DJ Hibernia REIT Rent Update - October 2020
Hibernia REIT plc (HBRN)
Hibernia REIT Rent Update - October 2020
09-Oct-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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.
Commercial rent Quarter ending Quarter ended Quarter ended
Dec-20 (Q3 Sep-20 (Q2 Jun-20 (Q1
FY21) FY21) FY21)
Rent received
Within seven days 90% 87% 89%
Within 14 days - 90.5% 89%
Within 30 days - 90.5% 90%
Within 60 days - 95% 93.5%
Rent received at 8 90% 98% 96%
October 2020
Rent on payment
plans
7% - -
Monthly rent not
yet due
Rent deferred - - 3%*
Rent on payment 7% - 3%
plans at 8 October
2020
Rent unpaid
Rent due 2.5% 1% 0.5%
Rent waived 0.5% 1% 0.5%
Rent unpaid at 8 3% 2% 1%
October 2020
* 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
&euro12.2m under the &euro25m share buyback programme announced on 7 August
2020, representing an average purchase price of &euro1.07 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, dkeatinge@murraygroup.ie
Andrew Smith: +353 83 076 5717, asmith@murraygroup.ie
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.
ISIN: IE00BGHQ1986
Category Code: MSCU
TIDM: HBRN
LEI Code: 635400MHRA4QVVFTON18
OAM Categories: 2.2. Inside information
Sequence No.: 85656
EQS News ID: 1139876
End of Announcement EQS News Service
(END) Dow Jones Newswires
October 09, 2020 02:00 ET (06:00 GMT)
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