Hibernia REIT PLC Rent Update (4646S)
09 July 2020 - 4:00PM
UK Regulatory
TIDMHBRN
RNS Number : 4646S
Hibernia REIT PLC
09 July 2020
Hibernia REIT plc Rent Update
Hibernia REIT plc ("Hibernia" or "the Group") today provides an
update on rent collection following the start of the quarter ending
30 September 2020 (Q2 FY21). We will issue a trading update as
usual on the morning of our Annual General Meeting, which is being
held on 29 July 2020.
Commercial rent collection
Commercial rent represents c. 90% of Group contracted rent. Our
buildings remain open and we are seeing early signs of growing
occupancy as tenant staff begin to return to the office. We
continue to engage with our tenants and provide support on a case
by case basis. The table below summarises the rent collection
position at close of business on 8 July 2020: the proportion
collected within seven days of the gale day for the quarter ending
30 September 2020 is similar to that for the quarter ending 30 June
2020.
Quarter ending Sep-20 (Q2 Quarter ending Jun-20 (Q1 Quarter ending Mar-20 (Q4
Commercial rent FY21) FY21) FY20)
Rent collected
Within seven days 87% 89% 93%
Within 14 days - 89% 94%
Within 30 days - 90% 98%
Within 60 days - 93.5% 99.5%
---------------------------- ---------------------------- ----------------------------
Rent collected at 8 July
2020 87% 95.5% 100%
---------------------------- ---------------------------- ----------------------------
Rent on payment plans
Monthly rent not yet due 7.5% - -
Rent deferred - 3.5%* -
---------------------------- ---------------------------- ----------------------------
Rent on payment plans at 8
July 2020 7.5% 3.5% -
---------------------------- ---------------------------- ----------------------------
Rent unpaid
Rent due 5% 1% -
Rent waived 0.5% - -
---------------------------- ---------------------------- ----------------------------
Rent unpaid at 8 July 2020 5.5% 1% -
---------------------------- ---------------------------- ----------------------------
* Due to be paid in full by July 2021
Residential rent collection
Residential rent represents c. 10% of Group contracted rent. We
are also engaging with and assisting our residential tenants as
necessary. At close of business on 8 July 2020 95% of contracted
rent for the month of July had been collected and the occupancy
rate of our residential units was 93%. At the same point in both
May and June 96% of monthly contracted rent had been collected and
the occupancy rate was 94%. We have now collected 99% of May and
June rent.
ENDS
Contacts:
Hibernia REIT plc +353 1 536 9100
Kevin Nowlan, Chief Executive Officer
Tom Edwards-Moss, Chief Financial Officer
Murray Consultants
Doug Keatinge: +353 86 037 4163, dkeatinge@murraygroup.ie
Andrew Smith: +353 83 076 5717 , asmith@murraygroup.ie
About Hibernia REIT plc
Hibernia REIT plc is an Irish Real Estate Investment Trust
("REIT"), listed on Euronext Dublin and the London Stock Exchange.
Hibernia owns and develops property and specialises in Dublin city
centre offices.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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