Rent collection by Hibernia Reit remains robust

On commercial side, company says buildings remain open and it is providing support

Kevin Nowlan, chief executive officer, Hibernia Reit at Windmill Lane, Dublin 2. Photograph: Tom Honan/The Irish Times

Kevin Nowlan, chief executive officer, Hibernia Reit at Windmill Lane, Dublin 2. Photograph: Tom Honan/The Irish Times

 

Rent collection by property company Hibernia Reit has remained robust despite effects of the Covid-19 pandemic.

The group provided an update on rent collection following the start of the quarter ending December 31st, 2020, on Friday.

On the commercial side, it said its buildings remain open and that it continues “to provide support to our tenants where necessary”.

It said 97 per cent of rent for the quarter ending December 31st has been received or is on agreed monthly payment plans. The proportion of rent received within seven days of the due date is similar to the previous two quarters.

On residential rent, Hibernia said it was also continuing to assist its tenants as necessary. At close of business on Thursday, 98 per cent of contracted rent for the month had been received and the occupancy rate of its residential units was 95 per cent.

At the same point in August and September, respectively, 94 per cent and 96 per cent of that month’s contracted rent had been received and the occupancy rate was 95 per cent in both cases.

The company has now received more than 98 per cent of August rent and in excess of 99 per cent of September rent.

Hibernia also said it has repurchased 11.4 million shares for total consideration of €12.2 million under the €25 million share buyback programme announced on August 7th, representing an average purchase price of €1.07 per share.

The company will report its interim results for the six months ended September 30th on November 17th.

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