State’s largest office landlord sees little impact on rent collection during Covid 

Just three per cent of rent due for the quarter ending December 31st has not been received 

A further 7% is not yet due but the company is confident the rent will be paid in due course as all of last quarter’s rents on monthly payment schedules have been received. Picture: Pexels

The state’s largest stock market-listed office landlord has seen virtually no impact on rent collection levels as a result of the Covid-19 pandemic.

Commercial property landlord Hibernia Reit confirmed this morning that it has received 90% of office rent due for the quarter ending 31 December 2020.

A further 7% is not yet due but the company is confident the rent will be paid in due course as all of last quarter’s rents on monthly payment schedules have been received.

Only 3% of rent remains unpaid, compared to 2% in the previous quarter.

The group said its buildings remain open and they will "continue to provide support to our tenants where necessary."

Residential Rent

On residential rent, the group has received 98% of contracted rent for October as of yesterday.

The occupancy rate for the group’s residential units stands at 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.

The group has since received over 98% of August rent and over 99% of September rent.

Hibernia Reit has 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, but it will now revert to its normal, pre-COVID reporting cycle unless their "rent collection rates are materially different to current trends.”