Hibernia REIT PLC - Irish real estate investment trust - Has either received or agreed plans on 98% of commercial rent for quarter ending March 2021 and has received 95% of residential rend for month of February 2021. Noted that asset management activity has added GBP900,000 total of contracted annual rent at Hibernia's commercial properties.
At present, development sites in Ireland are closed, and have been since early January, due to Covid-19 restrictions. However, Hibernia highlights that its 2 Cumberland Place and 50 City Quay cites are just "a few weeks from completion" when work is able to resume.
Hibernia acknowledges that the Dublin office market is still "subdued", and has been since the pandemic began, with office take-up in 3030 down 55% year-on-year at 1.5 million square feet. Active demand at 2020 end 2.3 million square feet, unchanged in fourth quarter and down 40% in 2020.
Company's net debt at December 31 stood at EUR275 million with EUR120 million of cash and undrawn facilities. Net of committed expenditure and the interim dividend of 2 euro cents per share paid January, cash and undrawn facilities totalled EUR104 million. As at 2020 end, more than 100% of Hibernia's interest rate risk on its drawn debt was fixed or hedged, 90% excluding heading instruments expected to expire December 2021.
Chief Executive Kevin Nowlan: "While there was a modest pick-up in activity in the Dublin office market in the final quarter of 2020, letting and investment volumes are likely to remain subdued until workers are able to return to their offices in meaningful numbers.
"Hibernia continues to be well-positioned with a strong tenant base, an extensive development pipeline, low financial leverage and a talented team."
Current stock price: EUR1.09
Year-to-date change: down 3.7%
By Anna Farley; annafarley@alliancenews.com
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