Commercial property company Hibernia REIT has said the full impact of the Covid-19 pandemic on market rents and property values is yet to be felt.

Reporting its annual results for the year to the end of March, Hibernia REIT said that its portfolio value rose by 2% to €1.465 billion.

The company said its net asset value per share - a key measure of performance - rose by 3.5% to 179.3 cent during the year.

It also said that 93.5% of its commercial rent for quarter ended June has been received, with 3.5% deferred, 2% due in June and 1% outstanding. 100% of rents were collected the same time last year. 

97% of its residential rent for the month of May has also been received, it added.

Hibernia said its managed buildings have remained open and accessible as required throughout the Covid-19 lockdown.

Kevin Nowlan, Hibernia's chief executive, said that while the full impact of the coronavirus pandemic is yet to be felt, the company is well positioned to withstand it. 

"We have amongst the lowest leverage in the European REIT universe, no debt maturities until December 2023, and a high-quality tenant base weighted towards the technology sector and state entities," Mr Nowlan said. 

He said the impact on its rent collection levels to date has been modest and we are working collaboratively with any tenants who are having difficulties. 

"We believe the current crisis is underlining the importance of city centre offices as places for employees to work together and exchange information and ideas and we remain confident in the long-term prospects of the central Dublin office market and the Dublin residential market and will continue to manage the business accordingly," he added.

The company said today that it has prepared its buildings for increasing usage as the lockdown eases with individual building plans covering access control, physical distancing measures, cleaning,sanitising and signage

Work at 2 Cumberland, its sole active development site, reopened on 18 May in line with the easing of Government restictions and completion is now expected by the end of 2020. 

Last month Hibernia REIT announced a pre-let deal with 3M Digital Science Community, a subsidiary of science-based technology company 3M Company, for office space over three floors in its 2 Cumberland Place development.

Commenting on today's results, Goodbody Stockbroker said that Hibernia REIT delivered a strong set of results for the year.

The stockbrokers said they had flagged an expectation of strong rent collection back in March and its Q2 figure has continued to improve with just 3.5% of rent deferred, 2% paid monthly, and less than 1% outstanding. They said this gives comfort for dividends abilities in the coming year.

Investec also said that Hibernia REIT's results were "positive" with the headline numbers ahead of forecast and reassuring details on rent collection in the current environment.

Shares in the company moved higher in Dublin trade today.