The net asset value (NAV) of the Baltic Horizon Fund (the Fund) unit at the end of January 2023 amounted to EUR 1.1176 per unit. Compared to the previous month, NAV per unit increased by 0.03%. The total net asset value of the Fund amounted to EUR 133.7 million over the month. The NAV slightly increased mainly due to the positive operating performance of investment properties. Positive results from operations were almost fully offset by the negative movement in cash flow hedge reserves. The EPRA NRV as of 31 January 2023 was EUR 1.1906 per unit, corresponding to an increase of 0.35% over the last month.
Unaudited consolidated net rental income for January 2023 amounted to EUR 1.4 million (EUR 1.5 million in December 2022). The change in property performance was mainly impacted by the increase in non-recoverable property costs resulting from fluctuations in energy prices. The positive impact of the 2023 rental indexations should be noticeable in the upcoming months. The Fund recognized an unaudited consolidated net profit of EUR 0.4 million in January 2023.
At the end of January 2023, the Fund’s consolidated cash and cash equivalents amounted to EUR 3.8 million (31 December 2022: EUR 5.3 million). The Fund has invested an additional EUR 0.4 million into the ongoing refurbishment of Galerija Centrs Food hall. Operational costs are fully covered by cash flows generated by rental activities.
As of 31 January 2023, the total consolidated assets of the Fund were EUR 342.3 million (31 December 2022: EUR 344.0 million).
