Hibernia Reit says 5.5% of rent due unpaid for current quarter

Company has collected 87% of its commercial rent due

Kevin Nowlan, chief executive of  Hibernia Reit. Photograph:  Tom Honan.

Kevin Nowlan, chief executive of Hibernia Reit. Photograph: Tom Honan.

 

Commercial property group Hibernia Real Estate Investment Trust (Reit) said it was beginning to see signs of growing occupancy in its buildings as people return to offices in the wake of pandemic lockdown measures.

The company said it had collected 87 per cent of the contracted rent for its commercial properties in the current quarter within seven days of it falling due, a similar rate to the period ended June 30th.

Some 7.5 per cent of rent on payment plans is not yet due and 5.5 per cent remains unpaid. Hibernia Reit has waived 0.5 per cent of that figure.

Commercial rents make up the majority of the company’s contracted rent.

Residential rents, which represent about 10 per cent of the group’s contracted rent, were largely paid in May and June, with 99 per cent of rent due collected. The figure for July currently stands at 95 per cent, slightly behind the collection rate of 96 per cent at the same point of the previous two months.

Hibernia said it was engaging with residential tenants as necessary.