The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of July 2021 amounted to EUR 1.0398 per unit. Compared to the previous month, NAV per unit decreased by -0.39%. The total net asset value of the Fund declined to EUR 124.4 million over the month. The NAV decrease was mainly affected by declared distribution to unitholders of EUR 1.3 million. Eliminating declared dividend distribution, the NAV increase from operating performance during the month would have been +0.66% compared to the previous month. EPRA NRV as of 31 July 2021 was EUR 1.1137 per unit, corresponding to a decrease of -0.35% over the last month.
Unaudited consolidated net rental income for July 2021 amounted to EUR 1.6 million, corresponding to a minor net rental income decrease of EUR 0.1 million compared to the previous month (EUR 1.7 million in June 2021). The change in net rental income was mainly impacted by temporary discounts granted to shopping centre tenants, albeit the size of discounts has been decreasing in June-July 2021 compared to January-May 2021. The Fund recognized an unaudited consolidated net profit of EUR 0.8 million in July 2021. The Portfolio occupancy rate as of 31 July 2021 stood strong at 93.4%. Overall rent collection remained commendable with 90.5% of invoiced rent collected to date for the 2021 financial year.
At the end of July 2021, the Fund’s consolidated cash and cash equivalents amounted to EUR 16.2 million (31 December 2020: EUR 13.3 million) which demonstrates sufficient liquidity and financial flexibility. The Fund is planning to invest outstanding cash to (re)development projects during the remaining year. Trade receivables decreased by EUR 0.3 million over the month and reached EUR 2.0 million at the end of July 2021. The Fund continues to generate strong positive cash flow from operations despite market uncertainty associated with COVID-19.
As of 31 July 2021, the total consolidated assets of the Fund stood at EUR 348.0 million (31 December 2020: EUR 355.6 million). The Fund has invested an additional EUR 0.6 million into ongoing constructions of Meraki office buildings during July 2021.
The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. Both the Fund and the Management Company are supervised by the Estonian Financial Supervision Authority.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com