INTERIM RESULTS TO 31 DECEMBER 2015 FEBRUARY 2016 DISCLAIMER - PowerPoint PPT Presentation

INTERIM RESULTS TO 31 DECEMBER 2015 FEBRUARY 2016

DISCLAIMER & IMPORTANT NOTICE 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. 2

H IGHLIGHTS 1. F INANCIAL R ESULTS 2. C OMPANY O VERVIEW 3. Stephen Vernon M ARKET C OMMENTARY 4. Chairman S UMMARY & O UTLOOK Green Property REIT Ventures 5. One Albert Quay l Cork

HIGHLIGHTS INTERIM RESULTS Summary financial results 31 December 2015:  Net Profit € 67.1m  NAV uplift from 30.06.2015 +7%  EPRA NAV € 1.41 per share  Basic EPS 10 cents  Total Gearing 22% (22.02.2016); 10% (31.12.2015) Highlights since year end:  Acquisition of full control of Central Park  Acquisition of One Albert Quay, Cork  Developments continue at pace with 4 out of the 5 projects underway  Sale of six assets initiated in order to maintain our 25% total gearing target set at the last set of results, and following the acquisition of Central Park  Asset management initiatives seeing high levels of success with a 46% increase in our weighted average unexpired lease term (WAULT) to 7.3 years 1 One Albert Quay l Cork City Vodafone re-gear agreed – deed of variation engrossed on 10 th February 2016, signed by Green REIT plc on 19 th February 2016, and expecting Vodafone to countersign by 26 th February 2016 (1) 4

HIGHLIGHTS INTERIM RESULTS Economy:  Improving economic growth with the domestic economy now playing a bigger part in the recovery. Still fastest growth economy in Europe  Brexit referendum an important milestone still to be decided upon  Upcoming elections likely to lead to a fragmented government based on recent polls Real Estate Market:  Historic total returns in the Irish market of 40% in 2014 and 25% in 2015 unsustainable, however market conditions remain favourable  Rental growth now the more important driver of performance as opposed to yield contraction which has dominated to date  Over-supply concerns abating somewhat with NAMA less likely to be involved in mass speculative development, however still conscious that take up is at historic highs  Global uncertainty around China, Oil and equity market volatility resulting in the longer end of the interest rate curve remaining low CGI of 32 Molesworth Street l Dublin 2 5

H IGHLIGHTS 1. F INANCIAL R ESULTS 2. C OMPANY O VERVIEW 3. Niall O’Buachalla M ARKET C OMMENTARY 4. Chief Operating Officer Green Property REIT Ventures S UMMARY & O UTLOOK 5. One Albert Quay l Cork City

FINANCIAL RESULTS KEY FINANCIALS NAV Build-up 1 NAV  EPRA Net Assets of € 962m ( € 1.41 per share), up by € 63m (7%) on 30 June 2015 € 961.5m +7%  EPRA Net Assets up € 155m (19%) on 31 December 2014 to 31 December € 899.3m 2015 € 807.1m € 727.8m € 685.0m Profit for the 6 months  Profit for the period of € 67.1m (31 December 2014: € 74.3m)  EPS of 10 cents for the period (31 December 2014: 11.1 cents) Net Equity Raised 30/06/2014 31/12/2014 30/06/2015 31/12/2015 +19% Property Value +40%  Increase of € 66m (7%) on 30 June 2015, to € 1,034m 1 NAV Analysis (cents per share)  Increase of € 254m (26%) on 30 June 2015, to € 1,222m, when 100% of 141.2 0.4 0.9 1.4 CENTS PER SHARE 1.7 6.4 Central Park and first payment on One Albert Quay included - 1.6 132.1 Dividend Plan  Dividend yield growing to 2.5%-4% 2 post developments becoming income +7% producing in 2018 Net Assets per Investment JV Property Net Rental Net Rental Performance Dividends Paid Net Assets per Share at Properties Revaluation Profit - Profit - JV Fee Reserve share at 30.06.15 Revaluation Investment Property 31.12.2015 Properties Including Green REIT plc’s 50% share of Central Park property value (1) 7 (2) Expressed as a % of NAV

FINANCIAL RESULTS 6 MONTHS TO 31 DECEMBER 2015 Summary Income Statement July to December 2015 - Rental Profit 6 months to 6 months to 6 months to 6 months to 31 December 31 December With Central Park 31 December 31 December 2015 2014 on proportionate basis 2015 2014 €’000 €’000 €’000 €’000 Gross Rent 24,170 16,085 Rent 28,515 20,201 Property Outgoings (1,280) (1,000) Operating Expenses (1,585) (1,046) Net Rent +52% 22,890 15,085 Share of Rental Profit - Central Park JV 2,694 2,604 Net Rent 26,930 19,155 IM Base Fee (4,652) (3,836) IM Base Fee (4,652) (3,836) IM Performance Fee (5,800) (5,000) Admin Expenses (1,636) (700) IM Performance Fee (5,800) (5,000) Operating Profit 13,496 8,153 +66% Admin Expenses (1,721) (750) Net Finance Costs (949) (212) Finance Costs (2,212) (1,628) Net Rental Profit 12,547 7,941 Movement in Fair Values: Net Profit 12,547 7,941 100% Owned Properties 43,246 45,494 Central Park JV Property 11,306 20,895 -18% Total Fair Value Movement 54,552 66,389 Total profit for the period of Net Profit 67,099 74,330 € 67.1m / 10 cents per share Basic earnings per share (cents) -10% 10.0 11.1 EPRA earnings per share (cents) +58% 1.9 1.2 EPS Analysis 6 months to 31.12.2015 6 months to 31.12.2014 Cent per Cent per Net rental profit increase of € MM € MM share share Net Rental Profit 12.6 1.9 7.9 1.2 58% to € 12.6m Revaluation Uplifts 54.5 8.1 66.4 9.9 Profit for the Period 67.1 10.0 74.3 11.1 8

FINANCIAL RESULTS FINANCING  Total gearing of 10% at 31.12.15, with total debt of € 105m Debt Analysis  Total debt has stepped up from € 105m to € 284m since Annual Gearing - Weighted Total Debt Interest Cost Interest Property Hedged Average € MM (per annum) 31.12.15 as a result of: € MM Only Maturity our share of Central Park loan increasing by € 75m to € 150m i. At 31.12.2015 104.7 2.7% 2.8 10.1% 72% 2.6 years increase of € 80m to fund the acquisition of the balance of ii. At 22.02.2016 283.9 2.5% 7.2 23.2% 53% 2.7 years Central Park (Barclays) Total debt has stepped up increase of € 22.2m to fund the acquisition One Albert Quay in iii. by € 179m since 31.12.15 Cork (Barclays) iv. € 1.8m to fund development costs (Barclays) Gearing Analysis  Total gearing has increased from 10% at 31.12.2015 to 22% at Total At At Central 22.02.2016 Including 30 June 31 December Park & Central Park & 2015 2015 1AQ 1AQ  Further capital to be deployed on One Albert Quay of € 30.4m TOTAL GEARING € MM € MM € MM € MM and on our development pipeline of € 110m Total Debt 95.7 104.7 179.2 283.9 Total Assets 1,011.9 1,089.9 188.1 1,278.0  Extension of debt maturity and further hedging both being Total Gearing 9.5% 9.6% 22.2% considered (where Total Assets is based on Central Park proportionately consolidated) PROPERTY LTV Total Debt 95.7 104.7 179.2 283.9 Property Value 968.3 1,034.2 188.1 1,222.3 Property LTV 9.9% 10.1% 23.2% 9

H IGHLIGHTS 1. F INANCIAL R ESULTS 2. C OMPANY O VERVIEW 3. Pat Gunne M ARKET C OMMENTARY 4. Chief Executive Green Property REIT Ventures S UMMARY & O UTLOOK 5. Aerial view of George’s Quay l Dublin 2