The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of March 2022 amounted to EUR 1.1114 per unit. Compared to the previous month, NAV per unit increased by +0.71%. The total net asset value of the Fund increased to EUR 133.0 million over the month. The NAV increase was mainly affected by the positive operating performance of investment properties. The EPRA NRV as of 31 March 2022 was EUR 1.1902 per unit, corresponding to an increase of +0.53% over the last month.
Unaudited consolidated net rental income for March 2022 amounted to EUR 1.4 million, remaining stable over the quarter (EUR 1.4 million in January and February 2022 each). The size of discounts has been decreasing in Q1 2022 compared to periods with heavy COVID-19 restrictions. The Fund recognized an unaudited consolidated net profit of EUR 0.6 million in March 2022. The Portfolio occupancy rate as of 31 March 2022 stood strong at 92.4% (31 December 2021: 92.1%).
At the end of March 2022, the Fund’s consolidated cash and cash equivalents amounted to EUR 10.5 million (31 December 2021: EUR 16.1 million) which demonstrates solid liquidity and financial flexibility. The Fund is planning to invest part of the available cash to (re)development projects during the remainder of the year.
As of 31 March 2022, the total consolidated assets of the Fund were EUR 345.7 million (31 December 2021: EUR 346.3 million). The Fund has invested an additional EUR 2.0 million into ongoing constructions of the Meraki office building and Europa SC reconstruction during March 2022.
