Hibernia REIT PLC Rent Update (4646S)

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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 [phone]

Kevin Nowlan, Chief Executive Officer

Tom Edwards-Moss, Chief Financial Officer

Murray Consultants

Doug Keatinge: [phone], [e-mail]

Andrew Smith: [phone] , [e-mail]

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.

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July 09, 2020 02:00 ET (06:00 GMT)