New figures from commercial property company Hibernia REIT shows that only 3% of rent remains due for the quarter ending in December - a level comparable with the two previous quarters. 

In an update on rent collection levels, Hibernia REIT said its buildings remain open and it continues to provide support to its tenants where necessary.  

Hibernia REIT said that 97% of rent due for the three months to the end of December has been received or is on agreed monthly payment plans. 

On its residential rents, Hibernia REIT said that at October 8, 98% of its contracted rent for the month had been received and the occupancy rate of its residential units stood at 95%.  

At the same point in August and September, 94% and 96% of that month's contracted rent had been received and the occupancy rate was 95% in both cases. 

The company added that it continues to assist its residential tenants as necessary. 

Hibernia REIT said it had 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, adding that its 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," it added.

In July, Hibernia REIT said that the Covid-19 lockdown has had a significant impact on the volume of investment transactions and lettings in the Dublin market. 

In a note, Davy Stockbrokers said Hibernia REIT's rent collection for the quarter to the end of December showed the resilience of its business.

"Only 3% of rent remains due, which is comparable with levels seen in each of the two previous quarters. Residential rent collection remains notably strong in Dublin," Davy added.

Goodbody Stockbrokers said that overall, today's update is another "top of the class performance" from Hibernia compared to its office sector peer group. The stockbrokers said that early UK data suggests average office sector rent collection rates stood at 65% seven days on from the due date.

Investec noted that reflecting the almost "business as usual" rate of rent collections despite the unprecedented circumstances, this will be the last early-quarter update from the group on the subject. 

"This also serves to highlight the security of Hibernia's income and dividends and, despite some impending downward pressure, the anomaly of its 40%+ discount to its Net Asset Value (NAV)", they added.