015. ERV represents one unit (44,000 sq. ft.)

PORTFOLIO

DEVELOPMENT 1 2

45

In Legals

Reserved

Office Industrial

One

Molesworth Street

Dublin 2

4 & 5

Harcourt Road

Dublin 2

32 & Rear of

Molesworth Street

Dublin 2

Block H,

Central Park

Dublin 18

Unit 1, Horizon

Logistics Park

Dublin Airport

Sub Total – Office Under Construction Under Construction Under Construction Under Construction Complete

Are

a

Existing NIA

(sq. ft.)86,800 42,400 32,400 12,000 0 0

New GIA

(sq. ft.)376,292 120,000 63,000 43,292 150,000 44,0006

Lettable Area

(sq. ft.)/ Net Ratio313,374 83% 90,000 75% 45,000 71% 28,374 66% 150,000 100% 44,0006 100%

Co

st Site Cost €48m €153 psf5 €24m €267 psf5 €16m €356 psf5 €4m €141 psf5 €4m €27 psf5 €0.3m €6.8 psf5

All in Build Cost² €120m €383 psf5 €38m €422 psf5 €21m €467 psf5 €13m €458 psf5 €48m €320 psf5 €4.2m €95 psf5

Ren

t

Rent Estimate³ €13.1m €42 psf5

(ex cars)€5.0m €55 psf5

(€3,500 pcs)€2.3m €50 psf5

(€3,500 pcs)€1.45m €50 psf5

(€3,500 pcs)€4.35m €25 psf5

(€2,000 pcs)€0.35m €8.0 psf5

Void 12 – 18 months 12 Months 12 Months 12 Months 18 Months 12 Months

Income Producing 2017/18 2018/19 2018/19 2017/18 2018 2017/18

Retu

rn

Net Development

Value (NDV)4 €241m €769 psf5 €101m €1,122 psf5 €44m €978 psf5 €27m €952 psf5 €69m €460 psf5 €5.3m €120 psf5

Yield on Cost 7.8% 8.1% 6.2% 8.5% 8.4% 7.8%

Yield on Value 5.0% 4.5% 4.75% 4.75% 5.5% 6.0%

Value v. Cost +44% +63% +19% +59% +33% +18%

100% interest

in Central Park

€124m€391 psf

64,374

48,243

€25m€517 psf

377,666

316,617

€96m€1,063 psf

€239.1m€755 psf

€47m€983 psf

6.0%7.6%7.5%

16%54%39%

€4.7m€55 psf

€13.0m€42 psf

€2.5m€50 psf

Current Estimate v Feb ‘16 Estimate

Build Costs +2.3% (€3.9m)

Total Rents -1.0% (€0.1m)

Value (NDV) -0.8% (€1.9m)

Value v costs now 39%

(1) Contingent on obtaining the necessary planning and board approvals. Financial appraisals subject to change. Central Park

financial analysis accounts for Green REIT’s 100% interest

(2) Estimated build cost plus development levies and fees. Excludes financing and tenant incentives

(3) Estimated rent on completion


(5) On lettable area

(6) Figures & appraisal represent one unit (44,000 sq. ft.) which is constructed to hold. Unit 2 (22,000 sq. ft.) was completed

and sold in Q4 2015

PORTFOLIO

DEVELOPMENT 1

46

In LegalsReserved

Office Industrial

One

Molesworth Street

Dublin 2

4 & 5

Harcourt Road

Dublin 2

32 & Rear of

Molesworth Street

Dublin 2

Block H,

Central Park

Dublin 18

Unit 1, Horizon

Logistics Park

Dublin Airport

Sub Total – Office Under Construction Planning Granted Under Construction Under Construction Complete

Are

a

Existing NIA

(sq. ft.)86,800 42,400 32,400 12,000 0 0

New GIA

(sq. ft.)377,666 120,000 64,374 43,292 150,000 44,0006

Lettable Area

(sq. ft.)/ Net Ratio316,617 84% 90,000 75% 48,243 75% 28,374 66% 150,000 100% 44,0006 100%

Co

st Site Cost €48m €151 psf5 €24m €267 psf5 €16m €332 psf5 €4m €141 psf5 €4m €27 psf5 €0.3m €6.8 psf5

All in Build Cost² €124m €391 psf5 €38m €422 psf5 €25m €517 psf5 €13m €458 psf5 €48m €320 psf5 €4.2m €95 psf5

Ren

t

Rent Estimate³ €13.0m €42 psf5

(ex cars)€4.7m €55 psf5

(€3,500 pcs)€2.5m €50 psf5

(€3,500 pcs)€1.45m €50 psf5

(€3,500 pcs)€4.35m €25 psf5

(€2,000 pcs)€0.35m €8.0 psf5

Void 12 – 18 months 12 Months 12 Months 12 Months 18 Months 12 Months

Income Producing 2017/18 2018/19 2019 2017/18 2018 2017/18

Retu

rn

Net Development

Value (NDV)4 €239.1m €755 psf5 €96m €1,063 psf5 €47m €983 psf5 €27m €952 psf5 €69m €460 psf5 €5.3m €120 psf5

Yield on Cost 7.5% 7.6% 6.0% 8.5% 8.4% 7.8%

Yield on Value 5.0% 4.5% 4.75% 4.75% 5.5% 6.0%

Value v. Cost +39% +54% +16% +59% +33% +18%

On an overall basis

June 2016:

Total costs €176m

Total rents €13.3m

NDV €244m

Value v Cost 39%

(1) Contingent on obtaining the necessary planning and board approvals. Financial appraisals subject to change. Central Park

financial analysis accounts for Green REIT’s 100% interest

(2) Estimated build cost plus development levies and fees. Excludes financing and tenant incentives

(3) Estimated rent on completion


(5) On lettable area

(6) Figures & appraisal represent one unit (44,000 sq. ft.) which is constructed to hold. Unit 2 (22,000 sq. ft.) was completed

and sold in Q4 2015

PORTFOLIO

DEVELOPMENT 1

47

In LegalsReserved

PRELIMINARY RESULTS - Green REIT plc REIT...30.06.2016 +28%1 v 2015 Net Rental Profit €24.8m (3.7...

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