The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of March
2021 amounted to EUR 1.1460 per unit. Compared to the previous month, NAV per
unit increased by +0.39%. The total net asset value of the Fund rose to EUR
137.1 million over the month. The NAV was affected positively by the operating
performance of properties. EPRA NRV as at the end of March 2021 increased to EUR
1.2284 per unit, corresponding to an increase of +0.42% over the last month.
Consolidated net rental income for March 2021 amounted to EUR 1.4 million,
corresponding to a net rental income decrease of EUR 0.1 million compared to the
previous month (EUR 1.5 million in February 2021) due to the COVID-19 related
closure of shopping centres in the Baltics. The Fund earned an unaudited
consolidated net profit of EUR 0.5 million in March 2021. The Portfolio
occupancy rate as of 31 March 2021 stood strong at 94.1%. Overall rent
collection remained commendable with 82% of invoiced rent collected to date for
the 2021 financial year.
At the end of March 2021, the Fund's consolidated cash and cash equivalents
amounted to EUR 11.8 million (31 December 2020: EUR 13.3 million) which
demonstrates sufficient liquidity and financial flexibility. 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. Trade
receivables stabilized at EUR 2.1 million at the end of March and February
2021. The Fund's management team actively monitors the rent collection rates and
keeps on-going communication with the tenants.
As of 31 March 2021, the total consolidated assets of the Fund stood at EUR
356.0 million (31 December 2020: EUR 355.6 million). The Fund has invested an
additional EUR 0.2 million into ongoing constructions of Meraki office buildings
during March 2021.
Additional information:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
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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
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