The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of February 2021 amounted to EUR 1.1416 per unit. Compared to the previous month, NAV per unit decreased by -0.23%. The NAV decrease was mainly affected by distribution to unitholders of EUR 1.3 million. Eliminating dividend distribution, the NAV increase during the month would have been +0.73% compared to the previous month. EPRA NAV and EPRA NRV as at the end of February 2021 decreased to EUR 1.2233 per unit, corresponding to a decrease of -0.31% over the last month.
Consolidated net rental income for February 2021 amounted to EUR 1.5 million, corresponding to a net rental income increase of EUR 0.2 million compared to the previous month (EUR 1.3 million in January 2021). Successful negotiations with the tenants led to a growth of rental income in February 2021 after the Fund granted sizeable rent reliefs to its most affected tenants in January 2021. The Fund’s management team has successfully signed debt repayment schedules with several tenants resulting in a partial reversal of provisions for bad debts. The Fund earned an unaudited consolidated net profit of EUR 0.8 million in February 2021.
At the end of February 2021, the Fund’s consolidated cash and cash equivalents amounted to EUR 11.5 million (31 December 2020: EUR 13.3 million) which demonstrates sufficient liquidity and financial flexibility. The distribution of EUR 1.3 million to investors in February 2021 contributed to the decrease in cash and cash equivalents during the month. The Fund continues to generate stable positive cash flow from operations despite rent reliefs granted to tenants during the second COVID-19 wave in the Baltics.
As of 28 February 2021, the total consolidated assets of the Fund stood at EUR 355.5 million (31 December 2020: EUR 355.6 million). The Fund has invested an additional EUR 0.4 million into ongoing constructions of Meraki office buildings during February 2021.
