Hibernia REIT Rent Update - October 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 31 December 2020 (Q3 FY21).               

Rent collection 
Commercial rent (c. 90% of Group contracted rent) 
Our buildings remain open and we continue to provide support to our tenants where necessary.  The table below summarises the position at close of business on 8 October 2020: 97% of rent for the quarter ending 31 December 2020 has been received or is on agreed monthly payment plans.  The proportion of rent received within seven days of the gale day is similar to the previous two quarters.

* Due to be paid in full by July 2021 

Residential rent (c. 10% of Group contracted rent) 
We also continue to assist our residential tenants as necessary.  At close of business on 8 October 2020 98% of contracted rent for the month had been received and the occupancy rate of our residential units was 95%.  At the same point in August and September, respectively, 94% and 96% of that month's contracted rent had been received and the occupancy rate was 95% in both cases.  We have now received over 98% of August rent and over 99% of September rent.             
 

Share buyback programme

To date we have repurchased 11.4m shares for total consideration of €12.2m under the €25m share buyback programme announced on 7 August 2020, representing an average purchase price of €1.07 per share.

Upcoming reporting

Our interim results for the six months ended 30 September 2020 will be released on 17 November 2020. 

We have provided an update on rent collection early in each of the three quarters that has started since the onset of the COVID-19 pandemic in Ireland.  As can be seen from the table above and our previous announcements, the Group's rent collection statistics have remained robust.  In future we intend to revert to our normal, pre-COVID reporting cycle unless our rent collection rates are materially different to current trends.

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, [email protected]

Andrew Smith: +353 83 076 5717, [email protected]

About Hibernia

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.